基于財務(wù)報表的企業(yè)價值評估方法應(yīng)用研究.pdf

1、The globalization and the development changes the tasks of managers. Nowadays，it is not only to make some profit；it is more and more complex. Managers have to make profit，manage resources，increase shareholder’s wealth，an

2、d attract new investors. A company cannot develop without investment，it has to move and grow up. In that case，a business valuation need to be done in order to analyze if the investment is worthit，if the company creates v

3、alue or destroy value.
　　This thesis explains the business valuation methods based on financial statements.
　　In order to better conduct my work，in the first and second parts are theoretical. They introduce particu

4、larly the significance of the business valuation for investors，for owners and managers. Also，they explain the main valuation methods and especially DCF andEVA.
　　If the theoretical part describes the methods，the next

5、part is about the application. To do so，a case study was chosen in order to apply the DCF and EVA methods. My case study is “PHARMANATURAL SA”，a company based in Madagascar which is operating in the pharmacology industry

6、.
　　Students，investors and managers can refer to this thesis to calculate the approximate value of a company. Investors can decide to use their money in such company or not and managers can take decision about the str