基于经营剩余收益模型的G公司企业价值评估研究

发布时间：2018-04-05 21:23

本文选题：企业价值评估　切入点：经营剩余收益模型　出处：《广东工业大学》2017年硕士论文

【摘要】：随着我国资本市场不断发展,越来越多的投资者开始树立“价值投资”的理念,标志着我国价值管理新时代正在到来。企业价值评估在股票交易、企业并购、上市定价和投资决策中起着至关重要的作用。因此,理论界和实务界对科学准确地评估企业价值提出了更高的要求。节能环保行业是关系我们国计民生的重要产业。十三五规划提出,2020年要将环保产业要打造成我国经济的一大支柱产业。G公司是一家节能环保行业下的余热余压综合利用服务公司,正处于高速成长阶段。在“一带一路”大背景下,G公司具有很强的持续发展能力和广阔的价值增长空间。但是,由于“供给侧改革”的影响,公司业绩连续两年下滑,营业收入下降9.73%,利润总额下降4.14%。G公司的投资者和管理者迫切想要了解公司内在价值。因此,如何准确评估G公司企业价值很有必要。目前,企业价值评估方法主要有四种,分别是成本法、市场法、期权定价法和收益法。其中,收益法以其完善的理论基础成为当前主流的评估方法之一。经营剩余收益模型作为收益法的典型代表,其突出特点是非常适合成长型企业估值,同时也肯定了会计信息在公司价值中的作用。该模型强调了企业价值源于创造而非分配,强调了企业价值源于经营活动而非金融活动,真正体现了剩余收益法“价值创造”的本质。本文以节能环保行业的G公司为研究对象,立足“企业价值最大化”财务管理视角,采用改进后的经营剩余收益模型,主要评估和分析G公司的经营剩余收益、企业整体价值以及其主要驱动因素,并对评估结果进行敏感性分析和有效性分析得出企业价值可能的变动范围。最后,结合G公司的实际情况提出有针对性的管理建议,同时总结经营剩余收益模型在企业实际应用中得到的启发。通过本文的研究,有助于对G公司整体价值的确定提供参考,使投资者在股市交易中合理确定交易价格,为管理者在公司经营中提供管理建议。此外,还有助于建立一套符合节能环保企业价值创造理论的、结合企业自身实际的、具有实践应用性的估值体系,对企业价值评估提供借鉴意义。
[Abstract]:With the development of Chinese capital market, more and more investors begin to set up the idea of "value investment", which indicates that a new era of value management is coming.Enterprise value evaluation plays an important role in stock trading, M & A, listing pricing and investment decision.Therefore, the theory and practice of scientific and accurate evaluation of the value of enterprises put forward higher requirements.Energy conservation and environmental protection industry is an important industry related to our national economy and people's livelihood.The 13th Five-Year Plan proposed that the environmental protection industry should be made into a pillar industry of our economy in 2020. G Company is a comprehensive utilization service company under the industry of energy saving and environmental protection, which is at the stage of rapid growth.Under the background of Belt and Road, the company has strong ability of sustainable development and broad space of value growth.However, due to the influence of "supply-side reform", the company's performance has declined for two consecutive years, its operating income has fallen by 9.73m, and its total profits have fallen by 4.14.G investors and managers are eager to understand the intrinsic value of the company.Therefore, it is necessary to evaluate the value of G company accurately.At present, there are four kinds of valuation methods: cost method, market method, option pricing method and income method.Among them, income approach has become one of the mainstream evaluation methods with its perfect theoretical foundation.As a typical representative of the income approach, the operating surplus income model is very suitable for the valuation of growth enterprises, and also affirms the role of accounting information in the value of the company.The model emphasizes that the enterprise value originates from creation rather than distribution, and emphasizes that enterprise value originates from business activities rather than financial activities, and reflects the essence of "value creation" in surplus income method.Based on the financial management perspective of "maximizing the value of the enterprise", this paper mainly evaluates and analyzes the operating surplus income of G Company by adopting the improved operating surplus income model, which is based on the research object of G Company in the industry of energy-saving and environmental protection, and based on the perspective of "maximizing the value of the enterprise".The overall value of the enterprise and its main driving factors, and the sensitivity analysis and effectiveness analysis of the evaluation results, the possible range of change of the enterprise value is obtained.Finally, combined with the actual situation of G Company, the paper puts forward some pertinent management suggestions, and summarizes the inspiration of operating surplus income model in the practical application of the enterprise.Through the study of this paper, it is helpful to provide reference for the determination of the overall value of company G, to make investors reasonably determine the transaction price in stock market trading, and to provide management advice for managers in the management of the company.In addition, it is helpful to set up a set of valuation system which conforms to the theory of energy saving and environmental protection enterprise value creation, combines with the actual enterprise itself, and has practical application, and provides a reference for enterprise value evaluation.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.61

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