企业整体资产评估中折现率确定方法比较研究

发布时间：2018-07-10 02:36

本文选题：整体资产评估 + 收益法　；参考：《杭州电子科技大学》2014年硕士论文

【摘要】：企业整体资产价值评估在企业之间合作经营、并购、企业内部股份制改革、资产抵押或者担保、资产损失索赔、企业破产清算等方面有着广泛地应用。在企业资产价值的各种评价方法，收益法是最完整的一个方法，在用收益法对企业总体价值进行评价时，折现率的确定有着举足轻重的地位，因为折现率的极小波动能够带来资产价值的极大变化。折现率的确定方法有很多种，如加权平均资本成本法、资本资产定价模型、行业平均收益率、累加法等，当前的折现率确定方法存在着随意性、过分简单化的问题，如何正确地选择适用于不同企业自身情况和不同评估目的的折现率确定方法和原则是一个备受人们关注的问题。首先，本文从折现率的性质特征、确定原则和影响因素等方面对折现率的相关研究文献进行了梳理；其次，对加权平均资本成本法、资本资产定价模型、行业平均收益率法、累加法等折现率确定方法从基本原理和应用的角度进行了深入的比较；第三，以上述比较分析结论为依托，以XYZ公司的相关背景资料和证券市场可获得的数据为起点，对XYZ公司整体资产评估中的折现率确定进行了具体的分析，最终确定一种适用于XYZ公司的折现率计算方法。不同的折现率模型在内涵、发展、前提假设条件、要素和数据准备、行业适用性等方面都是有很大的差异的；站在不同的角度、针对不同性质的企业，企业整体价值评估也是有很多不同的考量的。对于一些发展比较成熟的行业（如房地产行业），在资本结构上比较稳定，证券市场数据比较全面且波动变异性不大，行业分析经验比较完善，可以采用加权平均资本成本模型以及累加法模型，因为行业的稳定债务股权市值比例等的经验数据将会对被评估企业的资本结构评价上起到辅助修正作用；对于行业内企业发展差距大、行业特征并不是很明显的企业，资本结构数据可能并不容易获得，要视具体情况（是否上市）而定，这类企业在确定折现率时也很难有可以作为统一比较的基准，所以评估的结果必须要与主观的分析结合起来来，同时，对于上市的企业，利用证券市场信息的资本资产定价模型也可能是适用的折现率模型。所以，在选择折现率的确定方法时一定要将理论比较与具体应用准则结合、企业自身的情况与外部的条件结合，综合确定折现率。
[Abstract]:The evaluation of the whole assets value of the enterprise has been widely used in the aspects of cooperative management, merger and acquisition, internal stock system reform, asset mortgage or guarantee, asset loss claim, bankruptcy liquidation and so on. The income method is the most complete method in all kinds of evaluation methods of enterprise asset value. When the income method is used to evaluate the total value of an enterprise, the determination of discount rate plays an important role. Because a very small fluctuation in the discount rate can bring about a great change in the value of an asset. There are many methods to determine the discount rate, such as weighted average capital cost method, capital asset pricing model, industry average rate of return, cumulative method, etc. How to correctly select the method and principle of determining discount rate which is suitable for different enterprises' own conditions and different evaluation purposes is a problem that people pay close attention to. First of all, this paper combs the relevant research literature on discount rate from the characteristics of discount rate, determining principles and influencing factors. Secondly, the paper analyzes the weighted average capital cost method, capital asset pricing model, industry average rate of return method, etc. The accumulative method and other discount rate determination methods are compared in terms of basic principle and application. Thirdly, based on the above comparative analysis conclusion, the paper takes the relevant background information of XYZ Company and the data available in the stock market as the starting point. This paper makes a concrete analysis on the determination of discount rate in the whole assets evaluation of XYZ Company, and finally determines a method of calculating the discount rate suitable for XYZ Company. Different discount rate models are very different in terms of connotation, development, premise assumptions, factors and data preparation, industry applicability, etc. There are also many different considerations in evaluating the overall value of an enterprise. For some more mature industries (such as the real estate industry), the capital structure is relatively stable, the securities market data are relatively comprehensive and volatility is small, and the industry analysis experience is relatively perfect. The weighted average capital cost model and the cumulative model can be used, because the empirical data of the market value ratio of stable debt equity in the industry will play an auxiliary role in the capital structure evaluation of the evaluated enterprises. For enterprises whose development gaps are large and whose industry characteristics are not obvious, capital structure data may not be readily available, depending on the specific circumstances (whether or not they are listed). In determining the discount rate of such enterprises, it is very difficult to have a benchmark that can be used as a uniform comparison. Therefore, the results of the evaluation must be combined with subjective analysis. At the same time, for listed enterprises, The capital asset pricing model based on securities market information may also be a suitable discount rate model. Therefore, when choosing the method of determining discount rate, we must combine the theoretical comparison with the concrete application criterion, the enterprise's own situation and the external condition, and determine the discount rate synthetically.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224

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