企业合并中XE公司商誉价值评估案例研究

发布时间：2018-03-20 10:17

本文选题：商誉　切入点：商誉评估　出处：《辽宁大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着企业间竞争的加剧,商誉对于企业起着越来越重要的作用,目前国内和国际市场上企业之间的并购事件也越来越多。因此,对商誉价值进行合理的评估是十分必要的,尤其在企业发生并购时,对商誉进行评估显得更加重要。在我国,资产评估行业出现较晚,发展历程也较为曲折,商誉价值评估十分困难,因此理论研究还不成熟。但是开展商誉评估的研究可以有助于提高评估人员的职业水平、帮助产权交易活动顺利进行、激励企业重视并提高自身管理水平。由此可见,实际情况的需要需求决定了对商誉价值评估方法进行探讨具有很高的研究意义。商誉的价值与其形成的成本之间具有弱对应性,商誉的价值主要受到技术水平、外部环境、社会影响力、管理情况等诸多因素的影响。商誉的形成原因复杂,很难分解,所以使用成本法评估商誉的可能性非常小。由于每个企业的商誉都不相同,很难与其他企业相比较,因此在实务中很难采用市场法对商誉价值进行评估。目前,在评估实务中,商誉价值评估的主要方法是收益法,收益法具体分为两种,一种的割差法,另一个的超额收益法。商誉是否存在主要取决于企业能否获得超过同行业一般水平的超额收益,因此应用收益法来评估商誉价值具有一定的科学合理性。但收益法无法分析商誉的构成因素,最终评估出的价值也仍不够精确。基于此,本文引入了层次分析法对传统收益法加以改进,使得改进后的评估结果更加科学准确。本文在介绍层次分析法的具体原理和方法之前首先先论述了研究商誉价值的必要性,梳理并总结了国内外关于商誉价值评估的基本理论和相关概念。之后,针对传统收益法的缺陷,提出了层次分析法对传统收益法加以改进,并对层次分析法的在商誉价值评估中的方法和适用性进行了阐述。而后,本文以XE公司为评估案例,叙述了权威评估机构采用传统收益法对该公司商誉价值的评估过程。最后,将层次分析法对被评估对象进行商誉价值分析,计算出改进后的评估价值,得出本文的结论。
[Abstract]:With the intensified competition among enterprises, it plays a more and more important role for enterprises, the domestic and international market mergers and acquisitions events more and more. Therefore, a reasonable assessment of the value of the goodwill is very necessary, especially in the enterprise merger, the goodwill evaluation becomes more and more important in me. In China, the asset appraisal industry appeared relatively late, the development process is tortuous, the value of goodwill evaluation is very difficult, so the theory is not mature. But the research on goodwill evaluation can contribute to improving the assessment staff vocational level, help the activity of property right transaction smoothly, encourage enterprises to pay attention to and improve their management level. Thus, the actual the need is determined by the demand of high significance of goodwill value assessment methods. The value of goodwill with the formation of the cost is weak Corresponding, the value of goodwill is mainly affected by the technical level, external environment, social influence, impact management situation and other factors. The formation reason of goodwill is complex, it is difficult to decompose, so the use of possibility assessment of goodwill cost method is very small. Because each enterprise goodwill is not the same, it is difficult to compare with other enterprises, so in practice it is difficult to use the market method to evaluate the value of goodwill. At present, in the practice of evaluation, the main method of goodwill value assessment is the income method, income method is divided into two species, a poor cutting method, another method of excess earnings. The existence of goodwill depends mainly on whether the enterprise can get more than the general level of the same industry excess returns, so the application of the income approach to assess the value of the goodwill is scientific and rational. But cannot analyze the proceeds of the elements of goodwill, the final evaluation value is still not fine Sure. Based on this, this paper introduces the analytic hierarchy method to improve the traditional income method, makes the assessment of the improved results more scientific and accurate. In this paper, before the introduction of the specific principle and method of AHP first discusses the necessity of studying the value of goodwill, combs and summarizes the basic theory about the value of goodwill evaluation and the related concepts. Then, aiming at the limitation of traditional income method, puts forward the analytic hierarchy process to the traditional income method is improved, and the hierarchical method in the assessment of goodwill value in analysis and applicability are discussed. Then, based on the XE company as the case, the authoritative evaluation agencies by the traditional income the company law and the value of goodwill evaluation process. Finally, the analytical hierarchy process analysis of the evaluation object is the value of the goodwill value assessment method, calculate the improved, draw the conclusion.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.4

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