【摘要】：隨著經(jīng)濟(jì)的發(fā)展,并購(gòu)浪潮愈演愈烈,非上市企業(yè)逐漸成為并購(gòu)活動(dòng)中耀眼的主角。合理評(píng)估企業(yè)價(jià)值對(duì)于并購(gòu)活動(dòng)成功與否具有舉足輕重的作用,由于非上市企業(yè)處于證券市場(chǎng)之外,獲取信息的數(shù)量、質(zhì)量、渠道等存在著一定的差異,使得非上市企業(yè)價(jià)值評(píng)估方法在一定程度上有別于傳統(tǒng)的企業(yè)價(jià)值評(píng)估,然而在非上市企業(yè)價(jià)值評(píng)估方面卻很少有學(xué)者對(duì)此進(jìn)行研究。根據(jù)我國(guó)資本市場(chǎng)及非上市企業(yè)特點(diǎn),通過研究非上市企業(yè)傳統(tǒng)評(píng)估方法的利弊,提出改進(jìn)的非上市企業(yè)價(jià)值評(píng)估方法及運(yùn)用,這從理論上和實(shí)踐上均有重要的意義。 在這樣的研究大背景下,本文首先通過對(duì)國(guó)內(nèi)外非上市企業(yè)價(jià)值及企業(yè)價(jià)值相關(guān)文獻(xiàn)閱讀,在明確企業(yè)價(jià)值類型的前提下,基于相關(guān)目標(biāo)企業(yè)價(jià)值評(píng)估理論基礎(chǔ),研究了傳統(tǒng)企業(yè)價(jià)值主要的評(píng)估方法。其次,結(jié)合非上市企業(yè)的特點(diǎn),借鑒傳統(tǒng)企業(yè)價(jià)值評(píng)估方法,探討了非上市企業(yè)價(jià)值評(píng)估方法,即非上市企業(yè)的成本法和收益法,在資產(chǎn)加和法中側(cè)重于對(duì)企業(yè)負(fù)債評(píng)估的研究,并用于傳統(tǒng)企業(yè)價(jià)值評(píng)估方法和改進(jìn)后的方法,對(duì)云南省A企業(yè)進(jìn)行評(píng)估,得到適合該企業(yè)價(jià)值評(píng)估的一種方法。最后,根據(jù)非上市企業(yè)價(jià)值評(píng)估原則及影響企業(yè)價(jià)值的其他因素等,運(yùn)用適當(dāng)?shù)脑u(píng)估方法對(duì)非上市企業(yè)價(jià)值進(jìn)行綜合評(píng)定。
[Abstract]:With the development of economy, the tide of M & A becomes more and more intense, and non-listed enterprises gradually become the leading role in M & A. The reasonable evaluation of enterprise value plays an important role in the success of M & A. Because the unlisted enterprises are outside the securities market, there are some differences in the quantity, quality and channels of obtaining information. As a result, the valuation methods of non-listed enterprises are different from the traditional ones to some extent. However, there are few scholars who have done research on the valuation of non-listed enterprises. According to the characteristics of China's capital market and non-listed enterprises, this paper studies the advantages and disadvantages of traditional evaluation methods for non-listed enterprises, and puts forward an improved valuation method and its application for non-listed enterprises, which is of great significance both in theory and in practice. Under the background of this kind of research, this paper first reads the literature about the value of non-listed enterprises at home and abroad and the value of enterprises, on the premise of defining the types of enterprise value, based on the theoretical basis of enterprise value evaluation of related objectives. The main evaluation methods of traditional enterprise value are studied. Secondly, according to the characteristics of the non-listed enterprises and the traditional methods of enterprise value evaluation, this paper discusses the valuation methods of the non-listed enterprises, that is, the cost method and the income method of the non-listed enterprises. This paper focuses on the study of enterprise liability assessment in the sum of assets method, and applies it to the traditional and improved methods of enterprise value evaluation, and evaluates Yunnan A enterprise, and obtains a method suitable for the evaluation of enterprise value. Finally, according to the evaluation principle of non-listed enterprises and other factors affecting the value of non-listed enterprises, this paper makes a comprehensive evaluation of the value of non-listed enterprises by using appropriate evaluation methods.
【學(xué)位授予單位】：云南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：2207613