基于REVA的创业板上市公司企业价值评估

发布时间：2018-01-08 10:35

本文关键词：基于REVA的创业板上市公司企业价值评估　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国创业板市场成立的时间不久,正处于高速成长的阶段,涉及的行业多是高科技企业和新兴产业。我国创业板上市公司与传统的主板上市公司有显著的区别,创业板上市公司具备高增长、高收益、高风险的特点。在对这些企业进行评估时,传统的评估方法会有一定的局限性。因此,如何选取能真正反映创业板企业价值和持续发展能力的评估方法,对于投资者和企业本身的发展都是重大意义。本文通过对创业板上市企业介绍,归纳出我国创业板上市企业的的发展状况和特点。通过对传统评估方法和模型的介绍,分别指出他们在对创业板上市企业价值评估中的局限。在此基础上,引出REVA模型在创业板中应用的必要性。在系统的介绍了REVA的基本理论后,对REVA的评估模型进行了概括,结合本文要介绍的创业板上市公司的特点,介绍了此模型在特点上与创业板价值特点的切合,从而得出了此模型应用在创业板上市公司企业价值评估的适用性。在用实例举证部分,选取创业板上市公司中具有代表性的财经类互联网公司-东方财富网进行REVA计算。结合宏观经济运行情况和公司经营预测,对东方财富网的未来五年的REVA的预测,运用REVA模型阶段模型,得出2012年东方财富网的企业价值,并对这个结果与该公司的市值进行对比分析,得到了REVA模型应用在创业板上市公司企业价值评估的适用性,并对评估结果的差异做出了分析。通过实证,本文得出REVA模型可以应用在创业板企业价值评估中,并对REVA在我国进一步的发展做出了展望。
[Abstract]:The gem market in our country is in the stage of rapid growth, which involves high-tech enterprises and emerging industries. There are significant differences between the gem listed companies and the traditional main board listed companies. Gem listed companies have the characteristics of high growth, high returns, high risk. In the evaluation of these enterprises, the traditional evaluation methods will have some limitations. How to select the evaluation method which can truly reflect the value and sustainable development ability of gem is of great significance to the development of investors and enterprises themselves. Through the introduction of gem listed enterprises, this paper summarizes the development and characteristics of gem listed enterprises in China, and introduces the traditional evaluation methods and models. On the basis of this, the necessity of applying REVA model in gem is introduced. After introducing the basic theory of REVA systematically, this paper points out their limitations in evaluating the value of gem listed enterprises. The evaluation model of REVA is summarized, and the characteristics of gem listed companies are introduced in this paper. The applicability of this model in enterprise value evaluation of gem listed companies is obtained. In the part of proof with an example, select the representative financial and economic Internet companies in the gem-Dongfang Wealth Network to calculate the REVA, combined with the macroeconomic operation and company business forecast. Based on the prediction of REVA in the next five years, the enterprise value of Oriental Wealth Network in 2012 is obtained by using the REVA model. By comparing this result with market value, we get the applicability of REVA model in the enterprise value evaluation of gem listed companies, and analyze the difference of the evaluation results. This paper concludes that the REVA model can be applied to the gem enterprise value evaluation, and makes a prospect for the further development of REVA in China.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F832.51;F275

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