基于DCF的S公司企业价值评估案例研究

发布时间：2018-04-28 01:33

本文选题：固废行业企业 + 企业特定风险调整系数　；参考：《辽宁大学》2017年硕士论文

【摘要】：伴随着我国经济的高速的发展,城镇化进程的不断加快和人民生活水平的不断提高,使得工业固体废弃物也日益呈现了迅速增加的趋势。这些固体废弃物不但污染了环境,而且造成了资源的极大浪费,急需更多的固废处理企业来解决日益增长的固体废弃物问题,合理对固体废弃物进行处理进而提高稀有资源利用的效率,并使之变废为宝,进而促进人与自然和谐发展。本文顺应时代的大趋势,对固废行业企业中的非上市公司S公司的企业价值评估进行了分析研究。企业价值评估中的方法中,收益法应用最广泛,根据《企业价值评估准则》的规定,企业价值评估中的收益法具体原理是指根据企业现在每年的收益预测企业未来的每年收益,并对每年的收益进行折现成现值相加,进而确定被评估对象价值。其中,收益法中的难点之一是折现率的确定,并且客观的确定折现率对评估企业的整体价值来讲又是至关重要的,折现率的非常小的变化对企业整体价值的评估产生巨大的影响。对S公司的股东全部权益价值运用收益法中DCF方法评估进行了分析,就很多非上市公司评估中的通病,即评估师根据经验自己设定企业特定风险调整系数的做法进行了深入分析,并采用相对科学的沃尔比重评分法对该企业特定风险调整系数进行了系统性的计算,进而得出更加精确的企业特定风险调整系数的数值,从而得出更加合理的股东全部权益价值。
[Abstract]:With the rapid development of China's economy, the acceleration of urbanization process and the continuous improvement of people's living standards, the industrial solid waste has been increasing rapidly. These solid wastes not only pollute the environment, but also cause a great waste of resources. More solid waste treatment enterprises are urgently needed to solve the problem of increasing solid waste. In order to improve the efficiency of the utilization of rare resources and turn it into treasure, the solid waste can be treated reasonably, and the harmonious development of man and nature will be promoted. In accordance with the trend of the times, this paper analyzes and studies the enterprise value evaluation of S Company, a non-listed company in solid waste industry. Among the methods of enterprise value evaluation, the income method is the most widely used. According to the "Enterprise value Assessment criteria", the specific principle of the income method in the enterprise value evaluation is to predict the future annual income of the enterprise according to the present annual income of the enterprise. And the annual income is discounted into present value to determine the value of the object to be assessed. One of the difficulties in the income approach is the determination of the discount rate, and the objective determination of the discount rate is crucial to the evaluation of the overall value of the enterprise. The very small change in the discount rate has a great impact on the assessment of the overall value of the enterprise. This paper analyzes the value of the total equity of shareholders in S Company by using the DCF method in the income approach, and points out the common problems in the evaluation of many non-listed companies. That is, the appraiser has made a deep analysis of the way that the appraiser sets the adjustment coefficient of the specific risk of the enterprise according to his own experience, and has systematically calculated the adjustment coefficient of the specific risk of the enterprise by using the relatively scientific Warr proportion scoring method. Then the more accurate value of the adjustment coefficient of enterprise specific risk is obtained, and the more reasonable value of shareholders' total equity is obtained.
【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;F426.32

【参考文献】