【摘要】：隨著相關(guān)法規(guī)的逐步出臺，資產(chǎn)評估業(yè)務(wù)在現(xiàn)代經(jīng)濟(jì)中開始發(fā)揮越來越多的作用，特別是對公司上市、企業(yè)并購和以財(cái)務(wù)報表為目的資產(chǎn)評估業(yè)務(wù)的要求越來越多，從而使得企業(yè)價值評估事務(wù)的重要性得以體現(xiàn)。 企業(yè)內(nèi)在價值不是資產(chǎn)的簡單加和，短期盈利能力的度量，而是在持續(xù)經(jīng)營的假設(shè)下反映行業(yè)前景、未來戰(zhàn)略規(guī)劃和投資人未來收益之間的因果關(guān)系，為企業(yè)決策和理性投資提供指導(dǎo)和方向。本文首先總結(jié)了國內(nèi)外關(guān)于企業(yè)價值評估的研究，再根據(jù)經(jīng)典的現(xiàn)代公司價值評估理論，針對主流的四種主要價值評估方法進(jìn)行分析比較，主要考慮企業(yè)狀況、價值驅(qū)動因素、參數(shù)的可取得性，貼合其對具體實(shí)務(wù)的要求--資源類企業(yè)，選擇了自由現(xiàn)金流量折現(xiàn)法（DCF），并在眾多資源類企業(yè)中選擇了數(shù)據(jù)真實(shí)、行業(yè)地位穩(wěn)定、現(xiàn)金流穩(wěn)定、市場風(fēng)險易于衡量的擬上市公司--黑石股份有限公司的全部股東權(quán)益進(jìn)行評估。接著論文在此基礎(chǔ)上進(jìn)行了五個方面的探討。首先進(jìn)行方法選擇的時候，從價值驅(qū)動因素的角度分析各種方法的適用性，肯定了收益法對于該類企業(yè)主要價值驅(qū)動因素的定性和定量的反映。然后根據(jù)企業(yè)的特點(diǎn)建立DCF模型，確定需要用到的基本參數(shù)。接著對黑石股份有限公司的現(xiàn)狀、行業(yè)、宏觀經(jīng)濟(jì)環(huán)境分析。接著結(jié)合企業(yè)歷史數(shù)據(jù)，對企業(yè)未來的經(jīng)營狀況進(jìn)行預(yù)測，并且將這種預(yù)測轉(zhuǎn)化為自由現(xiàn)金流量；同時針對行業(yè)比對，，在抽取同類上市企業(yè)的數(shù)據(jù)進(jìn)行線性回歸分析得出beta值，運(yùn)用修正后的資本資產(chǎn)定價模型求出加權(quán)資本成本；用兩者求出經(jīng)營性資產(chǎn)價值，加上溢余凈資產(chǎn)價值并剔除付息債務(wù)，最終計(jì)算出公司的全部股東權(quán)益價值。本文就評估值的增值原因以及評估過程中導(dǎo)致偏離真實(shí)值的因素加以分析。最后通過測算加權(quán)平均資本成本和主營業(yè)務(wù)收入增長率的敏感度，發(fā)掘影響企業(yè)股東權(quán)益價值的關(guān)鍵因素，以幫助企業(yè)經(jīng)營者和所有者未來制定企業(yè)發(fā)展方向，以提高股東收益。
[Abstract]:With the gradual introduction of relevant laws and regulations, the business of asset evaluation has begun to play a more and more important role in the modern economy, especially the requirements for the listing of companies, mergers and acquisitions of enterprises and the business of asset evaluation for the purpose of financial statements. So that the importance of enterprise value evaluation can be reflected. The intrinsic value of an enterprise is not a simple sum of assets, a measure of short-term profitability, but a causal relationship between industry prospects, future strategic planning and investors' future earnings under the assumption of going concern. To provide guidance and direction for enterprise decision-making and rational investment. This paper first summarizes the domestic and foreign research on enterprise value evaluation, and then, according to the classical modern company value evaluation theory, analyzes and compares the main four main valuation methods, mainly considering the status of the enterprise, value driving factors. The availability of the parameters meets the specific practical requirements of the resource enterprise, chooses the free cash flow discounted method (DCF),) and chooses the real data, stable industry status and stable cash flow among the many resource enterprises. Market risk is easy to measure for the proposed listed company-Blackstone Co., Ltd. to assess the full shareholder equity. Then the paper discusses five aspects on this basis. Firstly, when we choose the method, we analyze the applicability of various methods from the angle of value driving factor, and confirm the qualitative and quantitative reflection of income approach to the main value driving factor of this kind of enterprise. Then the DCF model is established according to the characteristics of the enterprise, and the basic parameters are determined. Then the status of Blackstone Co., Ltd., industry, macroeconomic environment analysis. Then combined with the enterprise history data, the future business situation of the enterprise is predicted, and this forecast is transformed into free cash flow. At the same time, according to the industry comparison, the beta value is obtained by linear regression analysis in extracting the data of the similar listed enterprises. The weighted capital cost is calculated by using the modified capital asset pricing model, and the value of the operating assets is calculated by both, plus the surplus net asset value and the interest-paying debt, and the total shareholder equity value of the company is finally calculated. This paper analyzes the reasons for the increment of the evaluation value and the factors that lead to the deviation from the true value in the evaluation process. Finally, by measuring the sensitivity of the weighted average capital cost and the growth rate of the main business income, the key factors affecting the equity value of the shareholders are explored to help the enterprise managers and owners to formulate the future development direction of the enterprise. To raise shareholder returns.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.21

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本文編號：2171680