运用市场法对HS公司企业价值评估案例研究

发布时间：2018-06-19 05:08

本文选题：企业价值评估 + 市场法　；参考：《辽宁大学》2017年硕士论文

【摘要】：我国整体经济实力的增强,带动着通信技术服务行业的发展,随着通信行业企业的不断涌现,经济活动更加频繁,对企业价值进行评估的需求也日益增加。因此选择一种合适的评估方法,得到更为精确合理的企业价值显得尤为重要。常用的评估方法包括:市场法、收益法和成本法。其中市场法,鉴于它考虑了与企业经营相关的多方面因素,系统涵盖了包括证券市场在内的市场参数,为市场交易标的提供价值信息和尺度,将市场化属性体现地最为淋漓尽致,因此被誉为资产评估技术的集大成者。目前,在国际中,市场法作为主要使用的估值方法之一,在信息数据日渐丰富的中国资本市场也有着光明的应用发展前景。本文以市场法实例为背景,改进了可比企业的选择方法并且对价值比率进行进一步修正,使得结果更加科学、合理。在可比企业的选择上,利用模糊数学的贴进度原则提炼出可比企业,并按照可比企业与被评估企业的贴近度衡量各可比公司的参考比重,这一做法使选择过程中的主观性因素大大降低。在价值比率修正方面,将被评估企业与可比企业的经营风险与预期增长率差异纳入修正范围,降低了评估风险,也使得评估结果更加科学与准确。本文参考国内外评估过程中运用市场法的前沿理论与方法,针对当前国内外市场法的使用现状,着重研究运用市场法进行评估的原理基础,连同我国经济成长现状印证了市场法在我国的适用性与可行性,针对市场法核心问题:一是选择可比对象方法的改进,二是计算价值比率过程中技术上的修正。这样的改进方法,一方面理论上有助于加深对市场法理论的探究程度,另一方面在实务上会使评估结果更加科学合理,具有推广市场法的实际意义。
[Abstract]:With the development of the communication technology service industry, the economic activities are more frequent with the continuous emergence of the communication industry enterprises, and the need to evaluate the enterprise value is increasing day by day with the enhancement of the overall economic strength of our country. Therefore, it is very important to choose a suitable evaluation method to get more accurate and reasonable enterprise value. Common assessment methods include: market approach, income approach, and cost method. The market approach, since it takes into account many factors related to the operation of the enterprise, systematically covers market parameters, including the securities market, and provides value information and metrics for the market's trading targets. The marketization attribute is most incisive and incisive, so it is praised as the integrator of asset appraisal technology. At present, as one of the main valuation methods in the world, market method has a bright future in the capital market of China, where the information data is increasingly abundant. Based on the example of market method, this paper improves the selection method of comparable firms and further modifies the value ratio, which makes the results more scientific and reasonable. In the selection of comparable enterprises, we use the principle of fuzzy mathematics to extract comparable enterprises, and measure the reference proportion of comparable firms according to the closeness between comparable enterprises and evaluated enterprises. This approach greatly reduces the subjective factors in the selection process. In the aspect of value ratio correction, the difference between the operational risk and the expected growth rate of the evaluated and comparable enterprises is brought into the revised scope, which reduces the evaluation risk and makes the evaluation results more scientific and accurate. Referring to the advanced theories and methods of market method used in the process of evaluation at home and abroad, this paper focuses on the theoretical basis of applying market method to evaluation according to the present situation of market method at home and abroad. The present situation of economic growth in China confirms the applicability and feasibility of the market method in China. The core problems of the market method are as follows: first, the improvement of the method of selecting comparable objects; secondly, the technical correction in the process of calculating the value ratio. On the one hand, this improved method is helpful to deepen the exploration of the market method in theory; on the other hand, it will make the evaluation result more scientific and reasonable in practice, which has the practical significance of popularizing the market method.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626.115

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