華能國際價值評估案例分析.pdf

1、華中科技大學碩士學位論文華能國際價值評估案例分析姓名：劉穎申請學位級別：碩士專業(yè)：工商管理指導(dǎo)教師：夏新平2010-10II華 中 科 技 大 學 碩 士 學 位 論 文 華 中 科 技 大 學 碩 士 學 位 論 文 Abstract Economic globalization and the development of economic and financial integration, today, in the face

2、 of increasingly fierce market competition, enterprise value maximization has gradually become a strategic business objectives. The enterprise value assessment is the enterprise value management, and enterprise value bas

3、is. The enterprise value of accurate and timely assessment to make investment decisions for investors, an important part of effective financial management, investment analysis based on value investing more and more atten

4、tion. Huaneng Power International, Inc. (hereinafter referred to as Huaneng Power International), as listed companies in the domestic power generation industry leading enterprises, is the first implementation in New Yor

5、k, Hong Kong, and Shanghai-listed power generation companies, distribution companies in the power node, the market share accounted for , operational efficiency, expand capacity, anti-risk ability and other aspects are hi

6、ghly competitive. In this paper, Huaneng Power International, for example, use case analysis, qualitative analysis, quantitative analysis to assess corporate value of Huaneng. This paper introduces first the basic theory

7、 of business valuation, the basic methods and valuation methods used in this article and the corresponding valuation process and content; followed the industry from the Huaneng current situation and development trend, th

8、e macroeconomic environment and policy impact on the industry, Huaneng Power International Development of the opportunities and challenges faced; and then to financial ratios, DuPont ratio analysis based on Huaneng Power

9、 International's operations and financial condition are analyzed in detail. Finally, the use of discounted free cash flow, economic value added valuation method, the relative value of the valuation method to assess t

10、he fair value of case companies, and the results of three methods were compared. By evaluating analysis, this paper concludes that the undervalued Huaneng Power International, the company momentum for the overall develop