本文選題：企業(yè)價值評估 + 價值鏈�。� 參考：《遼寧大學》2017年碩士論文

【摘要】：企業(yè)價值評估,有助于衡量企業(yè)的公平市場價值,幫助投資者和管理者改善決策。傳統(tǒng)的價值評估方法主要從財務報表出發(fā),更多的是體現(xiàn)企業(yè)的歷史狀況和現(xiàn)實狀況,但企業(yè)價值評估不僅要體現(xiàn)企業(yè)過去和現(xiàn)在的經營業(yè)績,同時應該對未來的盈利能力,發(fā)展能力加以預測。而對于企業(yè)未來盈利能力、發(fā)展能力的預測,不單單只考慮財務因素,非財務因素也是企業(yè)發(fā)展的重要因素,因而傳統(tǒng)的評估方法存在忽略了非財務因素的不足,為了更全面的讓并購者、投資者、管理者了解企業(yè)的整體價值,本文通過引入價值鏈這一概念,來考慮企業(yè)的非財務因素,對于企業(yè)整體價值的影響,但是不同行業(yè)的價值鏈千差萬別,價值鏈中的環(huán)節(jié)也不盡相同,為了更好的、更全面、更細致的考慮非財務因素對企業(yè)的整體價值的影響。從全世界汽車產業(yè)來看,中國是全世界增長最大和增長最快的市場,我國過去一年生產汽車2372萬輛,銷售汽車2349萬輛,同比增長7. 3%和6. 9%,對于增長幅度放緩主要原因是整個經濟大形勢增長放緩。本文將通過對汽車行業(yè)價值鏈的分析,確定一套適用于汽車行業(yè)的非財務指標評估體系。為了更加深度地了解價值鏈理論視角下的企業(yè)價值評估方法的優(yōu)勢與不足,本文從投資者的角度,對長城汽車股份有限公司的企業(yè)整體價值按此理論進行評估,提出了相關建議。本文以汽車行業(yè)價值鏈為研究對象,同一行業(yè)的企業(yè)具有共通性,對于汽車行業(yè)進行行業(yè)內的透視,并比較和分析傳統(tǒng)的自由現(xiàn)金流折現(xiàn)模型的評估結果,與價值鏈理論視角下的企業(yè)價值評估模型的評估結果。從價值鏈的角度出發(fā),改進了以往價值評估體系的評估指標,對汽車行業(yè)的評估指標,評估標準進行深度分析和改善,通過價值鏈理論視角下的企業(yè)價值評估在長城汽車股份有限公司的具體應用,通過實例分析,用現(xiàn)實數(shù)據(jù)證實價值鏈理論視角下的企業(yè)價值評估體系,增強理論說服力對汽車行業(yè)的增值活動進行分析,將汽車行業(yè)的非財務指標標準化,確定一套對于汽車行業(yè)通用的非財務指標,不僅可以簡化評估過程,也可以是汽車行業(yè)間的企業(yè)之間的價值更具有可比性。
[Abstract]:Enterprise value evaluation is helpful to measure the fair market value of enterprises and help investors and managers to improve their decisions. The traditional valuation method is mainly based on the financial statements, and more on the historical and realistic conditions of the enterprise. However, the enterprise value evaluation should not only reflect the past and present business performance of the enterprise, but also the profitability of the future. Develop capacity to predict. For the future profitability of enterprises, the forecast of development ability, not only consider financial factors, non-financial factors are also an important factor in the development of enterprises, so the traditional evaluation method has neglected the lack of non-financial factors. In order to make M & A, investors and managers understand the overall value of the enterprise more comprehensively, this paper introduces the concept of value chain to consider the non-financial factors of the enterprise, and the impact on the overall value of the enterprise. However, the value chain of different industries is different, and the links in the value chain are also different. In order to better, more comprehensive, more detailed consideration of the impact of non-financial factors on the overall value of the enterprise. Judging from the world auto industry, China is the largest and fastest growing market in the world, producing 23.72 million cars and selling 23.49 million cars in the past year, an increase of 7. 5% over the same period last year. Three percent and six percent. The main reason for the slowdown is a slowdown in the overall economic situation. By analyzing the value chain of automobile industry, this paper determines a set of non-financial index evaluation system suitable for automobile industry. In order to better understand the advantages and disadvantages of the enterprise value evaluation method from the perspective of value chain theory, this paper evaluates the whole enterprise value of the Great Wall Automotive Co., Ltd according to this theory from the perspective of investors. Some suggestions are put forward. This article takes the automobile industry value chain as the research object, the same industry enterprise has the common, carries on the industry perspective to the automobile industry, and compares and analyzes the traditional free cash flow discount model appraisal result, And the evaluation results of the enterprise value evaluation model from the perspective of value chain theory. From the point of view of value chain, this paper improves the evaluation index of the previous value evaluation system, and makes a deep analysis and improvement of the evaluation index and the evaluation standard of the automobile industry. Through the concrete application of enterprise value evaluation in the Great Wall Automobile Co., Ltd under the view of value chain theory, the enterprise value evaluation system under the view of value chain theory is proved by practical data. Strengthening the theoretical persuasion to analyze the value-added activities of the automobile industry, standardizing the non-financial indicators of the automobile industry, and determining a set of non-financial indicators for the automobile industry can not only simplify the evaluation process, It can also be more comparable between companies in the automotive industry.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F426.471

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