S互联网公司股权价值评估方法的选择与应用研究

发布时间：2018-04-01 21:39

本文选题：股权价值评估　切入点：资产基础法　出处：《西安石油大学》2017年硕士论文

【摘要】：随着国际经贸关系的日益密切,国内资本市场的发展越来越迅速。而随着其快速发展节奏,越来越多的投资者开始关注公司的股权价值,使得股权价值评估备受关注。最近一些年来,国内资本市场建设日趋完善,包括中小板及新三板在内都获得了极大幅度的发展。其中新三板的发展尤其迅速。新三板针对科技型的中小企业建立,对于成长快、但风险高的互联网中小企业是非常理想的融资平台。与西方发达国家相比,国内股市发展时间不长,对于股权价值的评估存在着诸多不完善的地方。与此同时,因为资本市场的发展尚处于初级阶段,西方的评估理论和实践方法也无法完全用于国内的股权评估,所以,对新三板开展股权评估研究显得越发迫切。基于此,本文以S互联网公司为具体分析案例和对象,对其经营现状、财务现状以及发展现状进行探讨,基于适合国内的股权评估的理论和方法,进行分析和阐述。本文在S互联网公司经营、财务及发展现状研究的基础上,利用基础资产法、收益法和基于期权定价模型对S互联网公司的股权价值进行实际评估。在此基础上,对此三种方法所得到的评估结果进行对比分析,最后确定S互联网公司的股权价值。
[Abstract]:With the increasingly close international economic and trade relations, the domestic capital market is developing more and more rapidly. With its rapid development, more and more investors begin to pay attention to the equity value of the company. The valuation of equity value has attracted much attention. In recent years, the construction of domestic capital market has become more and more perfect. Including the small and medium-sized boards and the new three boards, there has been great development. Among them, the new three boards have developed particularly rapidly. The new three boards are aimed at the establishment of technology-based small and medium-sized enterprises, and for the rapid growth of the new three boards, But Internet SMEs with high risk are ideal financing platform. Compared with the western developed countries, the domestic stock market has not developed for a long time, and there are many imperfections in the evaluation of equity value. At the same time, Because the development of the capital market is still in its infancy and the western evaluation theories and practice methods can not be fully applied to the domestic equity evaluation, it is more and more urgent to carry out the research on the equity evaluation of the new three boards. This article takes S Internet Company as the concrete analysis case and the object, carries on the discussion to its management present situation, the finance present situation as well as the development present situation, based on the suitable domestic stock right appraisal theory and the method, Based on the research of S Internet Company's operation, finance and development, this paper uses the basic property law, Based on the income method and option pricing model, the equity value of S Internet company is evaluated, and the evaluation results obtained by these three methods are compared and analyzed, and the equity value of S Internet company is finally determined.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F832.51

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