企业价值评估方法的比较研究

【作者】 于杰；

【导师】 张建平；

【作者基本信息】 对外经济贸易大学 ， 企业管理， 2004， 硕士

【摘要】 随着经济日趋全球化，资本日趋广泛地流动，企业私有化、合资、收购、兼并企业重组等活动日益频繁，这些活动无不涉及企业价值的评估；同时企业财务目标已由利润最大化逐渐转变为企业价值最大化，企业价值也越来越成为企业管理当局关注的核心内容。 企业价值评估又称公司价值评估，将企业看作一个经营整体，评价其未来进行交易时的交换价值，并以价值最大化为原则进行重大交易和商业战略的选择。它已经逐渐成为资产评估业的一个重要发展方向。 在我国企业价值评估的发展过程中，存在着评估理论滞后于评估实践的情况。在实践中企业价值评估多采用调整账面价值法，而后用收益法来验证；这与国外以市场法、现金流量折现的收益方法为主流的企业价值评估相差较大。如何在我国现有条件下，即资本市场不发达、相关经济技术条件不健全情况下，客观、公正地评估企业价值，并逐步与国际企业价值评估理论接轨，已成为我国评估理论所亟待解决的问题。本文拟从对企业价值的定位入手，论述其适用的各种评估途径方法，并对各方法进行比较，以便更好的指导实践活动。 本文共分五部分：第一部分介绍企业价值概念；第二、三、四部分分别介绍了现金流量折现法、市场比较评估法、调整账面价值法三种企业价值评估方法，并对每种方法的关键理论问题做出了阐述；第五部分对这些评估方法进行了比较研究，分析了各方法的优点和不足，提出了各方法的适用范围，并简要介绍了RIM、EVA和DDM三种国外较新的价值评估方法。更多还原

【Abstract】 With gradually globalization of economy and capital flow widely, firm cooperation, joint venture, merger enterprise restructure etc, all the activities are involved in business valuation. Enterprise finical objective has transferred from maximization of Profit to maximization of enterprise value, business valuation has become core issue of the enterprise management. Business valuation also called corporation valuation taking the enterprise as a whole, evaluates its value for exchanging in the future. It is abided by the Principle of maximization of enterprise value, business strategy selection, and asset appraisal will develop toward it.During the development of business valuation in our country, there is a situation in that the appraisal theory is behind the appraisal practice. In the practice, the replacement cost method dominates in business valuation and then it is verified by the income method, it is much different from the foreign country’s appraisal practice in which the market method and the discounted cash flow method are a major approaches in business valuation. In our current market condition that the capital market is less developed and the relating economic and technologic terms are not Perfect, how to value a business enterprise objectively and fairly and be close to international appraisal theory gradually is a critical problem to be resolved.This thesis consists of five chapters:The first chapter, makes a general description of business valuation, at the same time, puts up the meaning and approach of enterprise valuation.The second, third and fourth chapter, introduce three main enterprise valuation approaches and methods: DCF (discounted cash flow) method, market multiplier method and adjusting the book value of the financial statements. These chapters are also the predominant part of this thesis.The fifth chapter focuses on the comparison research on the different valuation methods, sets forth the advantages and disadvantages of each method, at the same time, introduces RIM, EVA and DDM valuation methods.更多还原