Enterprise Value Assessment Based on the EVA Model: A Case Study of BYD

• 발행기관: 아시아무역학회
• 저자명: Yuejun Gai
• 간행물 정보: 『Journal of Asia Trade and Business』vol.11 no.2, 31~41쪽, 전체 11쪽
• 주제분류: 사회과학 > 무역학
• 파일형태: PDF
• 발행일자: 2024.12.31

국문 초록

Purpose – As the global economy transitions toward a low-carbon, green transformation, the new energy vehicle industry has become a key sector in driving the energy revolution and industrial upgrading. The purpose of this study is to assess the value of BYD based on the EVA model. This research aims to provide a scientific basis for investors and stakeholders to make informed decisions, while also offering crucial guidance for the company in formulating long-term development strategies and optimizing resource allocation. Design/Methodology/Approach – This paper first introduces the theoretical foundation of the EVA model and its advantages in enterprise value assessment. It then applies the two-stage model to evaluate the value of BYD. The EVA values for the historical period are calculated first, followed by the calculation of the EVA values for the forecasted period. In the forecasting process, the period is divided into a high-growth phase and a stable development phase, with separate predictions made for each stage. Findings – The results show that the intrinsic value of BYD calculated using the EVA model closely aligns with its market value, validating the usefulness of the model. Therefore, using the EVA model to assess the enterprise value of BYD is both feasible and effective. Research Implications – This study validates the relevant theories of the EVA two-stage model, enriching the case study literature on enterprise value assessment. It also provides theoretical references for the financial evaluation and future development of companies in the new energy vehicle industry.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Background

Ⅲ. Constructing the EVA Valuation Model

Ⅳ. Conclusion and Limitations

References

키워드

BYD Economic Value Added Enterprise Value Enterprise Value Assessment EVA Two-Stage Model