西安博深股权估值及调整方案研究

发布时间：2018-04-27 15:27

本文选题：私募股权投资 + 价值评估　；参考：《西北大学》2015年硕士论文

【摘要】：近些年来,随着我国经济的快速发展,资本市场的不断壮大,大量中小企业的出现,以及各行各业的迅速发展壮大,再加上企业的投资价值及其所带来的财富效应的出现,使得我国私募股权投资行业也得到了进一步的发展。私募股权投资是一种权益性投资,主要针对非上市公司及企业,是通过私募的形式来募集资金,并且交给专门的管理机构来进行投资或运作,最终获取投资收益。在进行投资之前,往往需要先对企业的价值进行评估,且在进行评估后,需要对估值结果进行调整,此时对赌协议便出现了,对赌协议的本质是一种估值调整机制,它是根据对赌双方对于企业的预期不同进行的对赌。本文首先将通过对三种企业价值评估方法进行简单的介绍并对其适用性及局限性做出论断,通过以上筛选出适当的估值方法对西安博深(全称为西安博深煤矿安全科技有限公司)进行评估,同时,本文将采用两种方法对公司的价值进行评估,即采用收益法和市场法,收益法中主要使用的是DCF模型,市场法中使用的是参考企业比较法进行横向的比较。其次,对公司的股权结构、管理团队、发展史、财务情况、经营情况、行业发展前景等做了详尽的调查研究,最后利用DCF模型测算出三年内的盈利情况,并根据预测进行估值。同时,在资本市场上选取了公司所在行业的上市公司,参考这些公司对该公司测算出股权价值的评估值,将这两种方法的估值结果相借鉴,并对其结果的差异进行了分析。第三,对以上所得出的股权估值结果进行调整,引入对赌协议,将对赌协议与前两种估值方法的评估结果结合起来进行价值调整方案设计,并基于对赌协议提出股权估值的风险及其控制。
[Abstract]:In recent years, with the rapid development of China's economy, capital market, the emergence of a large number of small and medium-sized enterprises, as well as the rapid development of various industries, coupled with the value of enterprise investment and the emergence of the wealth effect. Make our country private equity investment industry also got further development. Private equity investment is a kind of equity investment, mainly aimed at non-listed companies and enterprises, it is to raise funds through the form of private equity, and hand over to the special management organization to invest or operate, finally obtain the investment income. Before investing, we often need to evaluate the value of the enterprise first, and after the evaluation, we need to adjust the valuation results. At this time, the gambling agreement appears, and the essence of the gambling agreement is a valuation adjustment mechanism. It is based on the two parties to the business expectations of different bets. First of all, this paper will make a brief introduction to three kinds of enterprise value evaluation methods and make a conclusion on their applicability and limitations. Through the selection of the above appropriate valuation methods to evaluate the Xi'an Boshen (known as Xi'an Boshen Coal Mine Safety Technology Co., Ltd.), at the same time, this paper will use two methods to evaluate the value of the company, that is, income approach and market approach. DCF model is mainly used in income approach, and horizontal comparison is used in market method. Secondly, the ownership structure, management team, development history, financial situation, operating situation, industry development prospect of the company are investigated in detail. Finally, the profit situation within three years is calculated by using DCF model, and evaluated according to the forecast. At the same time, the listed companies in the capital market are selected, and the valuation results of the two methods are used for reference, and the differences of the results are analyzed. Third, the equity valuation results obtained above are adjusted, the gambling agreement is introduced, and the valuation results of the first two valuation methods are combined to design the value adjustment scheme. And based on the gambling agreement put forward the risk of equity valuation and its control.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.21;F406.7

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