本文選題：虧損企業(yè) + 收益法　； 參考：《遼寧大學》2014年碩士論文

【摘要】：近年來,隨著我國經(jīng)濟的快速發(fā)展,產(chǎn)業(yè)結構轉型升級的加快,資產(chǎn)評估行業(yè)也進入高速發(fā)展階段,其中尤以企業(yè)價值評估領域發(fā)展最為迅速。收益法作為企業(yè)價值評估的三大基本方法之一,具有十分成熟的理論依據(jù),被認為是最為科學的評估方法,最能反映企業(yè)的內(nèi)在價值。但在實際應用中收益法卻存在諸多問題。特別是對虧損企業(yè)應用收益法進行評估時,由于虧損企業(yè)同盈利企業(yè)相比存在獨特的問題,使得虧損企業(yè)運用收益法時容易出現(xiàn)評估結果與采用成本法和市場法的評估結果相差較大的情況。對此,解決這些問題對于正確使用收益法評估企業(yè)價值具有重要意義。 鑒于此,本文首先對虧損企業(yè)按所處行業(yè)特點分為周期性虧損企業(yè)、防守性虧損企業(yè)、成長性虧損企業(yè)三類,簡要說明各類虧損企業(yè)運用收益法評估的特點和收益法的技術路徑,并分析了收益法在虧損企業(yè)價值評估中的適用性。其次,本文對各類虧損企業(yè)運用收益法評估存在的主要問題進行分析,并提出了針對性的解決方法。然后,本文取用一家典型虧損公司的資產(chǎn)評估報告,根據(jù)上文對虧損企業(yè)運用收益法評估存在的主要問題的分析,指出該份評估報告中運用收益法評估企業(yè)價值時存在的主要問題并提出相應的解決方法。 基于上述理論分析與案例討論,本文得出以下結論：(1)當前企業(yè)虧損并不能作為企業(yè)不符合持續(xù)經(jīng)營假設的依據(jù),而應當根據(jù)企業(yè)管理層對企業(yè)未來經(jīng)營狀況的預期和評估人員自身的預測來綜合判斷。在判斷企業(yè)是否滿足持續(xù)經(jīng)營假設時,要根據(jù)企業(yè)評估目的來確定企業(yè)未來應采用何種方式持續(xù)經(jīng)營,并據(jù)此判斷企業(yè)符合何種類型的持續(xù)經(jīng)營假設。(2)在對虧損企業(yè)相關參數(shù)和數(shù)據(jù)的預測時,需要根據(jù)企業(yè)類型的不同進行調(diào)整。 最后,本文從持續(xù)經(jīng)營假設的判斷,現(xiàn)金流量預測,評估結果比較等方面對虧損企業(yè)價值評估應用收益法提出相關建議,并闡述了研究中存在的不足。
[Abstract]:In recent years, with the rapid development of China's economy and the acceleration of industrial structure transformation and upgrading, the asset appraisal industry has also entered the stage of rapid development, especially in the field of enterprise value evaluation. As one of the three basic methods of enterprise value evaluation, income method has very mature theoretical basis, and is considered to be the most scientific evaluation method, which can best reflect the intrinsic value of the enterprise. But in the practical application, there are many problems in the income method. In particular, when applying the income approach to the evaluation of loss-making enterprises, because of the unique problems of loss-making enterprises compared with profitable enterprises, It is easy for loss-making enterprises to use the income method and the result of evaluation is different from that of cost method and market method. Therefore, solving these problems is of great significance for the correct use of income method to evaluate the value of enterprises. In view of this, this paper firstly divides the loss-making enterprises into three categories according to the characteristics of their industries: periodic loss-making enterprises, defensive loss-making enterprises, growth loss-making enterprises. This paper briefly describes the characteristics of various loss-making enterprises using the income method and the technical path of the income method, and analyzes the applicability of the income method in the evaluation of the value of the loss-making enterprises. Secondly, this paper analyzes the main problems existing in the profit assessment of all kinds of loss-making enterprises, and puts forward the corresponding solutions. Then, this paper draws on the asset evaluation report of a typical loss-making company, and analyzes the main problems existing in the evaluation of loss-making companies using the income approach. This paper points out the main problems in using income method to evaluate the value of enterprises and puts forward the corresponding solutions. Based on the above theoretical analysis and case study, this paper draws the following conclusion: (1) the current enterprise losses are not the basis of the assumption that the enterprise does not conform to the continuing operation hypothesis. It should be judged synthetically according to the expectation of the management of the enterprise and the forecast of the appraisers themselves. In judging whether or not an enterprise meets the assumption of going on operation, it is necessary to determine the way in which the enterprise should continue to operate in the future according to the purpose of the enterprise evaluation. In order to predict the relevant parameters and data of the loss-making enterprises, it is necessary to adjust according to the different types of enterprises. Finally, this paper puts forward some suggestions on the application of income method to the valuation of loss-making enterprises from the aspects of judging the hypothesis of going concern, forecasting the cash flow and comparing the evaluation results, and expounds the shortcomings of the research.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275.2

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