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.