本文關(guān)鍵詞：生命周期視角下創(chuàng)業(yè)板企業(yè)價(jià)值評(píng)估研究　出處：《北京交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 企業(yè)生命周期 創(chuàng)業(yè)板 企業(yè)價(jià)值評(píng)估

【摘要】：創(chuàng)業(yè)板自2009年設(shè)立以來,扶持了大量的中小企業(yè),尤其是高新技術(shù)企業(yè),為我國的經(jīng)濟(jì)發(fā)展注入了新鮮的血液。學(xué)術(shù)界和實(shí)務(wù)界對(duì)具有高收益、高風(fēng)險(xiǎn)和高科技等特點(diǎn)的創(chuàng)業(yè)板一直持續(xù)關(guān)注,對(duì)其如何進(jìn)行合理估值熱議不斷。 本文基于企業(yè)生命周期,從理論上對(duì)創(chuàng)業(yè)板企業(yè)價(jià)值評(píng)估方法進(jìn)行研究,試圖建立一套合理的方法體系。本文所做的研究工作主要有：一是介紹論文的研究背景意義及研究現(xiàn)狀,發(fā)現(xiàn)大部分的研究主要針對(duì)某一評(píng)估方法的適用性,忽視了不同生命周期階段價(jià)值組成的差異性,進(jìn)而引出本文主題；二是從研究思路的邏輯性出發(fā),首先思考如何判定創(chuàng)業(yè)板企業(yè)所處生命周期的階段。通過對(duì)創(chuàng)業(yè)板市場及其上市企業(yè)特性的分析,選取適用的量化指標(biāo),利用層次分析法評(píng)判企業(yè)所處生命周期的階段；三是在確定創(chuàng)業(yè)板企業(yè)所處階段的基礎(chǔ)上,來研究評(píng)估方法的選擇。對(duì)成長期企業(yè)提出選用自由現(xiàn)金流量折現(xiàn)法和期權(quán)估價(jià)法相結(jié)合的方法,對(duì)成熟期的企業(yè)直接采用自由現(xiàn)金流折現(xiàn)法,對(duì)衰退期的企業(yè)選用清算價(jià)值法；最后選擇一家創(chuàng)業(yè)板上市公司,對(duì)其運(yùn)用前文分析的方法和模型,驗(yàn)證論文評(píng)估方法體系構(gòu)建的合理性。本輪文主要采用定量和定性、主觀與客觀相結(jié)合的方法對(duì)創(chuàng)業(yè)板企業(yè)進(jìn)行價(jià)值評(píng)估,最后運(yùn)用案例分析來驗(yàn)證體系的合理性,從而使其結(jié)果更加公平、合理。
[Abstract]:Since the establishment of gem in 2009, a large number of small and medium-sized enterprises, especially high-tech enterprises, have been supported, which has injected fresh blood into the economic development of our country. High-risk and high-tech gem has been paying close attention to how to make reasonable valuation. Based on the enterprise life cycle, this paper theoretically studies the evaluation method of gem enterprise value. Try to establish a set of reasonable method system. The main research work done in this paper are as follows: first, introduce the research background significance and research status, found that most of the research is mainly focused on the applicability of a certain evaluation method. Ignoring the difference of value composition in different life cycle stages, and then leading to the theme of this paper; Second, from the logic of the research ideas, first consider how to determine the life cycle of gem enterprises. Through the analysis of gem market and its listed enterprises' characteristics, select the applicable quantitative indicators. Using the analytic hierarchy process to judge the stage of the enterprise's life cycle; Third, on the basis of determining the stage of gem enterprises, to study the choice of evaluation methods. For the growth of enterprises, we propose the combination of free cash flow discounted method and option valuation method. The free cash flow discounted method is used directly for the mature enterprises, and the liquidation value method is used for the enterprises in the recession period. Finally, choose a gem listed company, use the previous analysis method and model to verify the rationality of the thesis evaluation method system. This paper mainly uses quantitative and qualitative. The method of combining subjective and objective is used to evaluate the value of gem enterprises. Finally, a case study is used to verify the rationality of the system, so that the results are more fair and reasonable.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1431350