本文選題：企業(yè)價值評估 + 投資擔保行業(yè)��； 參考：《遼寧大學》2017年碩士論文

【摘要】：對于企業(yè)價值評估的研究我國的發(fā)展滯后,然則公司估價在市場上已有了舉足輕重的地位,已然成為當今社會經(jīng)濟發(fā)展不能被忽視的行業(yè)。為各行各業(yè)的經(jīng)濟決策都提供了有意義的價值參考。在企業(yè)的改革的方方面面資產(chǎn)的估價工作都帶來了決定性的技術的支撐。伴隨著市場經(jīng)濟的快速成長,各行各業(yè)的經(jīng)濟活動在市場上瞬息萬變,股權讓渡、公司上市、并購業(yè)務、企業(yè)改制、資產(chǎn)重組、跨國策劃等涉及的經(jīng)濟利益方面的活動,對企業(yè)價值的評估工作都有較嚴格的要求,均需準確地評估出企業(yè)的價值,為經(jīng)濟活動的主體提供價值參考,對投資決策實行科學的引導。由于我國的公司估價的業(yè)務還尚未完全成熟,對于西方發(fā)達國家的資產(chǎn)評估方面的有價值的經(jīng)驗就需要我國專業(yè)評估工作者的借鑒,在完成本職的工作的前提下,也有助于完善我國的資產(chǎn)評估理論體系,同時對于提升我國的估價工作人員的專業(yè)素養(yǎng)有很大的意義。本文研究的企業(yè)是投資擔保行業(yè)的較新型的企業(yè)。中小企業(yè)可以說是經(jīng)濟的轉型的過程中不容忽視的重要實力,然則中小企業(yè)近些年的發(fā)展狀態(tài)并不如人意,為加速中小企業(yè)的成長,財務部發(fā)布了一系列支持中小企業(yè)壯大的優(yōu)惠政策,好比說撐持成立中小企業(yè)發(fā)展的信用保證的政策等,為中小企業(yè)供應貸款擔保,引發(fā)了擔保機構很大的積極性,極大緩解中小企業(yè)融資難和擔保難的困境施展了不容輕忽的積極價值。擔保公司是一類新興的非銀行金融機構,由于經(jīng)濟形勢的變化應運而生,同時又是適應經(jīng)濟社會的發(fā)展而不斷發(fā)展,被公認為一種高風險的行業(yè),投資擔保行業(yè)的出現(xiàn)對經(jīng)濟社會的轉型與經(jīng)濟的發(fā)展,以及中小企業(yè)融資難的困境等方面都產(chǎn)生了不可被低估的影響,其意義非凡。擔保行業(yè)若想長足的成長占據(jù)高市場份額,公司估價工作的參與幫助和服務是不能或缺的前提。在擔保行業(yè)的股權轉讓這種經(jīng)濟活動類型中,企業(yè)價值評估有助于確定合理的注冊資本金額、股東全部權益價值,為實現(xiàn)股權的順利轉讓提供參考價值。在以往的案例研究中很少有涉及該行業(yè)的評估。由于投資擔保行業(yè)是高風險性的行業(yè),評估機構選擇使用資產(chǎn)基礎法將DT公司的資產(chǎn)與負債進行簡單的相加減得到DT公司的股東權益價值,但是這種方法并不能很好的周全反映出該公司在贏取利潤方面的能力。通過對該公司的財務報表進行詳細的研究,以及報表中反映的歷史數(shù)據(jù),以期預測該公司未來的發(fā)展走勢,本文將使用收益法對該案例進行從頭研究,精確估算出該公司的企業(yè)價值。前兩章內(nèi)容為企業(yè)價值評估的相關理論概述,第三章介紹了 DT公司的歷史發(fā)展沿革及其資產(chǎn)、財務和經(jīng)營狀況。第四章通過DT公司以往的財務報表數(shù)據(jù)預測了其未來的發(fā)展趨勢,測算出其凈現(xiàn)金流量以及其適用的折現(xiàn)率同時又考慮了該公司的溢余或非經(jīng)營性資產(chǎn)價值,然后又將資產(chǎn)基礎法的估值成果與收益法的測估結果進行了全面的相比照與分析,分析為什么會產(chǎn)生差異,系統(tǒng)考慮了方方面面因素,認為收益法的估值結果能更周全妥善的顯示公司股東權益的價值,于是最后就選擇了收益法的評估結果作為DT企業(yè)的股東權益價值。該結果為該公司股東將要進行的投資決策提供了一定的參考價值。
[Abstract]:The development of our country is lagging behind in the study of enterprise value evaluation, but the valuation of the company has played an important role in the market. It has already become an industry that can not be ignored in the social and economic development today. It provides valuable reference for the economic decisions of all walks of life. With the rapid growth of the market economy, the economic activities of all walks of life are changing rapidly in the market, the transfer of the shares, the listing of the companies, the business of mergers and acquisitions, the restructuring of the enterprises, the reorganization of the assets, the transnational planning and other economic interests, and the evaluation of the value of the enterprise is more strict. It is necessary to evaluate the value of the enterprise accurately, provide the value reference for the main body of the economic activities and carry out scientific guidance to the investment decision. Because the business of the company's valuation of our country is not yet fully mature, the valuable experience of the assets evaluation in the western developed countries needs the reference of the professional appraisers of our country. On the premise of completing the job, it will also help to improve the system of asset evaluation in our country, and it is of great significance to improve the professional accomplishment of the evaluation staff in our country. The enterprises studied in this paper are the newer enterprises in the investment guarantee industry. In order