基于剩余收益模型的创业板企业价值评估

发布时间：2018-01-17 19:14

本文关键词：基于剩余收益模型的创业板企业价值评估　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月，中国创业板经过近十年的筹备，终于正式在深交所开板，但随之而来的是创业板企业动辄50倍以上的市盈率，这种高市盈率的估值饱受资本市场各方的批评，但究竟如何对创业板企业进行估值，或者说哪种估值方法更适合中国创业板企业估值成为资本市场关注的焦点。剩余收益模型是一个将企业价值和会计信息紧密结合的一个模型，理论体系完整，并在实践中已经得到较为广泛的应用，但很少被用于我国创业板企业价值评估。剩余收益模型对创业板企业估值究竟是否适合，该如何应用更科学准确，成为创业板企业估值中需要解决的问题。本文从我国创业板发展的历程和推出的背景出发，首先分析了创业板企业的实际特征。然后基于这些特征，结合对几种主流估值模型的分析，发现这几种主流估值模型并不是特别适合我国创业板企业估值。而后，，通过对剩余收益模型进行了重点分析，并结合杜邦财务分析体系的理念对其进行了改进，从而弥补了原模型的部分缺陷，增强了模型的可操作性和可靠性，同时，深入分析了改进后的模型应用于创业板企业估值应用的优势。最后，通过实证分析的方法，挑选了一家创业板企业—探路者作为案例，应用改进后的剩余收益模型进行估值操作。通过本文的研究，剩余收益模型相比其他几个主流估值模型，更适合对我国创业板企业价值评估，同时，对于价值投资理念的倡导也有积极的促进作用。
[Abstract]:In October 2009, after nearly ten years of preparation, the gem finally officially opened in the Shenzhen Stock Exchange, but followed by the gem enterprises often use more than 50 times the price-earnings ratio. This high price-to-earnings valuation has drawn criticism from capital markets, but exactly how to value gem companies. In other words, which valuation method is more suitable for the gem enterprise valuation has become the focus of attention in the capital market. The residual income model is a model that combines enterprise value and accounting information closely, and the theoretical system is complete. And in practice has been more widely used, but rarely used in China's gem enterprise value evaluation. Residual income model for the gem enterprise valuation whether it is appropriate, how to apply more scientific and accurate. Become the gem enterprise valuation needs to solve the problem. Based on the history of gem development and the background of gem, this paper first analyzes the actual characteristics of gem enterprises. Then, based on these characteristics, combined with the analysis of several mainstream valuation models. Found that these several mainstream valuation models are not particularly suitable for the valuation of gem enterprises in China. Then, through the analysis of residual income model, and combined with the concept of DuPont financial analysis system to improve it. In order to make up for some defects of the original model and enhance the maneuverability and reliability of the model, at the same time, in-depth analysis of the improved model in the gem enterprise valuation application advantages. Finally. Through the method of empirical analysis, a gem enterprise-Pathfinder is selected as a case, and the modified residual income model is used to carry out the valuation operation. Through the research of this paper, the residual income model is more suitable to evaluate the value of gem enterprises than the other several mainstream valuation models. At the same time, it also has a positive role in promoting the concept of value investment.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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