本文選題：企業(yè)價(jià)值評估 + 剩余收益��； 參考：《西安建筑科技大學(xué)》2017年碩士論文

【摘要】：隨著傳統(tǒng)能源的日益短缺、環(huán)境污染問題的日益嚴(yán)重,新能源因?yàn)榫哂星鍧�、無污染的特質(zhì),已然成為世界能源產(chǎn)業(yè)的發(fā)展方向。國際金融危機(jī)的沖擊,加之全球經(jīng)濟(jì)持續(xù)環(huán)�；�、低碳化、可持續(xù)發(fā)展化理念的不斷深化,使得對新能源行業(yè)的大力發(fā)展和支持已經(jīng)成為了全球共識。新能源行業(yè)目前作為我國重點(diǎn)培育和發(fā)展的行業(yè),政府的政策扶持與資金投入為其大規(guī)模的開發(fā)與應(yīng)用提供了良好的產(chǎn)業(yè)基礎(chǔ)和資源保障。在此背景下,有關(guān)新能源企業(yè)的投融資活動(dòng)相繼開展,價(jià)值的合理測算是投融資活動(dòng)有效進(jìn)行的基本前提,在我國當(dāng)前的市場經(jīng)濟(jì)環(huán)境下,如何合理測算新能源企業(yè)價(jià)值,從而為其相關(guān)投融資活動(dòng)的有序開展提供合理的決策依據(jù)有著十分重要的意義。本文首先在梳理近年國內(nèi)外相關(guān)研究文獻(xiàn)的基礎(chǔ)之上,介紹了企業(yè)價(jià)值評估體系、剩余收益理論以及新能源企業(yè)的相關(guān)概念,通過對新能源企業(yè)估值現(xiàn)狀及問題進(jìn)行分析以及總結(jié),明晰了新能源企業(yè)價(jià)值評估研究的理論意義以及實(shí)踐意義。其次,從企業(yè)內(nèi)在價(jià)值創(chuàng)造的視角出發(fā),以剩余收益估值模型作為新能源企業(yè)價(jià)值評估模型構(gòu)建的基礎(chǔ),在明確預(yù)測期內(nèi)引入改進(jìn)后的杜邦財(cái)務(wù)分析體系來測算企業(yè)的剩余收益,同時(shí)結(jié)合LDNS國債利率動(dòng)態(tài)期限結(jié)構(gòu)測算折現(xiàn)率這一參數(shù),使得折現(xiàn)率的確定更加符合市場的動(dòng)態(tài)變化。再次,借鑒了包含風(fēng)險(xiǎn)因子的三階段剩余收益模型,將對無窮項(xiàng)多項(xiàng)式求和的企業(yè)價(jià)值測算方式轉(zhuǎn)換成為了與明確預(yù)測期末企業(yè)賬面價(jià)值相關(guān)的測算方式,加強(qiáng)了明確預(yù)測期后企業(yè)價(jià)值測算的準(zhǔn)確性。最后,運(yùn)用具體企業(yè)實(shí)例進(jìn)行分析,說明改進(jìn)后的剩余收益估值模型在實(shí)際應(yīng)用中如何應(yīng)用,并對評估結(jié)果進(jìn)行客觀分析和說明。本文的創(chuàng)新點(diǎn)主要體現(xiàn)在以下兩點(diǎn):(1)從新能源企業(yè)內(nèi)在價(jià)值創(chuàng)造的視角出發(fā),將引入改進(jìn)杜邦財(cái)務(wù)分析體系的剩余收益模型與包含風(fēng)險(xiǎn)因子的三階段剩余收益模型相結(jié)合,構(gòu)建出一套適用于新能源企業(yè)價(jià)值評估的模型;(2)運(yùn)用LDNS國債利率動(dòng)態(tài)期限結(jié)構(gòu)測算明確預(yù)測期內(nèi)折現(xiàn)率這一參數(shù),從而使得折現(xiàn)率的確定更加貼合新能源行業(yè)市場的動(dòng)態(tài)變化。
[Abstract]:With the shortage of traditional energy and the increasingly serious environmental pollution, new energy has become the development direction of the world energy industry because of its clean and pollution-free characteristics. The impact of the international financial crisis, coupled with the continuous environmental protection of the global economy, low-carbon, sustainable development of the concept of continuous deepening, making the development and support of the new energy industry has become a global consensus. The new energy industry is the key industry in China at present. The government policy support and capital investment provide a good industrial foundation and resource guarantee for the large-scale development and application of the new energy industry. Under this background, the investment and financing activities of the new energy enterprises have been carried out one after another, and the reasonable calculation of the value is the basic prerequisite for the effective implementation of the investment and financing activities. In the current market economy environment of our country, how to reasonably calculate the value of the new energy enterprises, Therefore, it is of great significance to provide reasonable decision-making basis for the orderly development of relevant investment and financing activities. This paper firstly introduces the enterprise value evaluation system, the residual income theory and the related concepts of new energy enterprises, based on the review of domestic and foreign related research literature in recent years. By analyzing and summarizing the current situation and problems of valuation of new energy enterprises, this paper clarifies the theoretical and practical significance of the research on the valuation of new energy enterprises. Secondly, from the perspective of enterprise intrinsic value creation, the residual income valuation model is used as the foundation of new energy enterprise value evaluation model. An improved DuPont financial analysis system is introduced to calculate the residual income of enterprises in a definite forecasting period. At the same time, combining with the dynamic term structure of LDNS government bond interest rate to calculate the discount rate, the determination of discount rate is more in line with the dynamic changes of the market. Thirdly, using the three-stage residual income model including risk factors for reference, the calculation method of enterprise value based on the sum of infinite polynomials is transformed into one related to the explicit prediction of enterprise book value at the end of the period. The accuracy of enterprise value measurement after a clear forecast period has been strengthened. Finally, an example is used to illustrate how the improved residual income valuation model is applied in practical application, and the evaluation results are analyzed and explained objectively. The innovations of this paper are as follows: (1) from the perspective of value creation of new energy enterprises, the paper combines the residual income model with the three-stage residual income model, which includes the risk factors, to introduce the improved DuPont financial analysis system. A model for evaluating the value of new energy enterprises is established. (2) using the dynamic term structure of LDNS government bonds to calculate the discount rate in the forecast period, the discount rate can be determined more closely to the dynamic changes of the new energy industry market.
【學(xué)位授予單位】：西安建筑科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.61

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