基于市场法的H路桥集团公司价值评估研究

发布时间：2018-10-13 19:12

【摘要】：随着我国经济的发展，政府加大了对交通基础设施的投入，路桥行业取得了飞速的发展，路桥公司上市增发、并购、股权转让等这些现象不断增加，使得如何对路桥公司进行准确的估值变得至关重要。在评估实践中，对于路桥公司的评估多使用资产基础法以及收益法，但这两种方法并未反映市场上的供求关系对价值造成的影响，本文选择市场法对路桥公司的价值进行评估，希望以此对这方面的研究作出一定的补充和完善。本文选取大型的交通建设企业——H路桥集团公司作为价值评估案例分析对象，拟为某上市公司以定向增发方式取得被评估单位的全部股权提供价值参考依据。由于H路桥集团公司属于大型路桥企业，而国内路桥建设行业的上市公司比较多，规模与被评估公司类似且基础资料易收集，因此运用市场法对目标公司进行评估具有一定的可行性。本文结合我国资本市场的综合情况，以市场法中的参考企业比较法为主要方法，在沃尔评分法以及国家发布的绩效评价细则的基础上建立企业综合绩效评价表，对H路桥集团公司的全部股权价值进行评估。此次评估通过对企业进行综合评价和打分的方法，能够较全面地将企业的综合情况转换成企业的基础得分，以此得到具体的可比指标修正系数，从而对企业之间的“可比性”问题做出了一定的诠释。但此次评估存在未结合行业特征和企业所处的宏观条件、价值比率选择单一等问题，因此，本文对评估的不足之处提出了改进的建议,并对路桥企业价值评估中存在的问题进行了总结，，为今后此类价值评估的实践提供了参考。
[Abstract]:With the economic development of our country, the government has increased the investment in transportation infrastructure, the road and bridge industry has made rapid development, the listing and issuance of road and bridge companies, mergers and acquisitions, equity transfer and so on have been increasing. Make how to carry on accurate valuation to road bridge company become crucial. In the evaluation practice, the asset base method and the income method are used to evaluate the road and bridge company, but these two methods do not reflect the influence of the supply and demand relationship in the market on the value. This paper chooses the market method to evaluate the value of the road and bridge company. It is hoped that the research in this field will be supplemented and perfected. This paper selects H Road and Bridge Group Company, a large transportation construction enterprise, as the object of value evaluation case analysis, and provides the value reference basis for a listed company to obtain all the equity of the evaluated unit by means of directional issuance. As H Road and Bridge Group is a large road and bridge company, and there are more listed companies in the domestic road and bridge construction industry, the scale is similar to that of the evaluated company and the basic information is easy to collect. Therefore, it is feasible to use market method to evaluate the target company. Based on the comprehensive situation of China's capital market, taking the reference enterprise comparison method in the market method as the main method, the paper establishes the enterprise comprehensive performance evaluation form on the basis of the Warr scoring method and the performance evaluation rules issued by the country. Evaluate the full equity value of H Road and Bridge Group Company. Through the comprehensive evaluation and scoring method of enterprises, the comprehensive situation of the enterprises can be converted into the basic scores of the enterprises in a more comprehensive way, and the correction coefficient of specific comparable indicators can be obtained. Thus, the "comparability" between enterprises has made a certain interpretation. However, there are some problems in this evaluation, such as not combining the characteristics of the industry and the macro conditions of the enterprises, and the value ratio being single. Therefore, this paper puts forward some suggestions for improvement of the shortcomings of the evaluation. The problems existing in the value evaluation of road and bridge enterprises are summarized, which provides a reference for the practice of this kind of valuation in the future.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224

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