收益法评估企业价值影响因素的敏感性分析

发布时间：2017-12-30 17:44

本文关键词：收益法评估企业价值影响因素的敏感性分析　出处：《长安大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着现代企业制度的建立与发展，企业间资产的流动愈加频繁，企业兼并、股权收购、资产抵押等经济活动的出现均需要以企业价值评估的结果作为价值依据，企业价值评估值的合理性也显得尤为重要。为提高企业价值评估的准确性，评估人员需对企业价值的影响因素进行全面分析，以在评估实践中采取相应措施降低这些因素带来的风险。本文主要以收益法为主线分析企业价值的影响因素，并运用敏感性分析计算出各个影响因素的具体影响程度，找出敏感性因素。本文的研究成果对评估人员充分认识影响企业价值评估结果的敏感性因素，并根据敏感性因素的变化预测企业价值的变化趋势，，提高评估结果的准确性有积极意义。本文主要研究内容如下： 1、首先阐述企业价值评估收益法的基本理论，给出企业价值评估定义，总结企业价值评估的特征，介绍企业价值评估收益法这一基本方法。 2、以企业价值评估收益法为基础，从收益法的三个基本参数出发，分析企业价值评估结果的影响因素，将影响因素分为企业预期收益影响因素、折现率影响因素和企业收益年限影响因素，进而对企业价值的三大影响因素进行深入、全面的总结归纳。 3、引入项目评价中的常用方法——敏感性分析，将敏感性分析方法运用到企业价值影响因素分析中，以分析出各个影响因素的具体影响程度。 4、引用具体的企业价值评估案例，通过案例中各个指标的分析，企业价值的影响因素得到全面体现，并根据此评估案例，计算出各个指标的影响能力，得出影响企业价值较大的两个因素。
[Abstract]:With the establishment and development of modern enterprise system, the flow of assets between enterprises is becoming more and more frequent. The emergence of economic activities such as mergers, equity acquisitions, asset mortgages and other economic activities need to be based on the results of enterprise value evaluation as the value basis. In order to improve the accuracy of enterprise value evaluation, evaluators need to make a comprehensive analysis of the influencing factors of enterprise value. In order to take appropriate measures to reduce the risk brought by these factors in the evaluation practice, this paper mainly takes the income approach as the main line to analyze the influence factors of enterprise value. And use sensitivity analysis to calculate the specific impact of each factor to find out the sensitivity factors. The research results of this paper to the evaluators fully understand the impact of enterprise value evaluation results of the sensitivity factors. It is of great significance to predict the change trend of enterprise value according to the change of sensitivity factors and to improve the accuracy of evaluation results. The main contents of this paper are as follows: 1. Firstly, the basic theory of income method of enterprise value evaluation is expounded, the definition of enterprise value evaluation is given, the characteristics of enterprise value evaluation are summarized, and the basic method of income method of enterprise value evaluation is introduced. 2. Based on the income method of enterprise value evaluation, the paper analyzes the influencing factors of the result of enterprise value evaluation from the three basic parameters of the income method, and divides the influencing factors into the factors affecting the expected income of the enterprise. The influence factors of discount rate and enterprise income years, and then the three major influence factors of enterprise value are summarized and summarized comprehensively. 3. The sensitivity analysis, which is a common method in project evaluation, is introduced, and the sensitivity analysis method is applied to the analysis of the influencing factors of enterprise value in order to find out the specific influence degree of each influencing factor. 4, citing specific enterprise value evaluation case, through the analysis of each index in the case, the influencing factors of enterprise value are fully reflected, and according to this evaluation case, the influence ability of each index is calculated. Two factors that influence the value of the enterprise are obtained.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F406.7;F233

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