發(fā)布時間：2018-01-01 06:40

  本文關鍵詞：基于效率的上市公司價值評估市場法改進研究　出處：《長沙理工大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 企業(yè)價值評估 市場法 經(jīng)濟效率 數(shù)據(jù)包絡分析法

【摘要】：企業(yè)作為資產(chǎn)的一種特殊形式,其價值的評估近年來成為資產(chǎn)評估界討論的熱點。伴隨著現(xiàn)代資本市場的迅速發(fā)展,資本更加廣泛地流動,企業(yè)私有化、上市、合資、收購兼并、重組等產(chǎn)權(quán)交易活動日益頻繁,對企業(yè)價值評估的需求將更加廣泛。市場法作為三種傳統(tǒng)評估方法之一,在西方發(fā)達國家,以其直觀、易行的優(yōu)勢倍受推崇,廣泛應用于產(chǎn)權(quán)交易定價中；而在我國評估實務中,由于一些原因而較少采用市場法,如證券市場不夠發(fā)達、難以尋找可比公司和調(diào)整差異等等。隨著我國市場經(jīng)濟體系不斷完善,市場法作為企業(yè)價值評估的重要方法之一,必將得到廣泛的應用。因此,對市場法的研究有著不容忽視的理論和現(xiàn)實意義。本文在市場法現(xiàn)有研究成果的基礎上,針對其在評估實踐中遇到的難點提出了基于效率的上市公司價值評估市場法改進的思路：通過DEA方法對上市公司的投入產(chǎn)出經(jīng)濟效率進行測度,選擇效率值相似的公司作為可比公司,并將被評估公司與可比公司的效率值之比作為價值比率的調(diào)整系數(shù),進而確定上市公司價值。本文首先系統(tǒng)梳理了企業(yè)價值理論、經(jīng)濟效率理論,指出企業(yè)價值與企業(yè)投入產(chǎn)出效率有密切的關系,并介紹了市場法的理論依據(jù)和評估程序。其次,針對我國市場法應用較少的現(xiàn)狀,分析市場法在應用中的技術難點：可比公司的確定、價值比率的選擇和差異的調(diào)整。然后,在前文分析的基礎上,基于效率的市場法改進思路,選用DEA方法作為投入產(chǎn)出效率測度的方法,并選用主成分分析法選取具有明確經(jīng)濟意義的主成分作為DEA模型投入產(chǎn)出指標,通過對上市公司的效率測度排序,選擇與被評估公司具有相似效率值的公司作為可比公司；同時根據(jù)效率值對價值比率進行調(diào)整。最后,結(jié)合具體實例,演示了改進后的市場法在評估實踐中的具體應用,驗證了基于效率的市場法的可行性。
[Abstract]:As a special form of enterprise assets, assess its value in recent years has become a hot topic in asset evaluation industry. With the rapid development of modern capital market, capital flows more widely, privatization, listing, joint venture, mergers and acquisitions, restructuring and other property transactions have become increasingly frequent, the demand for enterprise valuation will be more and more widely. The market law as one of the three traditional assessment methods, in the western developed countries, with its intuitive, easy advantage of highly respected, widely used in property transaction pricing; but in our country the practice of evaluation, because of some reasons and less use of the market, such as the stock market is not fully developed, it is difficult to find comparable companies and adjust the difference and so on. With China's market economy continues to improve, one of the important methods of market law as the enterprise value assessment, will be widely used. Because of this, the research method of the market It has great theoretical and practical significance. Based on the existing research results of market method, aiming at the difficulties encountered in the practice of the evaluation is proposed to evaluate the efficiency of the method of market value of listed companies based on improved methods: to measure the efficiency of input-output of listed companies through the DEA method, the efficiency value of similar selection the company as comparable companies, and will be evaluated with comparable company efficiency value as the ratio adjustment coefficient value ratio, and then determine the value of listed companies. This paper firstly reviews the theory of enterprise value, the economic efficiency theory, points out that there is a close relationship between the input and output efficiency of the enterprise value and the enterprise, and introduces the market the theory basis and the evaluation procedure. Secondly, according to the current situation of China's market application method, analyzes the technical difficulties in the application of the method can determine the market than the company, The selection and adjustment of the difference value ratio. Then, on the basis of the above analysis, based on the ideas of market efficiency improvement method, use the DEA method as the method of input-output efficiency measurement, and use principal component analysis to select the principal component has clear economic significance as DEA model input and output indicators, through the sort of efficiency measurement of listed the selection and assessment of the company by the company as having similar efficiency value of comparable companies; at the same time, according to the efficiency value to adjust the value of the ratio. Finally, combined with the specific example, the specific application demonstrates the market improved method in evaluation practice, verify the feasibility of the method based on market efficiency.

【學位授予單位】：長沙理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F272.5;F832.51

【相似文獻】

相關期刊論文 前10條

1 宋海鷹;《金融服務與市場法》對英國金融監(jiān)管的變革[J];國際金融研究;2001年05期

2 岳修奎,季珉;市場法在企業(yè)價值評估中的應用[J];中國資產(chǎn)評估;2005年10期

3 趙邦宏;王哲;;市場法在企業(yè)價值評估中的問題與對策[J];中國資產(chǎn)評估;2007年05期

4 沈越火;;市場法在企業(yè)價值評估中的應用[J];中國資產(chǎn)評估;2007年05期

5 朱軍;賈玉;;企業(yè)價值評估中市場法參數(shù)選擇研究[J];中國資產(chǎn)評估;2012年08期

6 謝玲新;馬思;邱澤翔;;運用市場法對電視劇著作權(quán)的評估研究[J];現(xiàn)代商業(yè);2013年15期

7 楊忠直,商如斌,張世英,李志泉;資產(chǎn)市場法估價及其參數(shù)測定[J];統(tǒng)計研究;1996年06期

8 王玲;淺談市場法在設備評估中的應用[J];中國商檢;1997年04期

9 李延喜,陳冬,畢振華,王陽;房地產(chǎn)定價中市場法應用的中美比較[J];華東經(jīng)濟管理;2005年10期

10 寧福順;邵周元;;環(huán)境會計計量方法簡介[J];財會月刊;2006年09期

相關重要報紙文章 前1條

1 王國明;索維東代表談市場法治化[N];中國工商報;2003年

，

本文編號：1363388