EVEBITDA模型在股票估值中运用的实证

The EV/EBITDA model usesempirical evidence in stock valuationAbstractThe theoretical and practical research on valuation methods has developed to this day.The main results are two.One is the absolute valuation method,which is rigorous in theorybut difficult in practice.Value method.The difference between the two valuation methods isthat in the absolute valuation model,the company itself is used as the benchmark,while in therelative valuation model,other companies are used as the benchmark.Because investors stillpay more attention to practical effects,relative valuation methods are still popular in themarket to value companies and stocks.The most representative of the relative valuationmodel is the price-earnings ratio model,but this article explores the enterprise value multiplemodel (EV EBITDA)that is popular among European and American financial industryanalysts.But is this model applicable to China's stock market,and is it applicable tocompanies living under the socialist system with Chinese characteristics?After all,accounting standards are so different.Popularity in Europe and the United States does notmean that it can prevail in China.To write this article,we did the following preparations.First,through a large number ofweb searches and literature books,learn and understand the inherent meaning,scope ofapplication,comparison of advantages and disadvantages,and calculation of this model.Then,select a suitable industry,establish case study objects,and collect historical financialinformation and current market data of target and comparable companies.Finally,the data isprocessed and integrated to calculate the corporate value and profit before interest,tax,depreciation,and amortization of each company and calculate their multiples.This article mainly analyzes the applicability and shortcomings of the multiple model ofenterprise value in the stock valuation of China's stock market through the application of themodel and cases.The enterprise value multiple model is used for stock valuation in China'sair transport industry.Keywords:Stock valuation;Enterprise value multiple model;Investment