亏损企业价值中评估收益法应用问题研究

发布时间：2018-05-10 09:01

本文选题：亏损企业 + 收益法　；参考：《辽宁大学》2014年硕士论文

【摘要】：近年来,随着我国经济的快速发展,产业结构转型升级的加快,资产评估行业也进入高速发展阶段,其中尤以企业价值评估领域发展最为迅速。收益法作为企业价值评估的三大基本方法之一,具有十分成熟的理论依据,被认为是最为科学的评估方法,最能反映企业的内在价值。但在实际应用中收益法却存在诸多问题。特别是对亏损企业应用收益法进行评估时,由于亏损企业同盈利企业相比存在独特的问题,使得亏损企业运用收益法时容易出现评估结果与采用成本法和市场法的评估结果相差较大的情况。对此,解决这些问题对于正确使用收益法评估企业价值具有重要意义。鉴于此,本文首先对亏损企业按所处行业特点分为周期性亏损企业、防守性亏损企业、成长性亏损企业三类,简要说明各类亏损企业运用收益法评估的特点和收益法的技术路径,并分析了收益法在亏损企业价值评估中的适用性。其次,本文对各类亏损企业运用收益法评估存在的主要问题进行分析,并提出了针对性的解决方法。然后,本文取用一家典型亏损公司的资产评估报告,根据上文对亏损企业运用收益法评估存在的主要问题的分析,指出该份评估报告中运用收益法评估企业价值时存在的主要问题并提出相应的解决方法。基于上述理论分析与案例讨论,本文得出以下结论：(1)当前企业亏损并不能作为企业不符合持续经营假设的依据,而应当根据企业管理层对企业未来经营状况的预期和评估人员自身的预测来综合判断。在判断企业是否满足持续经营假设时,要根据企业评估目的来确定企业未来应采用何种方式持续经营,并据此判断企业符合何种类型的持续经营假设。(2)在对亏损企业相关参数和数据的预测时,需要根据企业类型的不同进行调整。最后,本文从持续经营假设的判断,现金流量预测,评估结果比较等方面对亏损企业价值评估应用收益法提出相关建议,并阐述了研究中存在的不足。
[Abstract]:In recent years, with the rapid development of China's economy and the acceleration of industrial structure transformation and upgrading, the asset appraisal industry has also entered the stage of rapid development, especially in the field of enterprise value evaluation. As one of the three basic methods of enterprise value evaluation, income method has very mature theoretical basis, and is considered to be the most scientific evaluation method, which can best reflect the intrinsic value of the enterprise. But in the practical application, there are many problems in the income method. In particular, when applying the income approach to the evaluation of loss-making enterprises, because of the unique problems of loss-making enterprises compared with profitable enterprises, It is easy for loss-making enterprises to use the income method and the result of evaluation is different from that of cost method and market method. Therefore, solving these problems is of great significance for the correct use of income method to evaluate the value of enterprises. In view of this, this paper firstly divides the loss-making enterprises into three categories according to the characteristics of their industries: periodic loss-making enterprises, defensive loss-making enterprises, growth loss-making enterprises. This paper briefly describes the characteristics of various loss-making enterprises using the income method and the technical path of the income method, and analyzes the applicability of the income method in the evaluation of the value of the loss-making enterprises. Secondly, this paper analyzes the main problems existing in the profit assessment of all kinds of loss-making enterprises, and puts forward the corresponding solutions. Then, this paper draws on the asset evaluation report of a typical loss-making company, and analyzes the main problems existing in the evaluation of loss-making companies using the income approach. This paper points out the main problems in using income method to evaluate the value of enterprises and puts forward the corresponding solutions. Based on the above theoretical analysis and case study, this paper draws the following conclusion: (1) the current enterprise losses are not the basis of the assumption that the enterprise does not conform to the continuing operation hypothesis. It should be judged synthetically according to the expectation of the management of the enterprise and the forecast of the appraisers themselves. In judging whether or not an enterprise meets the assumption of going on operation, it is necessary to determine the way in which the enterprise should continue to operate in the future according to the purpose of the enterprise evaluation. In order to predict the relevant parameters and data of the loss-making enterprises, it is necessary to adjust according to the different types of enterprises. Finally, this paper puts forward some suggestions on the application of income method to the valuation of loss-making enterprises from the aspects of judging the hypothesis of going concern, forecasting the cash flow and comparing the evaluation results, and expounds the shortcomings of the research.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275.2

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