在政策引导的牵动下以及信息化程度不断加深，以信息技术为核心的高新技术企业 成为创业板企业的重要群体，公众将这类企业的研发技术水平作为考量企业持续发展和 未来潜力的标准，随着创业板企业之间的重组、兼并、抵押担保等活动日益频繁，如何 利用合理的估值方法来评估高新技术企业的价值，成为资本市场上关注的重点。本文通 过分析传统估值方法在应用创业板企业价值评估中的局限性，以创业板企业中的北京光 环新网科技股份有限公司为例构建了EVA估值模型，得出EVA模型在这类企业估值中 的适用性。 首先，本文对比分析传统估值方法的特点和局限性，对EVA模型进行概述，指出 其特点和适用性；其次，以光环新网为案例，分析光环新网所处的行业背景和财务状况， 构建以EVA两阶段模型为评估基础的企业价值评估体系；最后，根据模型对光环新网 过去五年及未来的企业价值进行评估计算，从而算出在评估基准日的企业价值，并通过 与股价、股权自由现金量模型进行对比，分析得出EVA模型对创业板企业估值中的有 效性。 通过研究，本文认为EVA模型更全面考虑了企业的投入资本，并考虑了创业板企 业的高研发投入、高收益、高风险的企业特征，能客观真实地反映企业的价值，为企业 的投资者、公司管理决策提供依据，是更有效的、更客观的企业价值评估方法。同时， 本文也对EVA模型在国内应用中提出了几点研究建议。 关键词：创业板企业；EVA模型；企业价值评估； II RESEARCHONENTERPRISEVALUEEVALUATIONOF SINNETTECHNOLOGYBASEDONEVA ABSTRACT Undertheinfluenceofpolicyguidanceandthedeepeningofinformatization,high-tech enterpriseswithinformationtechnologyasthecorearebecomingimportantgroupsinthe growthenterprisemarket(GEM).Publicstakethesehigh-techenterprises’R&Dtechnology asthestandardtoconsiderthesustainabledevelopmentandfuturepotentialofenterprises. Meanwhile,astheactivitiesofreorganization,mergerandmortgageguaranteeamongGEM enterprisesareincreasing,publicsarefacingtheproblemofhowtousereasonablevaluation methodstopriceenterprise’svalueinthecapitalmarket.Thispaperisabouttoanalyzethe limitationsoftraditionalvaluationmethodsintheapplicationofGEMenterprises’valuation, takeBeijingSinnetTechnologyCo.,Ltd.asanexampletobuildEVAvaluationmodel,and furthertoprovetheapplicabilityofEVAmodelinthiskindofenterprisevaluation. Firstly,thispapercomparesandanalyzesthecharacteristicsandlimitationsoftraditional valuationmethods,summarizestheEVAmodel,pointsoutitscharacteristicsandapplicability; Secondly,takingSinnetTechnologyasacase,thispaperanalyzestheindustrybackground andfinancialsituationofSinnetTechnology,andconstructstheevaluationsystembasedon theEVAtwo-stagemodel;Finally,usingthecalculatedvalueonbasedatewiththepastfive yearsfinancialdataandfutureperformance,thispaperwillverifytheapplicabilityofEVA modelinhigh-techenterprisesthroughthecomparisonofstockpriceandFCFFmodel. Throughtheresearch,thispaperthinksthatEVAmodelconsiderstheinvestmentcapital ofenterprisesinamorecomprehensiveway.ItconsidersthehighR&Dinvestment,high incomeandhighriskcharacteristicsofGEMenterprises,whichcanobjectivelyandtruly reflectthevalueofenterprises,andprovidedecisiveinformationforinvestorandmanagement, soitisamoreeffectiveandobjectiveenterpriseevaluationmethod.Atthesametime,this paperalsoputsforwardthreeresearchsuggestionsontheapplicationofEVAmodelinChina. Keywords:GEMenterprise;EVAmodel;enterpriseevaluation; III 目录 摘要...........................................................................................................................................I ABSTRACT...................................................................................................................................II 第一章绪论...............................................................................................................................1 1.1研究背景及意义..........................................................................................................1 1.1.1研究背景...........................................................................................................1 1.1.2研究意义...........................................................................................................1 1.2国内外文献综述..........................................................................................................2 1.2.1国外研究现状...................................................................................................2 1.2.2国内研究现状...................................................................................................4 1.2.3文献评述...........................................................................................................8 1.3研究内容和方法..........................................................................................................9 1.3.1研究内容...........................................................................................................9 1.3.2研究方法.........................................................................................................10 1.4本文创新点与不足....................................................................................................10 第二章企业价值评估的相关理论及方法............................................................................11 2.1企业价值评估的相关理论........................................................................................11 2.1.1价值理论.........................................................................................................11 2.1.2效用价值理论.................................................................................................11 2.1.3均衡价格理论.................................................................................................11 2.1.4资本结构理论.................................................................................................11 2.2企业价值评估的方法................................................................................................12 2.2.1成本法.............................................................................................................12 2.2.2市场法.............................................................................................................12 2.2.3收益法.............................................................................................................13 2.2.4EVA模型..........................................................................................................13 第三章光环新网概况及EVA模型构建................................................................................14 3.1光环新网公司概述.....................................................................................................14 IV 3.1.1公司背景概述.................................................................................................14 3.1.2行业发展分析.................................................................................................14 3.1.3财务状况分析.................................................................................................15 3.2选取EVA模型评估光环新网的原因分析................................................................21 3.2.1光环新网企业特征分析.................................................................................21 3.2.2EVA模型适用性分析......................................................................................23 3.3构建基于EVA的光环新网企业价值评估模型........................................................24 3.3.1基本假设条件.................................................................................................24 3.3.2会计调整事项.................................................................................................24 3.3.3EVA企业价值评估模型构建..........................................................................25 3.4基于EVA的光环新网企业价值评估实施步骤........................................................26 3.4.1历史EVA计算.................................................................................................26 3.4.2预测期EVA计算.............................................................................................26 3.4.3评估基准日的企业价值计算.........................................................................26 第四章光环新网企业价