基于价值比率修正的MP公司企业价值评估案例研究

发布时间：2018-04-22 10:18

本文选题：企业价值评估 + 市场法　；参考：《辽宁大学》2017年硕士论文

【摘要】：从国际上来看,普遍认可的企业价值评估的方法有三种,市场法是其中之一,且它经常被使用,但是相比较而言,我国使用市场法的情况没有国际上那么普遍。资本市场的价值属性能通过应用市场法评估企业的价值直接地体现出来,因此市场法也提供给标的资产、上市公司股票等公允的价格尺度和价格信息。随着我国资本市场的迅猛发展与逐步完善,以及国际间贸易往来愈加频繁,我国的评估体系必将与国际接轨,这将使得市场法在企业价值评估中被越来越多的评估师所使用。市场法是在评估企业价值的实践经验中,操作相对简洁不繁琐、限制条件不多、各利益相关方较能接受评估结果的一种评估方式,它是用价值比率乘以某种相关经济指标来得出被评估公司价值的,因此,在市场法应用中,价值比率是一个非常重要的因素。本文按照具体的评估实例,对这个案例进行了详细的分析并按照市场法的步骤对MP公司进行了价值评估。通过对休闲食品电商行业发展状况的调查,结合对该实例中公司现状的分析,以及通过对比了七家上市的可比公司,结合有关的价值比率的理论的阐述及分析,最终将NOIAT价值比率、EBIT价值比率、EBITDA价值比率这三种进行适当修正,然后对本文案例中企业的价值进行了实际的评估操作,这三种不同利润口径的价值比率可以从被评估公司的收入与费用、折旧摊销等方面综合的考虑被评估公司的实际价值。本文说明了作为企业价值评估方法之一的市场法是有可操作性的,通过对具体评估案例进行研究更能理解市场法在具体应用时需要关注的问题,检验了不常使用的价值比率在评估过程中的可操作性,弥补了常见的价值比率如市盈率、市净率、市销率的不足的地方,有助于今后市场法对公司的价值进行评估实践中的使用率的增加,提升了市场法应用的科学性、有效性和合理性,并且,对市场法深入的研究和应用,能更好地评估“互联网+ ”、电商等新兴企业,满足经济新常态下这类企业的并购重组和相关融资需求。
[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.
【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;F426.82;F724.6

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