中油财务公司企业价值评估案例研究

发布时间：2018-04-20 08:46

本文选题：财务公司 + 企业价值评估　；参考：《湖南大学》2013年硕士论文

【摘要】：随着我国产业资本与金融资本的融合程度加深，财务公司在金融行业地位的逐步提高，财务公司要扩大业务量与业务范围，提升财务公司整体水平，现阶段财务公司必须走扩充资本金的道路，而相关法定监管规定与投资者对交易准基价的需求性都要求必须对财务公司的企业价值进行评估，而我国尚未有学者系统地对企业集团财务公司企业价值的研究，因此研究企业集团财务公司价值评估的重要性就越来越突出。本文从三个层面深入分析影响中油财务企业价值评估的因素。在宏观层面主要是分析法律法规的限定性、存款准备金率、利率市场化对中油财务收益的影响；在行业层面主要从财务公司对企业集团及其所属行业具有依赖性，财务公司竞争对手，上市公司的关联交易的限制三个角度来分析；在中油财务企业这个层面分析流动性，内部控制的有效性对中油财务企业价值的影响。通过梳理企业价值的评估模型，，研究各种评估模型的优缺点及适用性，本文认为用股权现金流量折现模型是最为适宜的模型。假设中油财务在未来永续经营且所处经济形势不会发生重大变化的情形下，采用股权现金流量模型评价，对模型的各个要素进行预测；折现率用资本资产定价模型测算；折现期根据中油财务现阶段的运营状况与评估目的得出；股权现金流则根据中油财务的经营状况对收入、费用、资本性支出、折旧摊销来预测。中油财务公司在2011年12月31日拟增资扩股的股东全部价值为300.32亿元，相比2011年会计报表所披露的股东权益257.63亿元，增值幅度为16.57%。本文从六个方面来分析运用收益法评估中油财务企业价值溢价的原因，并进一步分析了估值过程中存在的问题与提升途径。
[Abstract]:With the deepening of the integration of industrial capital and financial capital in China, the position of financial companies in the financial industry is gradually improved. The financial companies should expand the business volume and scope of business to improve the overall level of the financial companies. At this stage, the financial companies must expand the road of capital investment, and the relevant legal regulation stipulates the quasi base price of the transaction with the investors. The demand is required to evaluate the corporate value of the financial companies, but there are no scholars in our country to study the value of enterprise group financial companies. Therefore, it is becoming more and more important to study the value evaluation of enterprise group financial companies.
This paper analyzes the factors that affect the value evaluation of the financial enterprises from three aspects. At the macro level, it mainly analyzes the limitation of the laws and regulations, the deposit reserve ratio, the influence of the interest rate marketization on the financial revenue of the medium oil; in the industry level, it mainly depends on the dependence of the financial companies on the enterprises and their industries and the financial companies. The competitor and the restriction of the related transaction of the listed company are analyzed in three aspects. The effect of the liquidity and the effectiveness of internal control on the value of the financial enterprise is analyzed at the level of the financial enterprise.
By combing the evaluation model of enterprise value, this paper studies the advantages and disadvantages and applicability of various evaluation models. This paper holds that the discount model is the most suitable model. Under the assumption that the financial finance is in the future perpetual operation and the economic situation will not change significantly in the future, the Equity Cash flow model is used to evaluate the model. Each factor of the type is predicted; the discount rate is calculated by the capital asset pricing model; the discounting period is based on the operating status and evaluation purposes of the current phase of the financial finance; and the cash flow of the stock is predicted according to the operating condition of the financial finance for income, cost, capital expenditure and depreciation amortization.
The total value of the shareholders of the China oil finance company in December 31, 2011 is 30 billion 32 million yuan. Compared with the shareholders' equity of 25 billion 763 million yuan disclosed in the 2011 accounting statement, the value increment is 16.57%.. This paper analyzes the reasons for the evaluation of the value premium of the financial enterprise by the income method from six aspects, and further analyzes the valuation process. The existing problems and ways of promotion.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.22

【参考文献】