高科技企业价值评估方法选择研究

【作者】 刘娜；

【导师】 樊相如；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 高科技企业的价值评估一直是评估界的一个难题。其中最关键的问题就在于评估方法的选择。本文采用比较分析法，从评估原理、运用前提以及参数值获取的难易程度等方面探讨了各种评估方法对高科技企业的适用性，结合高科技企业的发展阶段特征与行业特征对评估方法进行了选择。 首先，文章从高科技企业的特点入手，探讨了高科技企业的价值源泉与高科技企业评估中的特殊性。 然后，依据高科技企业的评估特点选择出能够适用于高科技企业的方法集合。我国评估界所指的评估方法包括了国际评估准则中的评估途径与评估模型两个层次，因而本文对高科技企业价值评估方法的选择也将按这种层次顺序进行。第一步是评估途径的选择和排序。第二步是对能够适用的评估途径下面的评估模型进行比较与择优。 最后，文章从发展阶段与行业类型两个角度对高科技企业分类，深入探讨了不同类型高科技企业的评估特点。然后依据这些特点从前面研究得出的方法集合中选择出合适的评估方法。在选择的过程中，文章还依据具体的需要对评估方法进行了一些改进。如在选择现金流量贴现法评估扩张期高科技企业时，考虑到扩张期高科技企业发展前途的高度不确定性，本文运用概率方法来处理企业的未来现金流，而不是只将风险考虑在贴现率中。更多还原

【Abstract】 The valuation of high-tech corporation is a difficulty in valuation field. Which method is to be selected is the key problem of it. This paper takes the analysis method of comparison from three perspective of the valuation principle, the precondition of extortion and the difficulty extent of parameter data obtainment to evaluate the applicability of all sorts of methods. The proper valuation methods are chosen after taking consideration of the characteristics of high-tech corporation of different phrase and domain type.Start with analysis to high-tech corporation’s characteristics, the paper discusses the value source and the special requirements to high-tech corporation.Then, the aggregation of valuation methods is selected according to the valuation characteristics of high-tech corporation. The meaning of valuation method in the valuation field in our country includes the two concepts of valuation approach and valuation model in the International Valuation Standards. So the selection of valuation method follows this consequence: the first step is to select the proper valuation approach and the second step is to select the proper model.Finally, the high-tech corporations are classified to different phases and domain types. Deeper analysis is taken to the characteristics of them and the proper methods are selected from the aggregation gained from former research. In the process of selection, some valuation models are adjusted according to the requirement of the different high-tech corporation. For example, considering the great uncertainty of the high-tech corporation of developing stage, the cash flow is dealt with the method of probability instead of just consider the risk in the discount-rate.更多还原