發(fā)布時間：2018-04-20 08:46

  本文選題：財務公司 + 企業(yè)價值評估　； 參考：《湖南大學》2013年碩士論文

【摘要】：隨著我國產業(yè)資本與金融資本的融合程度加深，財務公司在金融行業(yè)地位的逐步提高，財務公司要擴大業(yè)務量與業(yè)務范圍，提升財務公司整體水平，現(xiàn)階段財務公司必須走擴充資本金的道路，而相關法定監(jiān)管規(guī)定與投資者對交易準基價的需求性都要求必須對財務公司的企業(yè)價值進行評估，而我國尚未有學者系統(tǒng)地對企業(yè)集團財務公司企業(yè)價值的研究，因此研究企業(yè)集團財務公司價值評估的重要性就越來越突出。 本文從三個層面深入分析影響中油財務企業(yè)價值評估的因素。在宏觀層面主要是分析法律法規(guī)的限定性、存款準備金率、利率市場化對中油財務收益的影響；在行業(yè)層面主要從財務公司對企業(yè)集團及其所屬行業(yè)具有依賴性，財務公司競爭對手，上市公司的關聯(lián)交易的限制三個角度來分析；在中油財務企業(yè)這個層面分析流動性，內部控制的有效性對中油財務企業(yè)價值的影響。 通過梳理企業(yè)價值的評估模型，，研究各種評估模型的優(yōu)缺點及適用性，本文認為用股權現(xiàn)金流量折現(xiàn)模型是最為適宜的模型。假設中油財務在未來永續(xù)經營且所處經濟形勢不會發(fā)生重大變化的情形下，采用股權現(xiàn)金流量模型評價，對模型的各個要素進行預測；折現(xiàn)率用資本資產定價模型測算；折現(xiàn)期根據(jù)中油財務現(xiàn)階段的運營狀況與評估目的得出；股權現(xiàn)金流則根據(jù)中油財務的經營狀況對收入、費用、資本性支出、折舊攤銷來預測。 中油財務公司在2011年12月31日擬增資擴股的股東全部價值為300.32億元，相比2011年會計報表所披露的股東權益257.63億元，增值幅度為16.57%。本文從六個方面來分析運用收益法評估中油財務企業(yè)價值溢價的原因，并進一步分析了估值過程中存在的問題與提升途徑。
[Abstract]:With the deepening of the integration of industrial capital and financial capital in China, the position of financial companies in the financial industry is gradually improved. The financial companies should expand the business volume and scope of business to improve the overall level of the financial companies. At this stage, the financial companies must expand the road of capital investment, and the relevant legal regulation stipulates the quasi base price of the transaction with the investors. The demand is required to evaluate the corporate value of the financial companies, but there are no scholars in our country to study the value of enterprise group financial companies. Therefore, it is becoming more and more important to study the value evaluation of enterprise group financial companies.
This paper analyzes the factors that affect the value evaluation of the financial enterprises from three aspects. At the macro level, it mainly analyzes the limitation of the laws and regulations, the deposit reserve ratio, the influence of the interest rate marketization on the financial revenue of the medium oil; in the industry level, it mainly depends on the dependence of the financial companies on the enterprises and their industries and the financial companies. The competitor and the restriction of the related transaction of the listed company are analyzed in three aspects. The effect of the liquidity and the effectiveness of internal control on the value of the financial enterprise is analyzed at the level of the financial enterprise.
By combing the evaluation model of enterprise value, this paper studies the advantages and disadvantages and applicability of various evaluation models. This paper holds that the discount model is the most suitable model. Under the assumption that the financial finance is in the future perpetual operation and the economic situation will not change significantly in the future, the Equity Cash flow model is used to evaluate the model. Each factor of the type is predicted; the discount rate is calculated by the capital asset pricing model; the discounting period is based on the operating status and evaluation purposes of the current phase of the financial finance; and the cash flow of the stock is predicted according to the operating condition of the financial finance for income, cost, capital expenditure and depreciation amortization.
The total value of the shareholders of the China oil finance company in December 31, 2011 is 30 billion 32 million yuan. Compared with the shareholders' equity of 25 billion 763 million yuan disclosed in the 2011 accounting statement, the value increment is 16.57%.. This paper analyzes the reasons for the evaluation of the value premium of the financial enterprise by the income method from six aspects, and further analyzes the valuation process. The existing problems and ways of promotion.

【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F426.22

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本文編號：1777081