【作者】 赵邦宏；

【导师】 何秀荣；

【作者基本信息】 中国农业大学 ， 农业经济管理， 2004， 博士

【摘要】 企业价值评估方法研究的核心问题是寻找可以实现以下目标的应用对策方案：针对具体的企业价值评估项目采用适当评估方法及方法的组合验证，采用科学的处理对策与措施解决评估方法中应用的技术难题，以达到评估方法理论上先进性与实践上适用性的有机融合；建立符合国际评估行业发展趋势的评估方法准则，规范各类评估机构的评估行为。论文通过剖析我国现有评估机构选择评估方法的行为取向和应用趋势，分析评估方法中的各种问题，寻找符合我国评估行业现实情况的有效、可操作的对策方案。 论文以我国评估中介机构的作为研究的基点。从评估理论及相关要素对企业价值评估方法的制约关系角度展开理论分析。在大量专题调查问卷的基础上，对数据资料进行了重复分组的独立性检验，分析了我国企业价值评估方法的总体应用现状，不同类别评估师应用评估方法的差异。 论文首要的研究结论为：从企业价值理论与计量模型角度来看，成本法、收益法、市场法均是进行企业价值评估的可选方法，评估目的、评估假设、限定条件等方面的差异决定了不同评估方法适用程度。随着我国证券市场发育程度以及上市公司信息披露规范化程度的提高，将逐步减少成本法，更多采用收益法和市场法，并将多种评估方法有机组合相互验证，以提高评估结果的公允性。 其次为：企业价值评估采用成本法应从财务报表的账面价值入手、以市场价值为调整目标、减少成本法的应用范围；采用收益法应以前期收益现值加后期收益额递增的分阶段收益模型，收益额以净利润、现金净流量为主，收益预测以企业未来发展潜力分析为前提的销售收入预测为主导，折现率坚持不低于无风险报酬率等四项原则，β系数以回归方程的测算为主；市场法中参照物企业选取应以同行业企业为基准、扩大数据来源，注重评估比率可靠性验证、利用多种比率的配合等。这是我国目前社会经济条件下，提高企业价值评估结果合理性、公允性的可行对策。 第三为：应本着部门规章和规范意见的法律级次定位，充分博弈、前瞻性原则，注重与会计准则、具体评估准则的协调，照顾到国内评估机构的水平差距，制定体例详略得当的方法准则。更多还原

【Abstract】 The crux of enterprise evaluation is to look for an applied countermeasure which can attain the following goals: to get the comparative justness and soundness of the appraisal result, adopting proper and different portfolio of assess methods according to concrete enterprise evaluation project; using scientific measure to solve the technological problems in the application of appraisal methods; establishing and complementing valuation standard accord with international assess trade, regulating assess action of assess agencies to promote the healthy development of asset valuation trade in our country. The research try to analyze our country’s appraisal agencies’ behavior orientation and change trend in the choose of appraisal method and the existing problems so as to find effective and practical countermeasure suitable for social reality.The thesis regards valuation intermediary agencies as research basis. It begins its theoretic analysis with the restriction on the valuation method from valuation theory and correlative elements angles. And then it analyzes respectively the technological problems, restricted factors, treating methods, and calculation of assessment coefficient in valuation. The analysis on current situation of enterprise valuation method and appraiser’s difference bases on a large number of questionnaire which divided the data of thematic questionnaire into groups repeatedly and carried on independent character inspection.The conclusion of the thesis is following:Firstly from the perspective of enterprise valuation theory and econometric models, cost, income and market methods are all suitable for enterprise valuation theory. And the differences in the valuation purpose, valuation type, valuation hypothesis and restrict actors determine the level of degree in which different valuation method are suitable. With the national stock market’s maturity and increasing standardization of listed companies information disclosure, more and more assessment agencies and register appraisers adopt income and market method. They test portfolio of different valuation methods to raise the justness and soundness of valuation result.Secondly in enterprise valuation cost method should proceed with book value of the financial statement, regard market value as adjusting orientation and reduce application range of cost method.When income method is adopted, four principles should be paid attention to: A: stage-by-stage income model should be used which is made by early stage income current value added by later stage income increase. B: net profit and net cash flow should be the majority of income volume. C: income prediction should base on sale income prediction .The latter takes analysis on future development potentiality of enterprises management as prerequisite. D: discount rate should not be less than no-risk rate of returns.As far as market method is concerned, the same trade enterprise should be taken as reference enterprise. In addition the expansion of relevant datum, dependability test of valuation rate, adjustment of relevant datum and the use of different cooperation index are of great importance to market method. In conclusion, these are practical countermeasures to improve the rationality and fairness of valuation at current social and economic system.Last, national appraisal department should coordinate relevant accounting standard and concrete valuation standard, take the differences among appraisal agencies into consideration to make simple and practical valuation standards.更多还原