基于企業(yè)差異的市場法評估模型與應用研究
發(fā)布時間：2019-04-17 06:46
【摘要】：隨著組織結構和經濟環(huán)境的不斷變化,并購重組已成為我國證券市場上企業(yè)進行資源優(yōu)化配置的重要手段。國家“十二五”規(guī)劃的執(zhí)行也推動了我國并購活動。并購企業(yè)價值評估也越來越受到人們的關注。從估值方法上看,市場法評估是最直接、最接近現(xiàn)實的估值方法,同時也最容易被人們理解和接受,然而在我國評估中市場法的運用還不是很普遍,其中可比公司選擇問題是市場法的主要障礙,企業(yè)差異則是導致這一障礙的主要原因�，F(xiàn)在發(fā)達市場經濟下企業(yè)已成為一個復雜的系統(tǒng),這又為市場法的實行增添難度,認真分析企業(yè)之間差異問題,如何弱化這種差異,尋求企業(yè)的相似性已成為市場法評估必須解決的問題。本文首先從理論入手,從市場法評估相關理論研究和目前國內外市場法使用情況發(fā)現(xiàn)市場法評估的是企業(yè)的交易價值,比其他評估方法更符合并購重組對企業(yè)價值的要求,但可比公司選擇是難題,市場法評估必須解決企業(yè)差異問題。其次文章重點對企業(yè)差異問題進行了詳細的研究,從理論角度研究企業(yè)差異與企業(yè)價值的關系,得出企業(yè)差異最終可表現(xiàn)為財務指標的差異和流動性的差異,這兩種差異又在一定程度上影響企業(yè)價值評估。所以本文在市場法評估中選用模糊物元方法解決財務指標的模糊性,運用缺少流動性折扣率衡量可比公司與目標公司的流動性差異。在對比公司篩選時還根據海明貼近度公式求取最相似的對比公司,體現(xiàn)出更強的客觀性和科學性。模型運用部分基于房地產行業(yè)上市公司的數據進行了研究,得到了合理的數據結果,再一次證明企業(yè)差異分析對市場法改進的重要性。在模型的實際運用部分,考慮到并購雙方關系和并購環(huán)境等因素,選取云南安盛創(chuàng)享并購昆明西苑房地產公司為案例,運用整個估值模型來進行檢驗。首先運用模糊數學原理篩選出5家對比公司,然后通過比率乘數模型計算目標公司價值,最后進行流動性差異的修正。通過對案例結果的分析驗證,相關數據表明這種方法所求的企業(yè)價值與實際交易值比較接近,所以該模型的實踐運用是比較理想的。本文通過企業(yè)差異的研究,利用模糊物元分析,建立了新的市場法估值模型,對傳統(tǒng)的市場法評估步驟以及市場法單一的比率乘數指標體系進行了改進。包括創(chuàng)建了特征值的指標體系,提出了可比公司選取的新方法,完善了目標公司與可比公司差異的調整過程。實際運用部分更加增強了市場法估值模型應用的可操作性,豐富了市場法在具體評估過程中的應用。
[Abstract]:With the continuous change of organizational structure and economic environment, M & A and reorganization have become an important means to optimize the allocation of resources in China's securities market. The implementation of the National Twelfth five-year Plan has also promoted M & A activities in China. The value evaluation of M & A enterprises has been paid more and more attention. From the view of valuation method, market law evaluation is the most direct and close to reality valuation method, and it is easy to be understood and accepted by people at the same time. However, the application of market law is not very common in our country. The problem of comparable company selection is the main obstacle of market method, and the difference of enterprise is the main cause of this obstacle. Now, under the developed market economy, the enterprise has become a complex system, which adds difficulty to the implementation of the market law, carefully analyzes the differences between enterprises, and how to weaken this difference. Seeking the similarity of enterprises has become a problem that must be solved in the evaluation of market law. This article starts from the theory, from the market method evaluation related theory research and the current domestic and foreign market law use situation to find that the market method assesses the enterprise transaction value, more accords with the M & A reorganization to the enterprise value request, compared with the other appraisal method, However, the choice of comparable companies is a difficult problem, market law evaluation must solve the problem of enterprise differences. Secondly, the paper focuses on the enterprise differences in detail, from the theoretical point of view to study the relationship between enterprise differences and enterprise value, and draw a conclusion that enterprise differences can finally be manifested in the differences of financial indicators and liquidity. These two differences affect the evaluation of enterprise value to a certain extent. So in this paper, the fuzzy matter-element method is used to solve the fuzziness of the financial index in the evaluation of the market method, and the liquidity difference between the comparable company and the target company is measured by the lack of liquidity discount rate. The most similar contrast company is obtained according to the formula of hamming closeness degree, which is more objective and scientific. Based on the data of listed companies in real estate industry, the model obtains reasonable data results and proves the importance of enterprise difference analysis to the improvement of market law. In the practical application of the model, considering the relationship between M & A and the environment of M & A, we select Yunnan Ansheng to merge Xiyuan Real Estate Co., Ltd in Kunming as a case, and use the whole valuation model to carry on the test. Firstly, five contrast companies are selected by fuzzy mathematics, then the value of the target company is calculated by the ratio multiplier model. Finally, the liquidity difference is corrected. Through the analysis and verification of the case results, the relevant data show that the enterprise value obtained by this method is close to the actual transaction value, so the practical application of the model is ideal. Based on the study of enterprise differences and fuzzy matter-element analysis, this paper establishes a new valuation model of market method, and improves the traditional evaluation steps of market method and the single ratio multiplier index system of market method. Including creating the index system of eigenvalues, putting forward a new method of selecting comparable company, and perfecting the adjustment process of the difference between target company and comparable company. The application part enhances the maneuverability of the market valuation model and enriches the application of the market method in the process of concrete evaluation.
