基于效率的上市公司价值评估市场法改进研究

发布时间：2018-01-01 06:40

本文关键词：基于效率的上市公司价值评估市场法改进研究　出处：《长沙理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业作为资产的一种特殊形式,其价值的评估近年来成为资产评估界讨论的热点。伴随着现代资本市场的迅速发展,资本更加广泛地流动,企业私有化、上市、合资、收购兼并、重组等产权交易活动日益频繁,对企业价值评估的需求将更加广泛。市场法作为三种传统评估方法之一,在西方发达国家,以其直观、易行的优势倍受推崇,广泛应用于产权交易定价中；而在我国评估实务中,由于一些原因而较少采用市场法,如证券市场不够发达、难以寻找可比公司和调整差异等等。随着我国市场经济体系不断完善,市场法作为企业价值评估的重要方法之一,必将得到广泛的应用。因此,对市场法的研究有着不容忽视的理论和现实意义。本文在市场法现有研究成果的基础上,针对其在评估实践中遇到的难点提出了基于效率的上市公司价值评估市场法改进的思路：通过DEA方法对上市公司的投入产出经济效率进行测度,选择效率值相似的公司作为可比公司,并将被评估公司与可比公司的效率值之比作为价值比率的调整系数,进而确定上市公司价值。本文首先系统梳理了企业价值理论、经济效率理论,指出企业价值与企业投入产出效率有密切的关系,并介绍了市场法的理论依据和评估程序。其次,针对我国市场法应用较少的现状,分析市场法在应用中的技术难点：可比公司的确定、价值比率的选择和差异的调整。然后,在前文分析的基础上,基于效率的市场法改进思路,选用DEA方法作为投入产出效率测度的方法,并选用主成分分析法选取具有明确经济意义的主成分作为DEA模型投入产出指标,通过对上市公司的效率测度排序,选择与被评估公司具有相似效率值的公司作为可比公司；同时根据效率值对价值比率进行调整。最后,结合具体实例,演示了改进后的市场法在评估实践中的具体应用,验证了基于效率的市场法的可行性。
[Abstract]:As a special form of enterprise assets, assess its value in recent years has become a hot topic in asset evaluation industry. With the rapid development of modern capital market, capital flows more widely, privatization, listing, joint venture, mergers and acquisitions, restructuring and other property transactions have become increasingly frequent, the demand for enterprise valuation will be more and more widely. The market law as one of the three traditional assessment methods, in the western developed countries, with its intuitive, easy advantage of highly respected, widely used in property transaction pricing; but in our country the practice of evaluation, because of some reasons and less use of the market, such as the stock market is not fully developed, it is difficult to find comparable companies and adjust the difference and so on. With China's market economy continues to improve, one of the important methods of market law as the enterprise value assessment, will be widely used. Because of this, the research method of the market It has great theoretical and practical significance. Based on the existing research results of market method, aiming at the difficulties encountered in the practice of the evaluation is proposed to evaluate the efficiency of the method of market value of listed companies based on improved methods: to measure the efficiency of input-output of listed companies through the DEA method, the efficiency value of similar selection the company as comparable companies, and will be evaluated with comparable company efficiency value as the ratio adjustment coefficient value ratio, and then determine the value of listed companies. This paper firstly reviews the theory of enterprise value, the economic efficiency theory, points out that there is a close relationship between the input and output efficiency of the enterprise value and the enterprise, and introduces the market the theory basis and the evaluation procedure. Secondly, according to the current situation of China's market application method, analyzes the technical difficulties in the application of the method can determine the market than the company, The selection and adjustment of the difference value ratio. Then, on the basis of the above analysis, based on the ideas of market efficiency improvement method, use the DEA method as the method of input-output efficiency measurement, and use principal component analysis to select the principal component has clear economic significance as DEA model input and output indicators, through the sort of efficiency measurement of listed the selection and assessment of the company by the company as having similar efficiency value of comparable companies; at the same time, according to the efficiency value to adjust the value of the ratio. Finally, combined with the specific example, the specific application demonstrates the market improved method in evaluation practice, verify the feasibility of the method based on market efficiency.

【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.5;F832.51

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