發(fā)布時(shí)間：2018-04-24 14:44

  本文選題：企業(yè)價(jià)值 + 資產(chǎn)評(píng)估��； 參考：《大連理工大學(xué)》2013年碩士論文

【摘要】：隨著市場(chǎng)經(jīng)濟(jì)的不斷發(fā)展,資本市場(chǎng)規(guī)模越來(lái)越大,企業(yè)間并購(gòu)日益頻繁。根據(jù)2012年4月18日,貝恩公司(BainCompany)發(fā)布的《2012年中國(guó)私募股權(quán)市場(chǎng)報(bào)告》,盡管面臨種種不確定因素,中國(guó)的私募股權(quán)市場(chǎng)仍然呈現(xiàn)激增態(tài)勢(shì),2011年交易金額達(dá)到152億美元,創(chuàng)歷史新高。雖然私募股權(quán)的交易量在2011年減少了約10%,但交易金額的增長(zhǎng)卻超過(guò)了9個(gè)百分點(diǎn),平均交易金額增長(zhǎng)至8800萬(wàn)美元。 根據(jù)WIND資迅統(tǒng)計(jì),2012年度共發(fā)生并購(gòu)交易1781宗,交易價(jià)值13151.43億元,而2013年僅1-8月已完成并購(gòu)交易1380宗,交易價(jià)值12334.58億元,如何為正常經(jīng)營(yíng)非上市企業(yè)進(jìn)行估值已成為資本市場(chǎng)中的核心問(wèn)題。 對(duì)于企業(yè)價(jià)值的確定,股東、債權(quán)人、潛在投資者、政府相關(guān)部門(mén)均有不同的定價(jià)體,不同的公司、不同的行業(yè)、不同的分析人士都有不同的看法,即一千個(gè)人心中有一千個(gè)哈姆雷特,為了解決而資產(chǎn)評(píng)估理論的出現(xiàn)與逐步成體系就是為解決企業(yè)價(jià)值評(píng)估進(jìn)行的探索。 本文主要研究企業(yè)價(jià)值評(píng)估在國(guó)內(nèi)外的發(fā)展現(xiàn)狀,并結(jié)合《資產(chǎn)評(píng)估準(zhǔn)則一企業(yè)價(jià)值》,探討我國(guó)非上市公司的股權(quán)估值問(wèn)題,并通過(guò)A公司的股權(quán)轉(zhuǎn)讓行為作為案例,分別采用成本法和收益法對(duì)其進(jìn)行了估值,剖析收益法估值更貼近市場(chǎng)的優(yōu)勢(shì),指導(dǎo)A公司股權(quán)轉(zhuǎn)讓方與受讓方正確了解A公司的企業(yè)價(jià)值,為企業(yè)股權(quán)轉(zhuǎn)讓定價(jià)服務(wù)。 根據(jù)上述思路,本文共分五章,第一章為緒論,闡述本文的意義與方法以及問(wèn)題的提出,國(guó)內(nèi)外研究現(xiàn)狀。第二章闡述資產(chǎn)評(píng)估方法,介紹目前主流的資產(chǎn)評(píng)估方法及每種方法的模型與適用性。第三章闡述案例A公司現(xiàn)狀、收購(gòu)方與轉(zhuǎn)讓方概況、雙方基于成本法對(duì)估值的分歧。第四章闡述收益法估值定價(jià),通過(guò)對(duì)國(guó)內(nèi)經(jīng)濟(jì)現(xiàn)狀、行業(yè)發(fā)展情況、企業(yè)自身定位,建立收益法估值模型,采用收益法進(jìn)行估值。第五章闡述本文結(jié)論,說(shuō)明收益法對(duì)正常經(jīng)營(yíng)的非上市公司企業(yè)價(jià)值估值的適用性,對(duì)本文進(jìn)行的總結(jié),并給同建議。
[Abstract]:With the development of market economy, the scale of capital market is becoming larger and larger, and M & A among enterprises is becoming more and more frequent. According to the China Private Equity Market report 2012 released by Bain Company on April 18, 2012, despite the uncertainties, the private equity market in China continued to proliferate, with $15.2 billion in transactions in 2011. Set a record high. While the volume of private equity trading fell by about 10 percent in 2011, the volume rose by more than 9 percent, to an average of $88 million. According to WIND statistics, there were 1781 M & A transactions with a value of 1.315143 trillion yuan in 2012, while 1380 M & A transactions were completed in January and August 2013, with a transaction value of 1.233458 trillion yuan. How to evaluate the normal operation of non-listed enterprises has become a core issue in the capital market. For the determination of enterprise value, shareholders, creditors, potential investors, relevant government departments have different pricing systems, different companies, different industries, different analysts have different views. In other words, there are a thousand Hamlets in the mind of a thousand people. In order to solve the problem, the emergence and gradual formation of the theory of asset evaluation is the exploration to solve the problem of enterprise value evaluation. This paper mainly studies the current situation of enterprise value evaluation at home and abroad, and discusses the stock valuation of non-listed companies in our country with the combination of "assets Evaluation Criterion-Enterprise value", and takes the transfer of stock right of A Company as a case study. The paper uses cost method and income method to evaluate them, analyzes the advantages of income method valuation more close to the market, instructs the transferor and transferee of company A to correctly understand the enterprise value of company A, and serves for the pricing of corporate equity transfer. According to the above ideas, this paper is divided into five chapters. The first chapter is the introduction. The second chapter describes the asset evaluation methods, introduces the current mainstream asset evaluation methods and the models and applicability of each method. The third chapter describes the current situation of case A company, the general situation of the acquirer and the transferor, the difference of valuation between the two parties based on the cost method. The fourth chapter describes the income valuation pricing, through the domestic economic situation, the development of the industry, the positioning of the enterprise itself, the establishment of income valuation model, using the income method to evaluate. The fifth chapter expounds the conclusion of this paper, explains the applicability of income approach to the valuation of unlisted companies in normal operation, summarizes this paper, and gives the same suggestions.
【學(xué)位授予單位】：大連理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275.2;F276.6

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