【學位授予單位】：南京財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275
本文編號：2459200
[Abstract]:With the continuous change of organizational structure and economic environment, M & A and reorganization have become an important means to optimize the allocation of resources in China's securities market. The implementation of the National Twelfth five-year Plan has also promoted M & A activities in China. The value evaluation of M & A enterprises has been paid more and more attention. From the view of valuation method, market law evaluation is the most direct and close to reality valuation method, and it is easy to be understood and accepted by people at the same time. However, the application of market law is not very common in our country. The problem of comparable company selection is the main obstacle of market method, and the difference of enterprise is the main cause of this obstacle. Now, under the developed market economy, the enterprise has become a complex system, which adds difficulty to the implementation of the market law, carefully analyzes the differences between enterprises, and how to weaken this difference. Seeking the similarity of enterprises has become a problem that must be solved in the evaluation of market law. This article starts from the theory, from the market method evaluation related theory research and the current domestic and foreign market law use situation to find that the market method assesses the enterprise transaction value, more accords with the M & A reorganization to the enterprise value request, compared with the other appraisal method, However, the choice of comparable companies is a difficult problem, market law evaluation must solve the problem of enterprise differences. Secondly, the paper focuses on the enterprise differences in detail, from the theoretical point of view to study the relationship between enterprise differences and enterprise value, and draw a conclusion that enterprise differences can finally be manifested in the differences of financial indicators and liquidity. These two differences affect the evaluation of enterprise value to a certain extent. So in this paper, the fuzzy matter-element method is used to solve the fuzziness of the financial index in the evaluation of the market method, and the liquidity difference between the comparable company and the target company is measured by the lack of liquidity discount rate. The most similar contrast company is obtained according to the formula of hamming closeness degree, which is more objective and scientific. Based on the data of listed companies in real estate industry, the model obtains reasonable data results and proves the importance of enterprise difference analysis to the improvement of market law. In the practical application of the model, considering the relationship between M & A and the environment of M & A, we select Yunnan Ansheng to merge Xiyuan Real Estate Co., Ltd in Kunming as a case, and use the whole valuation model to carry on the test. Firstly, five contrast companies are selected by fuzzy mathematics, then the value of the target company is calculated by the ratio multiplier model. Finally, the liquidity difference is corrected. Through the analysis and verification of the case results, the relevant data show that the enterprise value obtained by this method is close to the actual transaction value, so the practical application of the model is ideal. Based on the study of enterprise differences and fuzzy matter-element analysis, this paper establishes a new valuation model of market method, and improves the traditional evaluation steps of market method and the single ratio multiplier index system of market method. Including creating the index system of eigenvalues, putting forward a new method of selecting comparable company, and perfecting the adjustment process of the difference between target company and comparable company. The application part enhances the maneuverability of the market valuation model and enriches the application of the market method in the process of concrete evaluation.
【學位授予單位】：南京財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275
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