本文選題：股權(quán)轉(zhuǎn)讓　切入點(diǎn)：價值評估　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：在經(jīng)濟(jì)全球化的這個時代,我國的資本市場伴隨全球化的浪潮也迅速擴(kuò)張,而作為資產(chǎn)評估重要組成部分的企業(yè)價值評估的發(fā)展也迎來了新的春天。從一開始在評估業(yè)務(wù)中占有大比例的國有企業(yè)出售、合資和清算到現(xiàn)如今的兼并、收購等各項資產(chǎn)交易活動,都涉及到了股權(quán)價值評估。但是顯而易見,各大上市企業(yè)的各項所需數(shù)據(jù)都可以在股權(quán)交易市場找到,而各類中小型未上市的企業(yè)由于沒有一個公開的交易市場,其計算股權(quán)價值的各項數(shù)據(jù)也難以得出,必須用更為科學(xué)合理的方法得出準(zhǔn)確的評估結(jié)論。但是在日常的實踐活動中,常用的估價方法由于信息不對稱等各種原因或是準(zhǔn)確性不太高,或是比較難操作,因此為解決上述問題,需要一個更加完善的股權(quán)價值評估方法。基于上述原因,本文在對國內(nèi)外的相關(guān)文獻(xiàn)的進(jìn)行整理研究的基礎(chǔ)上,使用比較分析、文獻(xiàn)研究、案例分析與定性定量相結(jié)合等方法,首先總結(jié)了企業(yè)價值評估的基本理論和方法,并以此為依據(jù),以哈爾濱XX公司的股權(quán)轉(zhuǎn)讓價值評估為研究對象,將評估理論與哈爾濱XX有限公司的實際情況相結(jié)合,具體詳盡的分析了哈爾濱XX有限公司股權(quán)轉(zhuǎn)讓價值評估的實際狀況,在此基礎(chǔ)上選擇了恰當(dāng)合理的方法計算其股權(quán)轉(zhuǎn)讓價值,分析總結(jié)了其評估過程中的亮點(diǎn)和不足并針對性地提出了一些建議和改進(jìn)方法:對評估風(fēng)險進(jìn)行重點(diǎn)把控,計算綜合成新率,評估過程中對非上市公司考慮股權(quán)流動性折價和引入實物期權(quán)來完善評估模型。本文旨在通過對哈爾濱XX公司的股權(quán)轉(zhuǎn)讓價值評估案例的研究,提高此類行業(yè)價值評估的準(zhǔn)確性,以期為相關(guān)行業(yè)范圍內(nèi)企業(yè)的評估提供借鑒和參考。
[Abstract]:In this era of economic globalization, China's capital market has expanded rapidly with the tide of globalization. The development of enterprise value assessment, which is an important part of asset evaluation, has also ushered in a new spring. From the beginning, the state-owned enterprises, which account for a large proportion of the appraisal business, were sold, joint ventures and liquidations, and today's mergers. All asset transactions, such as acquisitions, involve equity valuation. But it is clear that all the data required by major listed companies can be found in the equity trading market. However, because all kinds of small and medium-sized unlisted enterprises do not have an open trading market, it is difficult to obtain the data for calculating the value of their shares. More scientific and reasonable methods must be used to arrive at accurate evaluation conclusions. However, in daily practice, common valuation methods are either less accurate or more difficult to operate because of various reasons, such as information asymmetry. Therefore, in order to solve the above problems, we need a more perfect evaluation method of equity value. Based on the above reasons, this paper uses comparative analysis and literature research on the basis of collating and studying the relevant literature at home and abroad. Combining case analysis with qualitative and quantitative analysis, this paper summarizes the basic theories and methods of enterprise value evaluation, and takes Harbin XX Company's stock transfer value evaluation as the research object. Combining the evaluation theory with the actual situation of Harbin XX Co., Ltd., this paper analyzes in detail the actual situation of the valuation of the transfer value of the stock right of Harbin XX Co., Ltd. On the basis of this, it chooses the appropriate and reasonable method to calculate the value of its equity transfer, analyzes and summarizes the bright spots and shortcomings in the evaluation process, and puts forward some suggestions and improvement methods: to control the risk assessment, This paper aims to improve the evaluation model by calculating the synthetic new rate and considering the discount of equity liquidity and the introduction of real options to the non-listed companies in the evaluation process. This paper aims to study the case study on the valuation of stock transfer value of Harbin XX Company. To improve the accuracy of value assessment in such industries, in order to provide reference and reference for enterprises in the relevant industries.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.82;F832.51

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