并购中非上市企业价值评估研究

发布时间：2018-08-27 14:51

【摘要】：随着经济的发展,并购浪潮愈演愈烈,非上市企业逐渐成为并购活动中耀眼的主角。合理评估企业价值对于并购活动成功与否具有举足轻重的作用,由于非上市企业处于证券市场之外,获取信息的数量、质量、渠道等存在着一定的差异,使得非上市企业价值评估方法在一定程度上有别于传统的企业价值评估,然而在非上市企业价值评估方面却很少有学者对此进行研究。根据我国资本市场及非上市企业特点,通过研究非上市企业传统评估方法的利弊,提出改进的非上市企业价值评估方法及运用,这从理论上和实践上均有重要的意义。在这样的研究大背景下,本文首先通过对国内外非上市企业价值及企业价值相关文献阅读,在明确企业价值类型的前提下,基于相关目标企业价值评估理论基础,研究了传统企业价值主要的评估方法。其次,结合非上市企业的特点,借鉴传统企业价值评估方法,探讨了非上市企业价值评估方法,即非上市企业的成本法和收益法,在资产加和法中侧重于对企业负债评估的研究,并用于传统企业价值评估方法和改进后的方法,对云南省A企业进行评估,得到适合该企业价值评估的一种方法。最后,根据非上市企业价值评估原则及影响企业价值的其他因素等,运用适当的评估方法对非上市企业价值进行综合评定。
[Abstract]:With the development of economy, the tide of M & A becomes more and more intense, and non-listed enterprises gradually become the leading role in M & A. The reasonable evaluation of enterprise value plays an important role in the success of M & A. Because the unlisted enterprises are outside the securities market, there are some differences in the quantity, quality and channels of obtaining information. As a result, the valuation methods of non-listed enterprises are different from the traditional ones to some extent. However, there are few scholars who have done research on the valuation of non-listed enterprises. According to the characteristics of China's capital market and non-listed enterprises, this paper studies the advantages and disadvantages of traditional evaluation methods for non-listed enterprises, and puts forward an improved valuation method and its application for non-listed enterprises, which is of great significance both in theory and in practice. Under the background of this kind of research, this paper first reads the literature about the value of non-listed enterprises at home and abroad and the value of enterprises, on the premise of defining the types of enterprise value, based on the theoretical basis of enterprise value evaluation of related objectives. The main evaluation methods of traditional enterprise value are studied. Secondly, according to the characteristics of the non-listed enterprises and the traditional methods of enterprise value evaluation, this paper discusses the valuation methods of the non-listed enterprises, that is, the cost method and the income method of the non-listed enterprises. This paper focuses on the study of enterprise liability assessment in the sum of assets method, and applies it to the traditional and improved methods of enterprise value evaluation, and evaluates Yunnan A enterprise, and obtains a method suitable for the evaluation of enterprise value. Finally, according to the evaluation principle of non-listed enterprises and other factors affecting the value of non-listed enterprises, this paper makes a comprehensive evaluation of the value of non-listed enterprises by using appropriate evaluation methods.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】