發(fā)布時(shí)間：2018-04-22 10:18

  本文選題：企業(yè)價(jià)值評(píng)估 + 市場(chǎng)法��； 參考：《遼寧大學(xué)》2017年碩士論文

【摘要】：從國(guó)際上來看,普遍認(rèn)可的企業(yè)價(jià)值評(píng)估的方法有三種,市場(chǎng)法是其中之一,且它經(jīng)常被使用,但是相比較而言,我國(guó)使用市場(chǎng)法的情況沒有國(guó)際上那么普遍。資本市場(chǎng)的價(jià)值屬性能通過應(yīng)用市場(chǎng)法評(píng)估企業(yè)的價(jià)值直接地體現(xiàn)出來,因此市場(chǎng)法也提供給標(biāo)的資產(chǎn)、上市公司股票等公允的價(jià)格尺度和價(jià)格信息。隨著我國(guó)資本市場(chǎng)的迅猛發(fā)展與逐步完善,以及國(guó)際間貿(mào)易往來愈加頻繁,我國(guó)的評(píng)估體系必將與國(guó)際接軌,這將使得市場(chǎng)法在企業(yè)價(jià)值評(píng)估中被越來越多的評(píng)估師所使用。市場(chǎng)法是在評(píng)估企業(yè)價(jià)值的實(shí)踐經(jīng)驗(yàn)中,操作相對(duì)簡(jiǎn)潔不繁瑣、限制條件不多、各利益相關(guān)方較能接受評(píng)估結(jié)果的一種評(píng)估方式,它是用價(jià)值比率乘以某種相關(guān)經(jīng)濟(jì)指標(biāo)來得出被評(píng)估公司價(jià)值的,因此,在市場(chǎng)法應(yīng)用中,價(jià)值比率是一個(gè)非常重要的因素。本文按照具體的評(píng)估實(shí)例,對(duì)這個(gè)案例進(jìn)行了詳細(xì)的分析并按照市場(chǎng)法的步驟對(duì)MP公司進(jìn)行了價(jià)值評(píng)估。通過對(duì)休閑食品電商行業(yè)發(fā)展?fàn)顩r的調(diào)查,結(jié)合對(duì)該實(shí)例中公司現(xiàn)狀的分析,以及通過對(duì)比了七家上市的可比公司,結(jié)合有關(guān)的價(jià)值比率的理論的闡述及分析,最終將NOIAT價(jià)值比率、EBIT價(jià)值比率、EBITDA價(jià)值比率這三種進(jìn)行適當(dāng)修正,然后對(duì)本文案例中企業(yè)的價(jià)值進(jìn)行了實(shí)際的評(píng)估操作,這三種不同利潤(rùn)口徑的價(jià)值比率可以從被評(píng)估公司的收入與費(fèi)用、折舊攤銷等方面綜合的考慮被評(píng)估公司的實(shí)際價(jià)值。本文說明了作為企業(yè)價(jià)值評(píng)估方法之一的市場(chǎng)法是有可操作性的,通過對(duì)具體評(píng)估案例進(jìn)行研究更能理解市場(chǎng)法在具體應(yīng)用時(shí)需要關(guān)注的問題,檢驗(yàn)了不常使用的價(jià)值比率在評(píng)估過程中的可操作性,彌補(bǔ)了常見的價(jià)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(chǎng)法對(duì)公司的價(jià)值進(jìn)行評(píng)估實(shí)踐中的使用率的增加,提升了市場(chǎng)法應(yīng)用的科學(xué)性、有效性和合理性,并且,對(duì)市場(chǎng)法深入的研究和應(yīng)用,能更好地評(píng)估“互聯(lián)網(wǎng)+ ”、電商等新興企業(yè),滿足經(jīng)濟(jì)新常態(tài)下這類企業(yè)的并購(gòu)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.82;F724.6

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本文編號(hào)：1786786