合资铁路公司少数股权价值评估的研究

发布时间：2018-03-03 11:16

本文选题：少数股权　切入点：合资铁路　出处：《北京交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：合资铁路的出现对我国铁路建设投资主体的多元化起到了重要作用,其建设规模也在不断扩大,吸引了众多机构投资者和民营企业。合资铁路公司是以经营、管理合资铁路而专门成立的企业法人,由国有股股东控股,地方政府、机构投资者以及民营公司等以各类形式参股。由于国有股股东对公司拥有控制权,合资铁路公司并不是单纯以经济效益为唯一追求目标,仍需兼顾社会效益。同时由于运力安排等其他问题,使得大部分合资铁路公司在盈利方面不尽如人意。在这样的前提下,很多期望在短期内获得回报的机构投资者或者民营企业就会想要退出投资。另一方面,随着铁路市场化进程加快,铁路参与资本市场不活跃的局面将会逐步得到改观,社会资本进入和退出铁路行业的规模和频率将会加大。因此,如果能够对合资铁路公司中少数股权的转让价值有一个较为规范的评估流程,对于我国合资铁路未来的建设发展将会有积极作用。本文在一般评估方法的基础上,根据合资铁路公司的特点与未来发展趋势,选择更为适合的收益法对少数股权进行评估,并对其中重要参数的设定进行了说明,特别是对合资铁路公司中少数股权折价率的确定进行了较为深入的研究。对于非上市公司的少数股权,一般认为存在两种折价,一种是由于缺乏控制权的折价,另一种是相较于上市公司,非上市公司股份转让成本较高,由此导致的流动性折价。针对这第一种折价,本文通过借鉴Barclay and Holderness模型,在其基础上根据我国证券市场的特殊特点进行了改进,并通过实证分析得到我国控制权协议转让的平均溢价率为36.24%,由此可以间接获得少数股权的折价率为26.6%。对于第二种折价,国内研究较少,本文通过研究国外相关的文献,得出流动性折价的常用区间为20%-25%。本文还对少数股权在合资铁路公司中利益缺失的原因进行了分析研究。最后,基于理论研究、模型建立以及实地调研结果,对我国某非上市合资铁路客运专线中的少数股权进行了评估,为其在今后进行股份转让提供了一定的依据。
[Abstract]:The emergence of joint-venture railway has played an important role in the diversification of investment subjects in railway construction in China, and its construction scale has been expanding, attracting many institutional investors and private enterprises. The state-owned shareholders, local governments, institutional investors and private companies, etc., are involved in various forms of equity participation by specially established corporate legal persons who manage the joint venture railways. Since the state-owned shareholders have control over the company, The joint venture railway company is not only pursuing economic benefits, but also needs to take into account social benefits. At the same time, due to other problems, such as capacity arrangement, most of the joint venture railway companies are not satisfied with their profits. Under this premise, Many institutional investors or private enterprises who expect to receive returns in the short term will want to withdraw from their investments. On the other hand, as the process of railway marketization accelerates, the situation of railway participation in the capital market will gradually change. The scale and frequency of social capital entering and withdrawing from the railway industry will increase. Therefore, if there is a more standardized assessment process for the transfer value of minority stakes in the joint-venture railway companies, It will play a positive role in the construction and development of China's joint-venture railway in the future. On the basis of the general evaluation method, according to the characteristics of the joint venture railway company and the future development trend, this paper chooses a more suitable income method to evaluate minority equity, and explains the setting of important parameters. In particular, the determination of minority equity discount rate in joint-venture railway companies is deeply studied. For minority shares of non-listed companies, it is generally considered that there are two kinds of discounts, one is due to the lack of control rights. The other is the liquidity discount caused by the higher transfer cost of the shares of the non-listed companies compared with the listed companies. In view of this first discount, this paper uses the Barclay and Holderness model for reference. According to the special characteristics of China's securities market, the paper improves on this basis, and through empirical analysis, obtains that the average premium rate of the transfer of control rights agreement in China is 36.240.Therefore, the discount rate of minority equity can be obtained indirectly by 26.60.For the second kind of discount, The domestic research is relatively few, this article through the research foreign related literature, obtains the liquidity discount commonly used interval is 20-25. This article also has carried on the analysis research to the minority stock right in the joint venture railway company interest flaw reason. Finally, based on the theory research, the article has carried on the analysis to the minority stock right in the joint venture railway company, finally, based on the theory research, The establishment of the model and the results of field investigation are used to evaluate the minority equity in a joint-venture passenger dedicated railway line in China, which provides a basis for the transfer of shares in the future.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F532.6

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