BY公司股权价值评估案例研究

发布时间：2018-02-11 08:44

本文关键词： 新三板收益法资产基础法股权价值评估　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：经济全球化的迅速发展，掀起了我国资本运作的高潮，，与此同时，资本市场的飞速扩张推动了企业价值评估理论与实务的发展，使得股东权益价值评估备受关注。近些年，我国逐步建立起了包括主板、中小板、创业板和新三板等市场在内的多层次资本市场体系。其中新三板是专门面向高成长的科技型、创新型非上市股份公司进行股权挂牌转让和定向增发融资的交易平台，对于规模小、风险大、融资难、成长快的中小科技型企业具有重要意义。新三板的推出为资本市场的不同层次之间搭建了连接的枢纽。因此，正确认识和评估新三板企业的股权价值是进行投资决策的前提。由于我国股权价值的评估领域缺乏系统科学的理论指导，导致我国股权价值评估无论在理论上还是在实践上都相对滞后，与西方发达国家相比存在着较大的差距。我国暂不具备国外先进研究成果所需的环境要求及资本市场氛围，再加上我国新三板市场建立的时间尚短、根基尚浅，导致研究新三板企业股权价值评估变得越来越重要。正是在这一背景下，本文在对案例公司BY公司的经营状况、财务状况和未来战略对策的分析及比较各种常用评估模型优缺点和适用性的基础上，确定了将同时采用收益法和资产基础法来评估BY公司股东全部权益价值，并在收益法中选用了两阶段法的股权自由现金流量折现模型。本文综合比较了收益法和资产基础法评估所得的结果，结合BY公司的实际经营情况和新三板企业高风险、高成长性的特征，认为收益法评估的适用性及准确性较资产基础法要高，由此确定了收益法所得的评估结果为BY公司的股东全部权益价值，并通过BY公司评估基准日后的定向增发活动验证了本案所得的评估结果。最后，本文从三个方面分析了运用收益法评估BY公司股东全部股权价值出现大幅增值的原因，并分析了本次估值过程中存在的问题及进一步研究方向，以求对我国新三板企业股权价值评估理论和实践有所启发和帮助，为广大投资者进行投资、新三板企业并购重组和定向增发、创投企业项目选择等提供资产评估上的帮助。
[Abstract]:The rapid development of economic globalization has set off the climax of capital operation in our country. At the same time, the rapid expansion of capital market has promoted the development of the theory and practice of enterprise value evaluation, which has made the valuation of shareholders' rights and interests receive much attention in recent years. China has gradually established a multi-level capital market system, including the main board, the small and medium-sized board, the growth enterprise market and the new third board. The trading platform of innovative non-listed joint stock companies for share listing transfer and targeted additional financing is small in scale, high in risk, and difficult in financing. The introduction of the new three boards is a key link between the different levels of the capital market. Therefore, it is the premise of investment decision to correctly understand and evaluate the equity value of the new three boards. Due to the lack of systematic and scientific theoretical guidance in the field of equity valuation in China, the evaluation of equity value in China is lagging behind both in theory and in practice. Compared with the developed countries in the West, there is a big gap between China and the developed countries. Our country does not have the environmental requirements and the capital market atmosphere required by the advanced research achievements of foreign countries. In addition, the time for the establishment of the new third board market in our country is still short, and the foundation is still shallow. It is becoming more and more important to study the equity valuation of the new three-board enterprises. It is under this background that this paper analyzes the management, financial situation and future strategic countermeasures of the case company by, and compares the advantages, disadvantages and applicability of various commonly used evaluation models. It has been determined that both the income approach and the asset base approach will be used to evaluate the total equity value of the shareholders of by Company, In the income method, the discounted model of the free cash flow of equity is selected in the two-stage method. This paper compares the results of the income method and the asset basis method, and combines with the actual operating situation of by company and the high risk of the new three board enterprises. The characteristics of high growth, it is believed that the applicability and accuracy of income assessment is higher than that of asset base method, which determines that the evaluation result of income approach is the total equity value of the shareholders of by company. Finally, this paper analyzes the reasons for the substantial increase in the value of the equity of by shareholders by income method from three aspects, and verifies the evaluation results of the case through the directional placement activities after the base date of the by company's evaluation, and finally, the paper analyzes the reasons for the use of the income method to evaluate the total equity value of the shareholders of by Company. It also analyzes the existing problems in the process of valuation and the direction of further research, in order to enlighten and help the theory and practice of equity valuation of the new third-board enterprises in China, so as to invest for the vast number of investors. New three-board mergers and acquisitions and targeted issuance, venture capital enterprise project selection to provide asset evaluation help.
【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】：F832.51

【参考文献】