YZ房地产公司价值评估

发布时间：2018-10-26 07:16

【摘要】：20世纪80年代前后,国际上企业价值评估主流理论与方法传入我国,其中成本法、市场法和收益法三种估值方法最为通用和常见。所谓企业价值评估,就是把企业作为一个整体,依据其获利情况及影响企业获利的因素,对其整体市场价值进行科学的分析和评估。对企业价值进行评估,有利于促进企业所有者和经营者更好地了解企业的自身价值,对企业未来发展进行合理规划,以促进企业实现良好发展。进入21世纪,我国房地产业逐渐成为经济社会发展中比较重要产业,其规模较大、关联产业多,对于改善我国城乡居民的生活水平、拉动我国经济的发展发挥不可或缺的作用。房地产企业作为我国房地产业发展的主体,要想在竞争中立于不败之地,就需要不断提高自身价值,即能够真正创造价值且不断实现价值增值。科学评估房地产公司的企业价值,有助于企业提高核心竞争力,避免出现盲目扩张现象,实现健康、可持续发展,从而促进整个房地产业步入良性发展的轨道。本文选取YZ房地产公司进行企业价值评估。(1)对YZ房地产公司发展过程中面临的优势、机遇和瓶颈进行分析和阐述;(2)对目标公司的财务绩效情况进行系统的分析和评价,通过对主要财务数据进行测算和比较,分析企业的盈利能力、营运能力、偿债能力、发展能力,并得出YZ房地产公司具有较好的成长性的评价,为后续的企业价值评估提供有价值的支撑;(3)分别通过价值评估中的市场法和收益法两种方法,对YZ房地产公司的企业价值进行计算。其中,在使用收益法进行价值计算过程中,主要采用EVA经济增加值模型的方式对YZ房地产的企业价值进行评估;在使用市场法计算过程中,借助模糊数学的方法,计算与筛选出与被评估企业的各项指标最为贴近的三家公司,建立市盈率和市净率模型分别计算其价值。最后分析上述两种方法在评估房地产企业价值时存在差值的主要原因。
[Abstract]:Around the 1980s, the mainstream theories and methods of enterprise value evaluation were introduced into China, of which cost method, market method and income method are the most common and common methods. The so-called enterprise value appraisal is to take the enterprise as a whole, according to its profit situation and the influence factor of the enterprise profit, carries on the scientific analysis and the appraisal to its whole market value. The evaluation of enterprise value is helpful to promote the owners and managers to better understand the value of the enterprise and to plan the future development of the enterprise so as to promote the good development of the enterprise. In the 21st century, China's real estate industry has gradually become a relatively important industry in the economic and social development, with a large scale and a large number of related industries, which plays an indispensable role in improving the living standards of urban and rural residents in China and stimulating the economic development of our country. Real estate enterprises, as the main body of the development of real estate industry in China, want to remain invincible in the competition, they need to constantly improve their own value, that is to say, they can really create value and continuously realize the value increment. Scientific evaluation of the enterprise value of real estate companies will help enterprises to improve their core competitiveness, avoid the phenomenon of blind expansion, realize healthy and sustainable development, and thus promote the whole real estate industry to step into the track of healthy development. This article selects YZ real estate company to carry on the enterprise value appraisal. (1) to the YZ real estate company in the development process faces the superiority, the opportunity and the bottleneck carries on the analysis and the elaboration; (2) analyze and evaluate the financial performance of the target company systematically, and analyze the profitability, operation ability, solvency and development ability of the enterprise through the measurement and comparison of the main financial data. And the conclusion is that YZ real estate company has a good growth evaluation, which provides valuable support for the subsequent enterprise value evaluation; (3) the enterprise value of YZ real estate company is calculated by market method and income method respectively. In the process of using the income method to evaluate the enterprise value of YZ real estate, the EVA economic added value model is used to evaluate the enterprise value. In the course of using market method to calculate and screen out the three companies most close to each index of the evaluated enterprise by means of fuzzy mathematics model is established to calculate the value of price / earnings ratio and price-to-book ratio respectively. Finally, the main reasons for the difference between the two methods in evaluating the real estate enterprise value are analyzed.
【学位授予单位】：天津农学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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