基于企业价值评估方法的合资铁路企业价值管理研究

发布时间：2018-10-23 16:11

【摘要】：上世纪80年代初合资铁路的出现打破了我国铁路的国家单一产权,铁路行业开始了产权多元化的道路。铁道部先后与全国各省市自治区地方政府、国有企业、民营企业及金融机构进行合作,共同投资建设了大量的合资铁路,成立了大量的合资铁路公司。在目前的170多家合资铁路公司中,各企业“盈少亏多”,经营状况并不理想,企业价值受到减损。这种情况,打击了民间资本进入铁路建设领域的积极性,不利于我国铁路的发展。加强合资铁路公司的管理,提高合资铁路企业的企业价值已经迫在眉睫。企业价值评估理论的发展可以追溯到20世纪初期艾尔文·费雪对资本价值评估的研究,之后经过米勒、莫迪利安尼等人的研究得到发展,上世纪60年代麦肯锡公司的汤姆·科普兰等人对该理论进行整理完善,建立了企业价值评估的现金流量模型,在实践中大量应用。但是,在我国价值管理领域中企业价值评估方法的应用很少。如何将企业价值评估模型应用在合资铁路公司的管理中,从而提高管理水平,提升合资铁路公司企业价值是一个崭新的课题。本文首先选取实体现金流量折现模型对合资铁路企业的价值进行了评估。通过不同价值驱动因素增减变动对合资铁路公司企业价值影响的分析,来对各因素的重要性进行辨别。通过分析各因素的可控程度,对企业进行相应管理的难度进行了区分。然后,结合两种分析角度,建立了合资铁路公司企业价值驱动因素分析模型。最后,通过案例对该模型进行了尝试应用,提出了针对案例公司的价值管理建议。
[Abstract]:In the early 1980s, the emergence of joint-venture railway broke the national single property right of railway in China, and the railway industry began the road of diversification of property rights. The Ministry of Railways has cooperated with the local governments of provinces, municipalities, autonomous regions, state-owned enterprises, private enterprises and financial institutions, and has jointly invested in the construction of a large number of joint-venture railways and established a large number of joint-venture railway companies. At present, more than 170 joint-venture railway companies, each enterprise "earnings and losses more", the operating situation is not ideal, the enterprise value has been reduced. This situation, hit private capital into the field of railway construction enthusiasm, is not conducive to the development of Chinese railways. It is urgent to strengthen the management of the joint venture railway company and to improve the enterprise value of the joint venture railway company. The development of enterprise valuation theory can be traced back to the study of capital valuation by Alvin Fisher in the early 20th century, and then developed by Hans Muller, Modigliani and others. In the 1960s, Tom Copland of McKinsey Company and others put forward a cash flow model for enterprise value evaluation, which was widely used in practice. However, in the field of value management in our country, the application of enterprise value evaluation method is rare. How to apply the enterprise value evaluation model to the management of the joint venture railway company, so as to improve the management level and enhance the enterprise value of the joint venture railway company is a new subject. In this paper, the discounted cash flow model is selected to evaluate the value of joint venture railway enterprises. Through the analysis of the influence of different value driving factors on the value of the joint-venture railway company, the importance of each factor is distinguished. By analyzing the controllable degree of each factor, the difficulty of enterprise management is distinguished. Then, combining two kinds of analysis angle, established the joint venture railway company enterprise value driving factor analysis model. Finally, the paper tries to apply the model by case, and puts forward the value management suggestion for the case company.
【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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