基于FCFF模型的海底捞的企业价值评估 企业管理专业.docx

PAGE 3 PAGE 2 基于FCFF模型的海底捞的企业价值评估 摘要 “海底捞”于2018年9月上市。作为中国知名火锅企业，其身影频繁出现于各大社交网站。火锅作为传统中餐，历史悠久，知名火锅企业更是层出不穷。火锅是我国传统文化中必不可少的一部分，在经历了时代的变迁后，传统火锅的朴实风华与现代意识相碰撞，越发吸引人们去品味。尤其是近几年，以肯德基，星巴克为代表的快餐企业加入中国餐饮业的竞争，中国餐饮行业迎来了激烈的冲击，遭受着重大压力。企业价值评估又被称为企业估值，是一个公司和一个经营单位的公开公平的市场价值被分析和衡量的依据。企业价值评估可以为管理者做出相关决策提供帮助，还能够帮助投资者做出业务决策,可以为后续企业发展提供相关意见。到目前为止，资本市场在不断发展，企业价值评估的使用在生活中越来越广泛，其重要程度日益提高。 由于此种原因，本文针对上市餐饮企业的企业价值评估问题，对有关企业价值评估理论进行了阐析,并对企业价值评估中普遍性和经常性使用收益法的途径展开理论层面的浅层分析，在研究中以海底捞企业作为具体案例和研究对象，并在对海底捞公司企业价值评估的方法和手段选择中以FCFF模型进行了具体而详实的对应实证分析。 由本文系列论述及分析结论表明，市场经济竞争日益严酷场景中，企业价值评估重要性也越发凸显，根据海底捞公司运用收益法中的FCFF模型对公司的市场价值进行评估，显示其最后的估计市值和网站公布的市值具有相关性。因此表明，我国餐饮行业上市公司的企业价值估值采用自由现金流量法来评估是合理的。 关键词：海底捞 ；企业价值评估；企业价值评估方法；FCFF模型  Enterprise value evaluation of Haidilao based on FCFF model ABSTRACT Haidilao went public in September 2018. As a well-known hotpot company in China, it appears frequently on various social networking sites. Haidilao isabnormal service attitude out of the circle, widely praised. As a traditional Chinese food, hot pot has a long history, and famous hot pot enterprises emerge one after another. Hot pot is an indispensable part of Chinas traditional culture. After experiencing the changes of The Times, the simple elegance of traditional hot pot collided with modern consciousness, which attracted more and more people to taste. In recent years, in the wave of western-style catering enterprises, such as KFC and Starbucks, entering China, the Chinese catering industry has received a huge impact and is under great pressure. Due to this reason and the influence of the time background, this paper applies the theory and operation method of enterprise value assessment to the enterprise value assessment of Haidilao, and chooses the WACC model to properly evaluate the enterprise value of Haidilao. Enterprise valuation, also known as enterprise valuation, is the basis for analyzing and measuring the open and fair market value of a company and a business unit. Enterprise value assessment can help