基于EVA模型的家电制造企业价值评估研究——以海尔智家为例

Research on Enterprise Value Evaluation of Home Appliance Manufacturing Enterprises Based on EVA Model—Taking Haier Smart Home as an Example

摘要: 家电行业整体步入存量发展阶段，传统估值方式仅考量债务资本，忽略股权资本的机会成本，容易造成企业估值虚高。经济增加值(EVA)模型将全部资本成本纳入核算范围，能够更加真实地反映企业价值创造能力。本文选取海尔智家2021~2025年财务数据，运用EVA模型依次测算税后净营业利润、调整后资本与加权平均资本成本，得到企业连续五年的经济增加值。测算结果显示，2021~2025年海尔智家EVA数值分别78.71亿元、149.00亿元、156.79亿元、176.86亿元、178.97亿元，五年内指标始终为正，企业具备持续为股东创造价值的能力，EVA整体保持稳步上行的态势。研究证实EVA模型适用于家电制造企业的价值评估，结合企业经营现状，本文从研发投入、资本结构、成本管控、绩效体系等方面提出优化方向，助力企业进一步提升价值创造能力。

Abstract: Against the backdrop of stock competition in the home appliance industry, traditional valuation methods only consider debt capital costs and ignore the opportunity cost of equity capital, which tends to overestimate enterprise value. This paper takes Haier Smart Home as the research object and adopts the EVA model. Based on the financial data from 2021 to 2025, it calculates NOPAT, adjusted capital and WACC. The results show that the company’s EVA values from 2021 to 2025 are 7.871 billion yuan, 14.900 billion yuan, 15.679 billion yuan, 17.686 billion yuan, and 17.897 billion yuan, respectively, remaining positive throughout the five-year period and demonstrating the company’s sustained capability to create value for shareholders, with an overall steady upward trend. The study verifies the applicability of EVA model in home appliance manufacturing enterprises, and puts forward targeted optimization suggestions from aspects such as R&D investment, capital structure, cost control, and performance appraisal system.