發(fā)布時間：2018-04-22 10:18

  本文選題：企業(yè)價值評估 + 市場法��； 參考：《遼寧大學(xué)》2017年碩士論文

【摘要】：從國際上來看,普遍認(rèn)可的企業(yè)價值評估的方法有三種,市場法是其中之一,且它經(jīng)常被使用,但是相比較而言,我國使用市場法的情況沒有國際上那么普遍。資本市場的價值屬性能通過應(yīng)用市場法評估企業(yè)的價值直接地體現(xiàn)出來,因此市場法也提供給標(biāo)的資產(chǎn)、上市公司股票等公允的價格尺度和價格信息。隨著我國資本市場的迅猛發(fā)展與逐步完善,以及國際間貿(mào)易往來愈加頻繁,我國的評估體系必將與國際接軌,這將使得市場法在企業(yè)價值評估中被越來越多的評估師所使用。市場法是在評估企業(yè)價值的實踐經(jīng)驗中,操作相對簡潔不繁瑣、限制條件不多、各利益相關(guān)方較能接受評估結(jié)果的一種評估方式,它是用價值比率乘以某種相關(guān)經(jīng)濟指標(biāo)來得出被評估公司價值的,因此,在市場法應(yīng)用中,價值比率是一個非常重要的因素。本文按照具體的評估實例,對這個案例進(jìn)行了詳細(xì)的分析并按照市場法的步驟對MP公司進(jìn)行了價值評估。通過對休閑食品電商行業(yè)發(fā)展?fàn)顩r的調(diào)查,結(jié)合對該實例中公司現(xiàn)狀的分析,以及通過對比了七家上市的可比公司,結(jié)合有關(guān)的價值比率的理論的闡述及分析,最終將NOIAT價值比率、EBIT價值比率、EBITDA價值比率這三種進(jìn)行適當(dāng)修正,然后對本文案例中企業(yè)的價值進(jìn)行了實際的評估操作,這三種不同利潤口徑的價值比率可以從被評估公司的收入與費用、折舊攤銷等方面綜合的考慮被評估公司的實際價值。本文說明了作為企業(yè)價值評估方法之一的市場法是有可操作性的,通過對具體評估案例進(jìn)行研究更能理解市場法在具體應(yīng)用時需要關(guān)注的問題,檢驗了不常使用的價值比率在評估過程中的可操作性,彌補了常見的價值比率如市盈率、市凈率、市銷率的不足的地方,有助于今后市場法對公司的價值進(jìn)行評估實踐中的使用率的增加,提升了市場法應(yīng)用的科學(xué)性、有效性和合理性,并且,對市場法深入的研究和應(yīng)用,能更好地評估“互聯(lián)網(wǎng)+ ”、電商等新興企業(yè),滿足經(jīng)濟新常態(tài)下這類企業(yè)的并購重組和相關(guān)融資需求。
[Abstract]:From the international point of view, there are three generally accepted methods of enterprise value evaluation, market method is one of them, and it is often used, but compared with our country, the situation of using market method is not so common in the world. The value attribute of the capital market can be directly reflected by applying the market method to evaluate the value of the enterprise. Therefore, the market method also provides fair price measure and price information for the underlying assets, listed companies and so on. With the rapid development and gradual improvement of China's capital market and more frequent international trade, our country's evaluation system will be in line with the international standards, which will make the market method used by more and more valuers in the evaluation of enterprise value. In the practical experience of evaluating the value of enterprises, the market method is a kind of evaluation method, which is relatively simple and not cumbersome, has not many restrictions, and is more acceptable to all stakeholders. The value ratio is multiplied by a certain relevant economic index to get the value of the evaluated company, so the value ratio is a very important factor in the application of the market method. According to the concrete evaluation example, this paper makes a detailed analysis of this case and evaluates the value of MP company according to the steps of market method. Through the investigation of the development of e-commerce industry of snack food, combined with the analysis of the current situation of the company in this example, as well as the comparison of the seven comparable companies listed on the market, combined with the related theory of value ratio, Finally, the NOIAT value ratio and the EBITDA value ratio are modified properly, and then the actual evaluation of the enterprise value in this case is carried out. These three different profit caliber value ratios can consider the actual value of the evaluated company synthetically from the income and expense depreciation amortization and so on. This paper explains that the market method, as one of the methods of enterprise value evaluation, is operable, and that the market method should be paid more attention to when it is applied through the study of specific evaluation cases. It examines the operability of infrequently used value ratios in the evaluation process, and makes up for the shortcomings of common value ratios such as price-to-book ratio, market sales ratio, and price-to-book ratio. It is helpful to increase the utilization rate of the market method in evaluating the value of the company in the future, to enhance the scientific, effective and reasonable application of the market method, and to study and apply the market method deeply. To better evaluate the "Internet", e-commerce and other emerging enterprises to meet the new normal economic M & A and related financing needs.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.82;F724.6

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本文編號：1786786