对DT投资担保公司股东权益价值评估的案例研究

发布时间：2018-05-31 02:30

本文选题：企业价值评估 + 投资担保行业　；参考：《辽宁大学》2017年硕士论文

【摘要】：对于企业价值评估的研究我国的发展滞后,然则公司估价在市场上已有了举足轻重的地位,已然成为当今社会经济发展不能被忽视的行业。为各行各业的经济决策都提供了有意义的价值参考。在企业的改革的方方面面资产的估价工作都带来了决定性的技术的支撑。伴随着市场经济的快速成长,各行各业的经济活动在市场上瞬息万变,股权让渡、公司上市、并购业务、企业改制、资产重组、跨国策划等涉及的经济利益方面的活动,对企业价值的评估工作都有较严格的要求,均需准确地评估出企业的价值,为经济活动的主体提供价值参考,对投资决策实行科学的引导。由于我国的公司估价的业务还尚未完全成熟,对于西方发达国家的资产评估方面的有价值的经验就需要我国专业评估工作者的借鉴,在完成本职的工作的前提下,也有助于完善我国的资产评估理论体系,同时对于提升我国的估价工作人员的专业素养有很大的意义。本文研究的企业是投资担保行业的较新型的企业。中小企业可以说是经济的转型的过程中不容忽视的重要实力,然则中小企业近些年的发展状态并不如人意,为加速中小企业的成长,财务部发布了一系列支持中小企业壮大的优惠政策,好比说撑持成立中小企业发展的信用保证的政策等,为中小企业供应贷款担保,引发了担保机构很大的积极性,极大缓解中小企业融资难和担保难的困境施展了不容轻忽的积极价值。担保公司是一类新兴的非银行金融机构,由于经济形势的变化应运而生,同时又是适应经济社会的发展而不断发展,被公认为一种高风险的行业,投资担保行业的出现对经济社会的转型与经济的发展,以及中小企业融资难的困境等方面都产生了不可被低估的影响,其意义非凡。担保行业若想长足的成长占据高市场份额,公司估价工作的参与帮助和服务是不能或缺的前提。在担保行业的股权转让这种经济活动类型中,企业价值评估有助于确定合理的注册资本金额、股东全部权益价值,为实现股权的顺利转让提供参考价值。在以往的案例研究中很少有涉及该行业的评估。由于投资担保行业是高风险性的行业,评估机构选择使用资产基础法将DT公司的资产与负债进行简单的相加减得到DT公司的股东权益价值,但是这种方法并不能很好的周全反映出该公司在赢取利润方面的能力。通过对该公司的财务报表进行详细的研究,以及报表中反映的历史数据,以期预测该公司未来的发展走势,本文将使用收益法对该案例进行从头研究,精确估算出该公司的企业价值。前两章内容为企业价值评估的相关理论概述,第三章介绍了 DT公司的历史发展沿革及其资产、财务和经营状况。第四章通过DT公司以往的财务报表数据预测了其未来的发展趋势,测算出其净现金流量以及其适用的折现率同时又考虑了该公司的溢余或非经营性资产价值,然后又将资产基础法的估值成果与收益法的测估结果进行了全面的相比照与分析,分析为什么会产生差异,系统考虑了方方面面因素,认为收益法的估值结果能更周全妥善的显示公司股东权益的价值,于是最后就选择了收益法的评估结果作为DT企业的股东权益价值。该结果为该公司股东将要进行的投资决策提供了一定的参考价值。
[Abstract]:The development of our country is lagging behind in the study of enterprise value evaluation, but the valuation of the company has played an important role in the market. It has already become an industry that can not be ignored in the social and economic development today. It provides valuable reference for the economic decisions of all walks of life. With the rapid growth of the market economy, the economic activities of all walks of life are changing rapidly in the market, the transfer of the shares, the listing of the companies, the business of mergers and acquisitions, the restructuring of the enterprises, the reorganization of the assets, the transnational planning and other economic interests, and the evaluation of the value of the enterprise is more strict. It is necessary to evaluate the value of the enterprise accurately, provide the value reference for the main body of the economic activities and carry out scientific guidance to the investment decision. Because the business of the company's valuation of our country is not yet fully mature, the valuable experience of the assets evaluation in the western developed countries needs the reference of the professional appraisers of our country. On the premise of completing the job, it will also help to improve the system of asset evaluation in our country, and it is of great significance to improve the professional accomplishment of the evaluation staff in our country. The enterprises studied in this paper are the newer enterprises in the investment guarantee industry. In order to improve the growth of small and medium-sized enterprises, the Ministry of finance has issued a series of preferential policies to support the growth of small and medium-sized enterprises. It is like the policy of supporting the development of small and medium enterprises, such as the policy of credit guarantee for the establishment of small and medium enterprises, and the guarantee of the supply of loans for small and medium-sized enterprises, which has caused a large number of guarantee institutions. Enthusiasm, which greatly alleviates the difficulty of financing and guarantee difficult for small and medium-sized enterprises, is a positive value. The Guarantee Corporation is a new type of non bank financial institution, which has come into being because of the change of economic situation, and is constantly developed to adapt to the development of economy and society. It is recognized as a high risk industry, investment guarantee. The emergence of the industry has an ununderestimated impact on the economic and social transformation and economic development, as well as the difficult position of financing for small and medium-sized enterprises. It is of great significance. The guarantee industry wants to occupy a high market share, and the participation help and service of the company's valuation work are not the prerequisite. In the guarantee industry stock In this type of economic activity, the evaluation of enterprise value helps to determine the reasonable amount of registered capital and the value of all rights and interests of shareholders. It provides a reference value for the realization of the smooth transfer of equity. The assets and liabilities of DT company are simply added to reduce the value of DT company's shareholders' equity, but this method does not fully reflect the company's ability to gain profit. Through a detailed study of the financial statements of the company and the historical data reflected in the report, In order to predict the future development trend of the company, this article will use the return method to study the case from the beginning to accurately estimate the company's enterprise value. The first two chapters are a summary of the related theories of enterprise value evaluation, and the third chapter introduces the history and development of DT company and its assets, financial and management status. The fourth chapter is through the DT company. The previous financial statement data forecast its future development trend, calculate its net cash flow and its applicable discount rate at the same time, consider the surplus or non operating assets value of the company, and then compare and analyze the evaluation results of the asset base method and the income method. There is a difference. The system takes all aspects into consideration, and thinks that the valuation results of the income method can show the value of the shareholders' equity more carefully. Finally, the result of the income method is chosen as the shareholder value of the DT enterprise. The result provides a certain reference for the investment decision of the shareholders of the company. Test value.
【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】：F830.42;F832.39

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