發(fā)布時間：2018-06-19 05:08

  本文選題：企業(yè)價值評估 + 市場法　； 參考：《遼寧大學》2017年碩士論文

【摘要】：我國整體經濟實力的增強,帶動著通信技術服務行業(yè)的發(fā)展,隨著通信行業(yè)企業(yè)的不斷涌現(xiàn),經濟活動更加頻繁,對企業(yè)價值進行評估的需求也日益增加。因此選擇一種合適的評估方法,得到更為精確合理的企業(yè)價值顯得尤為重要。常用的評估方法包括:市場法、收益法和成本法。其中市場法,鑒于它考慮了與企業(yè)經營相關的多方面因素,系統(tǒng)涵蓋了包括證券市場在內的市場參數(shù),為市場交易標的提供價值信息和尺度,將市場化屬性體現(xiàn)地最為淋漓盡致,因此被譽為資產評估技術的集大成者。目前,在國際中,市場法作為主要使用的估值方法之一,在信息數(shù)據(jù)日漸豐富的中國資本市場也有著光明的應用發(fā)展前景。本文以市場法實例為背景,改進了可比企業(yè)的選擇方法并且對價值比率進行進一步修正,使得結果更加科學、合理。在可比企業(yè)的選擇上,利用模糊數(shù)學的貼進度原則提煉出可比企業(yè),并按照可比企業(yè)與被評估企業(yè)的貼近度衡量各可比公司的參考比重,這一做法使選擇過程中的主觀性因素大大降低。在價值比率修正方面,將被評估企業(yè)與可比企業(yè)的經營風險與預期增長率差異納入修正范圍,降低了評估風險,也使得評估結果更加科學與準確。本文參考國內外評估過程中運用市場法的前沿理論與方法,針對當前國內外市場法的使用現(xiàn)狀,著重研究運用市場法進行評估的原理基礎,連同我國經濟成長現(xiàn)狀印證了市場法在我國的適用性與可行性,針對市場法核心問題:一是選擇可比對象方法的改進,二是計算價值比率過程中技術上的修正。這樣的改進方法,一方面理論上有助于加深對市場法理論的探究程度,另一方面在實務上會使評估結果更加科學合理,具有推廣市場法的實際意義。
[Abstract]:With the development of the communication technology service industry, the economic activities are more frequent with the continuous emergence of the communication industry enterprises, and the need to evaluate the enterprise value is increasing day by day with the enhancement of the overall economic strength of our country. Therefore, it is very important to choose a suitable evaluation method to get more accurate and reasonable enterprise value. Common assessment methods include: market approach, income approach, and cost method. The market approach, since it takes into account many factors related to the operation of the enterprise, systematically covers market parameters, including the securities market, and provides value information and metrics for the market's trading targets. The marketization attribute is most incisive and incisive, so it is praised as the integrator of asset appraisal technology. At present, as one of the main valuation methods in the world, market method has a bright future in the capital market of China, where the information data is increasingly abundant. Based on the example of market method, this paper improves the selection method of comparable firms and further modifies the value ratio, which makes the results more scientific and reasonable. In the selection of comparable enterprises, we use the principle of fuzzy mathematics to extract comparable enterprises, and measure the reference proportion of comparable firms according to the closeness between comparable enterprises and evaluated enterprises. This approach greatly reduces the subjective factors in the selection process. In the aspect of value ratio correction, the difference between the operational risk and the expected growth rate of the evaluated and comparable enterprises is brought into the revised scope, which reduces the evaluation risk and makes the evaluation results more scientific and accurate. Referring to the advanced theories and methods of market method used in the process of evaluation at home and abroad, this paper focuses on the theoretical basis of applying market method to evaluation according to the present situation of market method at home and abroad. The present situation of economic growth in China confirms the applicability and feasibility of the market method in China. The core problems of the market method are as follows: first, the improvement of the method of selecting comparable objects; secondly, the technical correction in the process of calculating the value ratio. On the one hand, this improved method is helpful to deepen the exploration of the market method in theory; on the other hand, it will make the evaluation result more scientific and reasonable in practice, which has the practical significance of popularizing the market method.
【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】：F626.115

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本文編號：2038592