發(fā)布時間：2018-06-08 11:00

  本文選題：企業(yè)價值評估 + 利益相關(guān)者��； 參考：《蘭州財經(jīng)大學(xué)》2017年碩士論文

【摘要】：現(xiàn)代的管理制度要求企業(yè)應(yīng)以其整體價值最大化作為其經(jīng)營管理目標(biāo)。而理論上對企業(yè)概念的變化以及實務(wù)中并購重組雙方對提高議價能力的需要,導(dǎo)致關(guān)注企業(yè)價值的利益相關(guān)者對傳統(tǒng)價值評估模型擴(kuò)充的需求。因此,本文運(yùn)用EXCEL軟件建立SA-DCF模型解決此問題。本文第一部分介紹研究的背景、目的和意義、內(nèi)容及創(chuàng)新之處。第二部分綜述了目前學(xué)者在企業(yè)價值評估方面的研究范圍和方法運(yùn)用情況,并認(rèn)為目前的價值評估方法沒有從不同的利益相關(guān)者角度去衡量企業(yè)價值。第三部分運(yùn)用利益相關(guān)者理論分析企業(yè)價值,提出將情景分析方法與傳統(tǒng)的現(xiàn)金流量折現(xiàn)模型結(jié)合,構(gòu)建SA-DCF模型,評估出不同利益相關(guān)者角度的企業(yè)價值。第四部分詳細(xì)闡述了如何利用EXCEL軟件構(gòu)建與使用SA-DCF模型,包括基本步驟與思路、表內(nèi)結(jié)構(gòu)、表間結(jié)構(gòu)以及模型的相關(guān)參數(shù)確定、平衡性和局限性。第五部分從A股上市公司中隨機(jī)選擇30家企業(yè)作為樣本,利用SA-DCF模型對其企業(yè)價值進(jìn)行評估,并與其流通市值進(jìn)行配對T檢驗和相關(guān)性檢驗,結(jié)果表明,模型具有普遍的適用性。第六部分是結(jié)論與展望。本文的貢獻(xiàn)主要有四個方面:一是將利益相關(guān)者理論與企業(yè)價值評估理論結(jié)合,從利益相關(guān)者角度分析了企業(yè)價值具有多樣性;二是將情景分析方法與現(xiàn)金流量折現(xiàn)模型結(jié)合,提出并構(gòu)建SA-DCF模型;三是在并購重組交易中,企業(yè)的財務(wù)投資者與管理層可利用SA-DCF模型提高議價能力,節(jié)約談判成本并提高效率;四是企業(yè)管理層可利用SA-DCF模型進(jìn)行價值管理,平衡各利益相關(guān)者。
[Abstract]:Modern management system requires enterprises to maximize their overall value as their management objectives. In theory, the change of enterprise concept and the need of both parties to improve their bargaining power in practice lead to the need for the traditional value evaluation model to be expanded by the stakeholders concerned about the value of the enterprise. Therefore, this paper uses excel software to establish SA-DCF model to solve this problem. The first part of this paper introduces the background, purpose and significance, content and innovation of the study. The second part summarizes the scope of research and the application of the methods in the aspect of enterprise value evaluation, and points out that the current valuation method does not measure the enterprise value from different stakeholders' point of view. In the third part, we use stakeholder theory to analyze the enterprise value, and propose to combine the scenario analysis method with the traditional cash flow discount model to construct SA-DCF model and evaluate the enterprise value from different stakeholders' angles. The fourth part describes how to use excel software to construct and use SA-DCF model, including the basic steps and ideas, the structure in the table, the structure between tables and the determination, balance and limitation of the model parameters. In the fifth part, 30 companies are randomly selected from A-share listed companies as samples. The SA-DCF model is used to evaluate the enterprise value, and the matched T test and correlation test are carried out with their circulating market value. The results show that, The model has universal applicability. The sixth part is the conclusion and prospect. The contribution of this paper mainly includes four aspects: first, combining stakeholder theory with enterprise value evaluation theory, analyzing the diversity of enterprise value from stakeholder perspective; second, combining scenario analysis method with cash flow discount model. The SA-DCF model is put forward and constructed. Thirdly, in the M & A transaction, the financial investors and management can use SA-DCF model to improve the bargaining power, save the negotiation cost and improve the efficiency; fourth, the enterprise management can use SA-DCF model for value management. Balance stakeholders.
【學(xué)位授予單位】：蘭州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275

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本文編號：1995565