本文關鍵詞： 新三板 收益法 資產(chǎn)基礎法 股權(quán)價值評估　出處：《湖南大學》2014年碩士論文　論文類型：學位論文

【摘要】：經(jīng)濟全球化的迅速發(fā)展，掀起了我國資本運作的高潮，，與此同時，資本市場的飛速擴張推動了企業(yè)價值評估理論與實務的發(fā)展，使得股東權(quán)益價值評估備受關注。近些年，我國逐步建立起了包括主板、中小板、創(chuàng)業(yè)板和新三板等市場在內(nèi)的多層次資本市場體系。其中新三板是專門面向高成長的科技型、創(chuàng)新型非上市股份公司進行股權(quán)掛牌轉(zhuǎn)讓和定向增發(fā)融資的交易平臺，對于規(guī)模小、風險大、融資難、成長快的中小科技型企業(yè)具有重要意義。新三板的推出為資本市場的不同層次之間搭建了連接的樞紐。因此，正確認識和評估新三板企業(yè)的股權(quán)價值是進行投資決策的前提。 由于我國股權(quán)價值的評估領域缺乏系統(tǒng)科學的理論指導，導致我國股權(quán)價值評估無論在理論上還是在實踐上都相對滯后，與西方發(fā)達國家相比存在著較大的差距。我國暫不具備國外先進研究成果所需的環(huán)境要求及資本市場氛圍，再加上我國新三板市場建立的時間尚短、根基尚淺，導致研究新三板企業(yè)股權(quán)價值評估變得越來越重要。 正是在這一背景下，本文在對案例公司BY公司的經(jīng)營狀況、財務狀況和未來戰(zhàn)略對策的分析及比較各種常用評估模型優(yōu)缺點和適用性的基礎上，確定了將同時采用收益法和資產(chǎn)基礎法來評估BY公司股東全部權(quán)益價值，并在收益法中選用了兩階段法的股權(quán)自由現(xiàn)金流量折現(xiàn)模型。本文綜合比較了收益法和資產(chǎn)基礎法評估所得的結(jié)果，結(jié)合BY公司的實際經(jīng)營情況和新三板企業(yè)高風險、高成長性的特征，認為收益法評估的適用性及準確性較資產(chǎn)基礎法要高，由此確定了收益法所得的評估結(jié)果為BY公司的股東全部權(quán)益價值，并通過BY公司評估基準日后的定向增發(fā)活動驗證了本案所得的評估結(jié)果。最后，本文從三個方面分析了運用收益法評估BY公司股東全部股權(quán)價值出現(xiàn)大幅增值的原因，并分析了本次估值過程中存在的問題及進一步研究方向，以求對我國新三板企業(yè)股權(quán)價值評估理論和實踐有所啟發(fā)和幫助，為廣大投資者進行投資、新三板企業(yè)并購重組和定向增發(fā)、創(chuàng)投企業(yè)項目選擇等提供資產(chǎn)評估上的幫助。
[Abstract]:The rapid development of economic globalization has set off the climax of capital operation in our country. At the same time, the rapid expansion of capital market has promoted the development of the theory and practice of enterprise value evaluation, which has made the valuation of shareholders' rights and interests receive much attention in recent years. China has gradually established a multi-level capital market system, including the main board, the small and medium-sized board, the growth enterprise market and the new third board. The trading platform of innovative non-listed joint stock companies for share listing transfer and targeted additional financing is small in scale, high in risk, and difficult in financing. The introduction of the new three boards is a key link between the different levels of the capital market. Therefore, it is the premise of investment decision to correctly understand and evaluate the equity value of the new three boards. Due to the lack of systematic and scientific theoretical guidance in the field of equity valuation in China, the evaluation of equity value in China is lagging behind both in theory and in practice. Compared with the developed countries in the West, there is a big gap between China and the developed countries. Our country does not have the environmental requirements and the capital market atmosphere required by the advanced research achievements of foreign countries. In addition, the time for the establishment of the new third board market in our country is still short, and the foundation is still shallow. It is becoming more and more important to study the equity valuation of the new three-board enterprises. It is under this background that this paper analyzes the management, financial situation and future strategic countermeasures of the case company by, and compares the advantages, disadvantages and applicability of various commonly used evaluation models. It has been determined that both the income approach and the asset base approach will be used to evaluate the total equity value of the shareholders of by Company, In the income method, the discounted model of the free cash flow of equity is selected in the two-stage method. This paper compares the results of the income method and the asset basis method, and combines with the actual operating situation of by company and the high risk of the new three board enterprises. The characteristics of high growth, it is believed that the applicability and accuracy of income assessment is higher than that of asset base method, which determines that the evaluation result of income approach is the total equity value of the shareholders of by company. Finally, this paper analyzes the reasons for the substantial increase in the value of the equity of by shareholders by income method from three aspects, and verifies the evaluation results of the case through the directional placement activities after the base date of the by company's evaluation, and finally, the paper analyzes the reasons for the use of the income method to evaluate the total equity value of the shareholders of by Company. It also analyzes the existing problems in the process of valuation and the direction of further research, in order to enlighten and help the theory and practice of equity valuation of the new third-board enterprises in China, so as to invest for the vast number of investors. New three-board mergers and acquisitions and targeted issuance, venture capital enterprise project selection to provide asset evaluation help.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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