本文選題：企業(yè)價值評估 + 市盈率�。� 參考：《遼寧大學(xué)》2014年碩士論文

【摘要】：價格乘數(shù)法是企業(yè)相對價值評估法的基本方法之一，也是企業(yè)價值評估中常用一種方法，，它是利用類似企業(yè)的市場定價并通過選取恰當(dāng)?shù)膬r值比率乘數(shù)來估計(jì)被評估企業(yè)(目標(biāo)企業(yè))價值的一種方法,也稱可比交易價值法。隨著我國經(jīng)濟(jì)體制改革的逐步推進(jìn),企業(yè)間的兼并、聯(lián)合、股份制改造等產(chǎn)權(quán)交易的加深和呈現(xiàn)縱深化和國際化的發(fā)展趨勢，價格乘數(shù)法作為企業(yè)價值評估方法的重要方法之一必然得到廣泛的應(yīng)用，然而，價格乘數(shù)法（可比交易價值法）評估企業(yè)業(yè)價值的方法多種多樣，包括PE、PB、收入乘數(shù)、EV/EBIT(DA)乘數(shù)法等等，如何選取合適的價值比率乘數(shù)便成為了困擾大多數(shù)評估師應(yīng)用市場法進(jìn)行企業(yè)價值評估時的難題。 不同的價值比率乘數(shù)代表著不同行業(yè)或同一行業(yè)不同企業(yè)或同一企業(yè)所處不同生命周期時不同的價值驅(qū)動因素，選擇恰當(dāng)?shù)膬r值比率乘數(shù)進(jìn)行企業(yè)價值評估必然能得出更為被市場所認(rèn)可的評估結(jié)果，因此本文重點(diǎn)剖析了應(yīng)用市場法進(jìn)行企業(yè)價值評估時各價值比率乘數(shù)的適用性和選擇價值比率乘數(shù)進(jìn)行企業(yè)價值評估的具體應(yīng)用方法以及運(yùn)用此方法應(yīng)注意的問題等內(nèi)容，并以各種類型的價值比率乘數(shù)作為研究對象，深入了解各個價值比率乘數(shù)的基本涵義，剖析各個價值比率乘數(shù)的驅(qū)動因子和影響因素，提出對于如何在應(yīng)用市場法評估企業(yè)價值時選擇合適的價值比率乘數(shù)的看法，并嘗試給出自己的理論支撐和現(xiàn)實(shí)應(yīng)用依據(jù)。 在本文的最后，針對上述內(nèi)容，通過在評估企業(yè)價值的實(shí)踐過程當(dāng)中對已有的價值比率乘數(shù)模型進(jìn)行簡單的修正，并擬通過應(yīng)用案例列舉和實(shí)證分析的方法對價值比例乘數(shù)的選擇方法進(jìn)行分析和改進(jìn)。
[Abstract]:The price multiplier method is one of the basic methods of enterprise relative value evaluation, and it is also a common method in enterprise value evaluation.It is a method to estimate the value of the evaluated firm (target firm) by using the market pricing of similar enterprises and selecting the appropriate value ratio multiplier, also known as the comparable transaction value method.With the gradual advancement of the economic system reform in China, the deepening and internationalizing trend of property rights transactions, such as mergers, joint ventures and joint stock system transformation among enterprises,As one of the important methods of enterprise value evaluation, the price multiplier method is bound to be widely used. However, the price multiplier method (comparable transaction value method) has a variety of methods to evaluate the enterprise industry value.How to select the appropriate value ratio multiplier has become a difficult problem for most valuers to use the market method to evaluate the enterprise value, including PET PBS, EV / EBITT DADA-multiplier method and so on, and how to select the appropriate value ratio multiplier has become a difficult problem for most valuers to use the market method to evaluate the enterprise value.Different value ratio multipliers represent different value drivers in different industries or industries, different enterprises or different life cycles of the same enterprise,Choosing the appropriate value ratio multiplier to evaluate the value of an enterprise is bound to lead to a more acceptable assessment result by the market.Therefore, this paper mainly analyzes the applicability of each value ratio multiplier when applying the market method to enterprise value assessment, the specific application method of selecting the value ratio multiplier for enterprise value evaluation, and the problems that should be paid attention to in the application of this method.Taking various types of value ratio multipliers as the object of study, the basic meaning of each value ratio multiplier is deeply understood, and the driving factors and influencing factors of each value ratio multiplier are analyzed.This paper puts forward the opinion on how to select the appropriate value ratio multiplier when applying the market method to evaluate the enterprise value, and tries to give its own theoretical support and practical application basis.At the end of this paper, in view of the above contents, the existing value ratio multiplier model is simply modified in the process of evaluating the enterprise value.The method of selecting the value proportional multiplier is analyzed and improved by using the method of case enumeration and empirical analysis.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F224

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