基于FCFF模型的海底撈的企業(yè)價(jià)值評(píng)估企業(yè)管理專業(yè)

#基于FCFF模型的海底撈的企業(yè)價(jià)值評(píng)估摘要“海底撈”于2018年9月上市。作為中國(guó)知名火鍋企業(yè)，其身影頻繁出現(xiàn)于各大社交網(wǎng)站?；疱?zhàn)鳛閭鹘y(tǒng)中餐，歷史悠久，知名火鍋企業(yè)更是層出不窮?；疱伿俏覈?guó)傳統(tǒng)文化中必不可少的一部分，在經(jīng)歷了時(shí)代的變遷后，傳統(tǒng)火鍋的樸實(shí)風(fēng)華與現(xiàn)代意識(shí)相碰撞，越發(fā)吸引人們?nèi)テ肺?。尤其是近幾年，以肯德基，星巴克為代表的快餐企業(yè)加入中國(guó)餐飲業(yè)的競(jìng)爭(zhēng)，中國(guó)餐飲行業(yè)迎來(lái)了激烈的沖擊，遭受著重大壓力。企業(yè)價(jià)值評(píng)估又被稱為企業(yè)估值，是一個(gè)公司和一個(gè)經(jīng)營(yíng)單位的公開(kāi)公平的市場(chǎng)價(jià)值被分析和衡量的依據(jù)。企業(yè)價(jià)值評(píng)估可以為管理者做出相關(guān)決策提供幫助，還能夠幫助投資者做出業(yè)務(wù)決策,可以為后續(xù)企業(yè)發(fā)展提供相關(guān)意見(jiàn)。到目前為止，資本市場(chǎng)在不斷發(fā)展，企業(yè)價(jià)值評(píng)估的使用在生活中越來(lái)越廣泛，其重要程度日益提高。由于此種原因，本文針對(duì)上市餐飲企業(yè)的企業(yè)價(jià)值評(píng)估問(wèn)題，對(duì)有關(guān)企業(yè)價(jià)值評(píng)估理論進(jìn)行了闡析,并對(duì)企業(yè)價(jià)值評(píng)估中普遍性和經(jīng)常性使用收益法的途徑展開(kāi)理論層面的淺層分析，在研究中以海底撈企業(yè)作為具體案例和研究對(duì)象，并在對(duì)海底撈公司企業(yè)價(jià)值評(píng)估的方法和手段選擇中以FCFF模型進(jìn)行了具體而詳實(shí)的對(duì)應(yīng)實(shí)證分析。由本文系列論述及分析結(jié)論表明，市場(chǎng)經(jīng)濟(jì)競(jìng)爭(zhēng)日益嚴(yán)酷場(chǎng)景中，企業(yè)價(jià)值評(píng)估重要性也越發(fā)凸顯，根據(jù)海底撈公司運(yùn)用收益法中的FCFF模型對(duì)公司的市場(chǎng)價(jià)值進(jìn)行評(píng)估，顯示其最后的估計(jì)市值和網(wǎng)站公布的市值具有相關(guān)性。因此表明，我國(guó)餐飲行業(yè)上市公司的企業(yè)價(jià)值估值采用自由現(xiàn)金流量法來(lái)評(píng)估是合理的。關(guān)鍵詞：海底撈；企業(yè)價(jià)值評(píng)估；企業(yè)價(jià)值評(píng)估方法；FCFF模型EnterprisevalueevaluationofHaidilaobasedonFCFF

modelABSTRACTHaidilaowentpublicinSeptember2018.Asawell-knownhotpotcompanyinChina,itappearsfrequentlyonvarioussocialnetworkingsites."Haidilao"is"abnormal"serviceattitude"outofthecircle",widelypraised.AsatraditionalChinesefood,hotpothasalonghistory,andfamoushotpotenterprisesemergeoneafteranother.HotpotisanindispensablepartofChina'straditionalculture.AfterexperiencingthechangesofTheTimes,thesimpleeleganceoftraditionalhotpotcollidedwithmodernconsciousness,whichattractedmoreandmorepeopletotaste.Inrecentyears,inthewaveofwestern-stylecateringenterprises,suchasKFCandStarbucks,enteringChina,theChinesecateringindustryhasreceivedahugeimpactandisundergreatpressure.Duetothisreasonandtheinfluenceofthetimebackground,thispaperappliesthetheoryandoperationmethodofenterprisevalueassessmenttotheenterprisevalueassessmentofHaidilao,andchoosestheWACCmodeltoproperlyevaluatetheenterprisevalueofHaidilao.Enterprisevaluation,alsoknownasenterprisevaluation,isthebasisforanalyzingandmeasuringtheopenandfairmarketvalueofacompanyandabusinessunit.Enterprisevalueassessmentcanhelpmanagersmakerelevantdecisions,butalsohelpinvestorsmakebusinessdecisions,canproviderelevantopinionsforthesubsequentdevelopmentofenterprises.Sofar,thecapitalmarketisdevelopingcontinuously,theenterprisevalueappraisalisusedmoreandmorewidelyinourlife,anditsimportanceisincreasingdaybyday.Forthisreason,thispaperlistedenterprisevalueassessmentoftheproblemoffoodandbeverageenterprise,expatiatesonthetheoryabouttheenterprisevalueevaluation,andtheenterprisevalueofearningsmethodisusedtoassesstheuniversalityandfrequentapproachofshallowanalysis,theoreticaltohaidilaoenterprisesasaspecificcaseinthestudyandtheresearchobject,AndintheHaidilaocompanyenterprisevalueevaluationmethodandmeansselectionwithFCFFmodeltocarryonconcreteanddetailedcorrespondingempiricalanalysis.Theseriesofdiscussionsandanalysisconclusionsinthispapershowthatintheincreasinglyseveremarketeconomiccompetitionscenario,theimportanceofenterprisevalueassessmentisbecomingincreasinglyprominent.AccordingtotheFCFFmodelintheincomemethodofHaidilaoCompany,themarketvalueofthecompanyisevaluated,anditshowsthatthefinalestimatedmarketvalueiscorrelatedwiththemarketvaluepublishedonthewebsite.Therefore,itisreasonabletousethefreecashflowmethodtoevaluatetheenterprisevalueoflistedcompaniesinChina'scateringindustry.Keywords:Haidilao;Enterprisevalueassessment;Enterprisevalue;FCFFmodelTOC\o"1-5"\h\z第1章緒論 1研究背景和意義 1研究背景 1研究意義 1文獻(xiàn)綜述 2國(guó)外研究現(xiàn)狀 2國(guó)內(nèi)研究現(xiàn)狀 3第2章基本概念和基本理論 5企業(yè)價(jià)值評(píng)估的涵義 5企業(yè)價(jià)值評(píng)估的方法 5FCFF模