to improve the growth of small and medium-sized enterprises, the Ministry of finance has issued a series of preferential policies to support the growth of small and medium-sized enterprises. It is like the policy of supporting the development of small and medium enterprises, such as the policy of credit guarantee for the establishment of small and medium enterprises, and the guarantee of the supply of loans for small and medium-sized enterprises, which has caused a large number of guarantee institutions. Enthusiasm, which greatly alleviates the difficulty of financing and guarantee difficult for small and medium-sized enterprises, is a positive value. The Guarantee Corporation is a new type of non bank financial institution, which has come into being because of the change of economic situation, and is constantly developed to adapt to the development of economy and society. It is recognized as a high risk industry, investment guarantee. The emergence of the industry has an ununderestimated impact on the economic and social transformation and economic development, as well as the difficult position of financing for small and medium-sized enterprises. It is of great significance. The guarantee industry wants to occupy a high market share, and the participation help and service of the company's valuation work are not the prerequisite. In the guarantee industry stock In this type of economic activity, the evaluation of enterprise value helps to determine the reasonable amount of registered capital and the value of all rights and interests of shareholders. It provides a reference value for the realization of the smooth transfer of equity. The assets and liabilities of DT company are simply added to reduce the value of DT company's shareholders' equity, but this method does not fully reflect the company's ability to gain profit. Through a detailed study of the financial statements of the company and the historical data reflected in the report, In order to predict the future development trend of the company, this article will use the return method to study the case from the beginning to accurately estimate the company's enterprise value. The first two chapters are a summary of the related theories of enterprise value evaluation, and the third chapter introduces the history and development of DT company and its assets, financial and management status. The fourth chapter is through the DT company. The previous financial statement data forecast its future development trend, calculate its net cash flow and its applicable discount rate at the same time, consider the surplus or non operating assets value of the company, and then compare and analyze the evaluation results of the asset base method and the income method. There is a difference. The system takes all aspects into consideration, and thinks that the valuation results of the income method can show the value of the shareholders' equity more carefully. Finally, the result of the income method is chosen as the shareholder value of the DT enterprise. The result provides a certain reference for the investment decision of the shareholders of the company. Test value.
【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】：F830.42;F832.39

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