A Research on Enterprise Valuation Assessment Based on the Evaluation of Core Competitiveness and Fair Value of Non-Core Business

摘要：

Core and non-core business activities generate free cash flows in an enterprise, and all future discounted cash flow is estimated as the present value of the enterprise. Due to the effectiveness of core business activities is depended on core competitiveness, in a truly efficient market the enterprise value in certain future is determined by the present value of the enterprise and the fluctuation of core competitiveness and the fair value of non-core business in the certain period. Based on the Black-Scholes Model and hedging theory this paper tends to establish an enterprise valuation model on core competitiveness and the fair value of non-core business and present a new way in enterprise evaluation. After theory deduction, the evaluation of shenergy Company Limited (600642 in Shanghai stock market) is used as an example to explain how to use this method.

关键词： Competitiveness Enterprise value Fair value Option

作者: Yu-xin WANG Guang-wei WU Wen-yong ZHOU

作者单位: School of Economics & Management,Tongji University,Shanghai,P.R.China,200092

会议类型: 国际会议

会议名称: The 2nd International Conference on Vale Engineering and Vale Management(2009)(2009年北京价值工程与价值管理国际会议)

会议地点: 北京

会议语种:英文

页码: 360-366

在线出版日期: 2009-10-16（万方平台首次上网日期，不代表论文的发表时间）