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Valuation Tools of Conglomerates and Their Application in the Case of Fosun International

abstract: There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2015

Identiferoai:union.ndltd.org:asu.edu/item:29863
Date January 2015
ContributorsLiang, Xinjun (Author), Chen, Hong (Advisor), Pei, Ker-Wei (Advisor), Zhu, Ning (Committee member), Arizona State University (Publisher)
Source SetsArizona State University
LanguageChinese
Detected LanguageEnglish
TypeDoctoral Dissertation
Format50 pages
Rightshttp://rightsstatements.org/vocab/InC/1.0/, All Rights Reserved

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