企业价值评估中评估方法组合定值的案例研究

发布时间：2018-02-25 16:16

本文关键词： 企业价值评估结果准确性组合　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：当前运用于企业价值评估的方法主要有成本法、收益法、市场法、实物期权法，在实际评估中，成本法和收益法得到广泛应用，市场法和实物期权法也在实际评估中逐步被应用。由于宏观经济变化的影响，企业未来经营的变化，单一方法都难以完全准确地评估出企业价值，企业价值评估结果的准确性也受到了交易相关方的关注的焦点。国家相关政策也提出，对于企业价值评估，要尽可能使用多种评估方法进行评估。在当前的评估方法框架下，对于企业整体价值评估，一般是选用一种评估方法，或者同时使用两种方法，但是最终评估结论的确认上，只是单一的选择一种评估方法的评估值。基于此，本文以A企业实际评估案例为切入点，分析企业的盈利状况、资产运行状况，在符合条件的情况下选择成本法和收益法对其进行评估，对两种评估方法下的评估结果进行差异分析，对于直接选取单一方法下的评估值提出质疑，，提出在多种方法评估企业价值的情况下对各方法下的评估值进行组合赋予权重，尝试引用层次分析法中的1-9比例标度量化表，对各方法对评估对象的适用程度进行比较，构造判断矩阵，从而对各方法赋予相应的权重，修正最后的评估值，提高评估结果的准确性。同时进一步分析多种评估方法下评估值组合的必要性及适用性，以及在何种情况下应当对其进行组合修正。希望通过案例分析入手，由个体到一般，为评估实务中评估结论的选取提供一定的建议和参考。
[Abstract]:At present, there are cost method, income method, market method, real option method and cost method and income method are widely used in practical evaluation. The market method and the real option method are also gradually applied in the actual evaluation. Because of the influence of the macroeconomic change and the change of the enterprise's future operation, it is difficult for a single method to evaluate the value of the enterprise completely and accurately. The accuracy of enterprise value evaluation results has also been the focus of the parties concerned. The relevant national policy also proposes that, for enterprise value assessment, we should use as many evaluation methods as possible. For the evaluation of enterprise's whole value, one evaluation method is usually used, or two methods are used at the same time, but the final evaluation conclusion is only the single evaluation value of one kind of evaluation method. Based on this, this paper takes the case of A enterprise's actual evaluation as the breakthrough point, analyzes the enterprise's profit status and assets' running condition, and chooses the cost method and the income method to evaluate the enterprise under the condition of meeting the conditions. This paper analyzes the difference between the evaluation results of the two evaluation methods, challenges the evaluation value under a single method directly, and puts forward that the evaluation value under each method can be given weight under the condition of evaluating the enterprise value by a variety of methods. This paper attempts to use the scale scale of 1-9 in the Analytic hierarchy process (AHP) to compare the applicability of each method to the object of evaluation, to construct the judgment matrix, and then to assign the corresponding weight to each method and to revise the final evaluation value. Improve the accuracy of the evaluation results. At the same time, further analyze the necessity and applicability of the evaluation value combination under various evaluation methods, and the circumstances under which it should be modified. To provide some suggestions and references for the selection of evaluation conclusions in practice.
【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

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