本文關(guān)鍵詞：基于剩余收益模型的創(chuàng)業(yè)板企業(yè)價值評估　出處：《上海交通大學》2012年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 價值評估 剩余收益模型

【摘要】：2009年10月，中國創(chuàng)業(yè)板經(jīng)過近十年的籌備，終于正式在深交所開板，但隨之而來的是創(chuàng)業(yè)板企業(yè)動輒50倍以上的市盈率，這種高市盈率的估值飽受資本市場各方的批評，但究竟如何對創(chuàng)業(yè)板企業(yè)進行估值，或者說哪種估值方法更適合中國創(chuàng)業(yè)板企業(yè)估值成為資本市場關(guān)注的焦點。剩余收益模型是一個將企業(yè)價值和會計信息緊密結(jié)合的一個模型，理論體系完整，并在實踐中已經(jīng)得到較為廣泛的應用，但很少被用于我國創(chuàng)業(yè)板企業(yè)價值評估。剩余收益模型對創(chuàng)業(yè)板企業(yè)估值究竟是否適合，該如何應用更科學準確，成為創(chuàng)業(yè)板企業(yè)估值中需要解決的問題。 本文從我國創(chuàng)業(yè)板發(fā)展的歷程和推出的背景出發(fā)，首先分析了創(chuàng)業(yè)板企業(yè)的實際特征。然后基于這些特征，結(jié)合對幾種主流估值模型的分析，發(fā)現(xiàn)這幾種主流估值模型并不是特別適合我國創(chuàng)業(yè)板企業(yè)估值。而后，，通過對剩余收益模型進行了重點分析，并結(jié)合杜邦財務分析體系的理念對其進行了改進，從而彌補了原模型的部分缺陷，增強了模型的可操作性和可靠性，同時，深入分析了改進后的模型應用于創(chuàng)業(yè)板企業(yè)估值應用的優(yōu)勢。最后，通過實證分析的方法，挑選了一家創(chuàng)業(yè)板企業(yè)—探路者作為案例，應用改進后的剩余收益模型進行估值操作。 通過本文的研究，剩余收益模型相比其他幾個主流估值模型，更適合對我國創(chuàng)業(yè)板企業(yè)價值評估，同時，對于價值投資理念的倡導也有積極的促進作用。
[Abstract]:In October 2009, after nearly ten years of preparation, the gem finally officially opened in the Shenzhen Stock Exchange, but followed by the gem enterprises often use more than 50 times the price-earnings ratio. This high price-to-earnings valuation has drawn criticism from capital markets, but exactly how to value gem companies. In other words, which valuation method is more suitable for the gem enterprise valuation has become the focus of attention in the capital market. The residual income model is a model that combines enterprise value and accounting information closely, and the theoretical system is complete. And in practice has been more widely used, but rarely used in China's gem enterprise value evaluation. Residual income model for the gem enterprise valuation whether it is appropriate, how to apply more scientific and accurate. Become the gem enterprise valuation needs to solve the problem. Based on the history of gem development and the background of gem, this paper first analyzes the actual characteristics of gem enterprises. Then, based on these characteristics, combined with the analysis of several mainstream valuation models. Found that these several mainstream valuation models are not particularly suitable for the valuation of gem enterprises in China. Then, through the analysis of residual income model, and combined with the concept of DuPont financial analysis system to improve it. In order to make up for some defects of the original model and enhance the maneuverability and reliability of the model, at the same time, in-depth analysis of the improved model in the gem enterprise valuation application advantages. Finally. Through the method of empirical analysis, a gem enterprise-Pathfinder is selected as a case, and the modified residual income model is used to carry out the valuation operation. Through the research of this paper, the residual income model is more suitable to evaluate the value of gem enterprises than the other several mainstream valuation models. At the same time, it also has a positive role in promoting the concept of value investment.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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