价值比率乘数选择的适用性研究

发布时间：2018-04-19 10:17

本文选题：企业价值评估 + 市盈率　；参考：《辽宁大学》2014年硕士论文

【摘要】：价格乘数法是企业相对价值评估法的基本方法之一，也是企业价值评估中常用一种方法，，它是利用类似企业的市场定价并通过选取恰当的价值比率乘数来估计被评估企业(目标企业)价值的一种方法,也称可比交易价值法。随着我国经济体制改革的逐步推进,企业间的兼并、联合、股份制改造等产权交易的加深和呈现纵深化和国际化的发展趋势，价格乘数法作为企业价值评估方法的重要方法之一必然得到广泛的应用，然而，价格乘数法（可比交易价值法）评估企业业价值的方法多种多样，包括PE、PB、收入乘数、EV/EBIT(DA)乘数法等等，如何选取合适的价值比率乘数便成为了困扰大多数评估师应用市场法进行企业价值评估时的难题。不同的价值比率乘数代表着不同行业或同一行业不同企业或同一企业所处不同生命周期时不同的价值驱动因素，选择恰当的价值比率乘数进行企业价值评估必然能得出更为被市场所认可的评估结果，因此本文重点剖析了应用市场法进行企业价值评估时各价值比率乘数的适用性和选择价值比率乘数进行企业价值评估的具体应用方法以及运用此方法应注意的问题等内容，并以各种类型的价值比率乘数作为研究对象，深入了解各个价值比率乘数的基本涵义，剖析各个价值比率乘数的驱动因子和影响因素，提出对于如何在应用市场法评估企业价值时选择合适的价值比率乘数的看法，并尝试给出自己的理论支撑和现实应用依据。在本文的最后，针对上述内容，通过在评估企业价值的实践过程当中对已有的价值比率乘数模型进行简单的修正，并拟通过应用案例列举和实证分析的方法对价值比例乘数的选择方法进行分析和改进。
[Abstract]:The price multiplier method is one of the basic methods of enterprise relative value evaluation, and it is also a common method in enterprise value evaluation.It is a method to estimate the value of the evaluated firm (target firm) by using the market pricing of similar enterprises and selecting the appropriate value ratio multiplier, also known as the comparable transaction value method.With the gradual advancement of the economic system reform in China, the deepening and internationalizing trend of property rights transactions, such as mergers, joint ventures and joint stock system transformation among enterprises,As one of the important methods of enterprise value evaluation, the price multiplier method is bound to be widely used. However, the price multiplier method (comparable transaction value method) has a variety of methods to evaluate the enterprise industry value.How to select the appropriate value ratio multiplier has become a difficult problem for most valuers to use the market method to evaluate the enterprise value, including PET PBS, EV / EBITT DADA-multiplier method and so on, and how to select the appropriate value ratio multiplier has become a difficult problem for most valuers to use the market method to evaluate the enterprise value.Different value ratio multipliers represent different value drivers in different industries or industries, different enterprises or different life cycles of the same enterprise,Choosing the appropriate value ratio multiplier to evaluate the value of an enterprise is bound to lead to a more acceptable assessment result by the market.Therefore, this paper mainly analyzes the applicability of each value ratio multiplier when applying the market method to enterprise value assessment, the specific application method of selecting the value ratio multiplier for enterprise value evaluation, and the problems that should be paid attention to in the application of this method.Taking various types of value ratio multipliers as the object of study, the basic meaning of each value ratio multiplier is deeply understood, and the driving factors and influencing factors of each value ratio multiplier are analyzed.This paper puts forward the opinion on how to select the appropriate value ratio multiplier when applying the market method to evaluate the enterprise value, and tries to give its own theoretical support and practical application basis.At the end of this paper, in view of the above contents, the existing value ratio multiplier model is simply modified in the process of evaluating the enterprise value.The method of selecting the value proportional multiplier is analyzed and improved by using the method of case enumeration and empirical analysis.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224

【参考文献】