我国高科技上市公司价值评估实证研究

发布时间：2018-03-31 05:28

本文选题：高科技上市公司　切入点：剩余收益模型　出处：《武汉科技大学》2012年硕士论文

【摘要】：鉴于高科技产业在整个经济体系中的引领作用，世界各国政府对高科技产业的发展均相当重视。创业板的成立为高科技企业融资拓宽了渠道，促进了高科技企业的发展。正确评估高科技上市公司的价值，使评估价值趋同于企业客观价值，有助于创业板、投资者和企业自身的有序发展。本文首先介绍了传统企业价值评估的基本理论和基本方法，对各种价值评估基本方法进行比较分析，探讨了各种方法的特点、适用范围和局限性。然后根据高科技上市公司经营特征，分析了剩余收益模型在对高科技上市公司价值评估中的适用性，选取该模型进行对高科技上市公司价值评估的研究设计。对剩余收益模型理论的产生及模型的推导与实用性进行了系统的论述，按照探索价值动因的思想把剩余收益驱动因素进行逐层分解，直至最为基础的财务比率。最后选取了中兴通讯股份有限公司为研究对象，通过逻辑实证的方法，对剩余收益模型的应用进行了详细的列示，，按照所建立的模型实现了对中兴通讯股权价值的预测和评估，验证了剩余收益模型对高科技上市公司进行价值评估的可行性和有效性。论证结果表明：运用剩余收益模型不仅能够较好地对高科技上市公司价值做出合理评估，帮助投资者更好地进行投资决策，还能帮助企业管理者探索公司价值驱动因素，针对异常的价值驱动因素，提出可行的管理建议。
[Abstract]:In view of the leading role of high-tech industries in the entire economic system, governments all over the world attach great importance to the development of high-tech industries. The establishment of the gem broadens the channels for financing high-tech enterprises. It promotes the development of high-tech enterprises, correctly evaluates the value of high-tech listed companies, makes the evaluation value converge to the objective value of enterprises, and contributes to the orderly development of gem, investors and enterprises themselves. This paper first introduces the basic theories and methods of traditional enterprise value evaluation, compares and analyzes the basic methods of value evaluation, and discusses the characteristics of these methods. Then according to the operating characteristics of high-tech listed companies, the applicability of residual income model in the valuation of high-tech listed companies is analyzed. The model is selected to study and design the value evaluation of high-tech listed companies, and the generation of residual income model theory, the derivation and practicability of the model are systematically discussed. According to the thought of exploring the value driver, the residual income driving factor is decomposed layer by layer until the most basic financial ratio. Finally, ZTE is chosen as the research object, and the logical demonstration method is adopted. The application of residual income model is listed in detail. According to the established model, the prediction and evaluation of ZTE's equity value are realized. The feasibility and effectiveness of the residual income model for valuation of high-tech listed companies are verified. The results show that the residual income model can not only make a reasonable evaluation of the value of high-tech listed companies, help investors to make better investment decisions, but also help enterprise managers to explore the driving factors of corporate value. According to the value driving factor of abnormal value, the feasible management suggestion is put forward.
【学位授予单位】：武汉科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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