收益法在A公司股权转让定价中的应用研究

发布时间：2018-04-24 14:44

本文选题：企业价值 + 资产评估　；参考：《大连理工大学》2013年硕士论文

【摘要】：随着市场经济的不断发展,资本市场规模越来越大,企业间并购日益频繁。根据2012年4月18日,贝恩公司(BainCompany)发布的《2012年中国私募股权市场报告》,尽管面临种种不确定因素,中国的私募股权市场仍然呈现激增态势,2011年交易金额达到152亿美元,创历史新高。虽然私募股权的交易量在2011年减少了约10%,但交易金额的增长却超过了9个百分点,平均交易金额增长至8800万美元。根据WIND资迅统计,2012年度共发生并购交易1781宗,交易价值13151.43亿元,而2013年仅1-8月已完成并购交易1380宗,交易价值12334.58亿元,如何为正常经营非上市企业进行估值已成为资本市场中的核心问题。对于企业价值的确定,股东、债权人、潜在投资者、政府相关部门均有不同的定价体,不同的公司、不同的行业、不同的分析人士都有不同的看法,即一千个人心中有一千个哈姆雷特,为了解决而资产评估理论的出现与逐步成体系就是为解决企业价值评估进行的探索。本文主要研究企业价值评估在国内外的发展现状,并结合《资产评估准则一企业价值》,探讨我国非上市公司的股权估值问题,并通过A公司的股权转让行为作为案例,分别采用成本法和收益法对其进行了估值,剖析收益法估值更贴近市场的优势,指导A公司股权转让方与受让方正确了解A公司的企业价值,为企业股权转让定价服务。根据上述思路,本文共分五章,第一章为绪论,阐述本文的意义与方法以及问题的提出,国内外研究现状。第二章阐述资产评估方法,介绍目前主流的资产评估方法及每种方法的模型与适用性。第三章阐述案例A公司现状、收购方与转让方概况、双方基于成本法对估值的分歧。第四章阐述收益法估值定价,通过对国内经济现状、行业发展情况、企业自身定位,建立收益法估值模型,采用收益法进行估值。第五章阐述本文结论,说明收益法对正常经营的非上市公司企业价值估值的适用性,对本文进行的总结,并给同建议。
[Abstract]:With the development of market economy, the scale of capital market is becoming larger and larger, and M & A among enterprises is becoming more and more frequent. According to the China Private Equity Market report 2012 released by Bain Company on April 18, 2012, despite the uncertainties, the private equity market in China continued to proliferate, with $15.2 billion in transactions in 2011. Set a record high. While the volume of private equity trading fell by about 10 percent in 2011, the volume rose by more than 9 percent, to an average of $88 million. According to WIND statistics, there were 1781 M & A transactions with a value of 1.315143 trillion yuan in 2012, while 1380 M & A transactions were completed in January and August 2013, with a transaction value of 1.233458 trillion yuan. How to evaluate the normal operation of non-listed enterprises has become a core issue in the capital market. For the determination of enterprise value, shareholders, creditors, potential investors, relevant government departments have different pricing systems, different companies, different industries, different analysts have different views. In other words, there are a thousand Hamlets in the mind of a thousand people. In order to solve the problem, the emergence and gradual formation of the theory of asset evaluation is the exploration to solve the problem of enterprise value evaluation. This paper mainly studies the current situation of enterprise value evaluation at home and abroad, and discusses the stock valuation of non-listed companies in our country with the combination of "assets Evaluation Criterion-Enterprise value", and takes the transfer of stock right of A Company as a case study. The paper uses cost method and income method to evaluate them, analyzes the advantages of income method valuation more close to the market, instructs the transferor and transferee of company A to correctly understand the enterprise value of company A, and serves for the pricing of corporate equity transfer. According to the above ideas, this paper is divided into five chapters. The first chapter is the introduction. The second chapter describes the asset evaluation methods, introduces the current mainstream asset evaluation methods and the models and applicability of each method. The third chapter describes the current situation of case A company, the general situation of the acquirer and the transferor, the difference of valuation between the two parties based on the cost method. The fourth chapter describes the income valuation pricing, through the domestic economic situation, the development of the industry, the positioning of the enterprise itself, the establishment of income valuation model, using the income method to evaluate. The fifth chapter expounds the conclusion of this paper, explains the applicability of income approach to the valuation of unlisted companies in normal operation, summarizes this paper, and gives the same suggestions.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.2;F276.6

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