中国自20世纪90年代初重启股票市场后，尽管股市发展过程跌宕起伏，但迄今已 成为全球第二大股票市场。近三十年的发展过程中，我们对股票市场的认识也在不断深 化，除了融资功能，股市的价格发现与资源配置功能也越来越为监管者、企业和投资者 所认知。 权益估值是个重大的理论问题，目前估值模型很多，主流价值评估模型主要有股利 折现模型、自由现金流折现模型和剩余收益模型等，本文选用剩余收益模型为研究对象， 剩余收益模型又称权益资本股价模型，其将会计数据直接作为估值的变量，并在会计数 据与公司价值评估之间建立起直接的联系。本文首先对价值评估基础理论及主要模型进 行简述，其次对传统剩余收益模型进行改进，引入杜邦分析体系和PE乘数，再次对选 用案例公司-科大讯飞股份有限公司进行基本面分析，最后运用改进后的剩余收益模型 对科大讯飞公司的实际运用，并以此来验证该估值模型的科学性和有效性，从而为其他 企业进行价值评估提供借鉴。 关键词：价值评估 剩余收益模型 内在价值 科大讯飞 II A STUDY ON THE VALUATION OF IFLYTEK BASED ON THE RESIDUAL INCOME MODEL ABSTRACT Since China restarted its stock market in the early 1990s, it has become the world's second- largest, despite ups and downs. In the past three decades, our understanding of the stock market has been deepening. In addition to the financing function, the price discovery and resource allocation function of the stock market have been increasingly recognized by regulators, enterprises and investors. Equity valuation is an important theoretical problem which many valuation model, the mainstream value evaluation model are mainly dividend discount models, free cash flow discount model and residual income model, etc., this paper selects the residual income model as the research object, the residual income model is also called equity shares, its accounting data directly as the valuation variables, and between accounting data and evaluation of the value of the company established a direct link. This article first to the value evaluation and briefly describes the basic theory and main model, secondly to improve the traditional residual income model, the introduction of du pont analysis system and PE multiplier, again to choose the case company - Iflytek Co., ltd. for fundamental analysis, finally using the improved residual income valuation model for practical application of the hkust xunfei company, and in order to verify the scientific nature and effectiveness of the valuation model, which provide reference for other enterprise value assessment.