生命周期视角下创业板企业价值评估研究

发布时间：2018-01-16 03:25

本文关键词：生命周期视角下创业板企业价值评估研究　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：创业板自2009年设立以来,扶持了大量的中小企业,尤其是高新技术企业,为我国的经济发展注入了新鲜的血液。学术界和实务界对具有高收益、高风险和高科技等特点的创业板一直持续关注,对其如何进行合理估值热议不断。本文基于企业生命周期,从理论上对创业板企业价值评估方法进行研究,试图建立一套合理的方法体系。本文所做的研究工作主要有：一是介绍论文的研究背景意义及研究现状,发现大部分的研究主要针对某一评估方法的适用性,忽视了不同生命周期阶段价值组成的差异性,进而引出本文主题；二是从研究思路的逻辑性出发,首先思考如何判定创业板企业所处生命周期的阶段。通过对创业板市场及其上市企业特性的分析,选取适用的量化指标,利用层次分析法评判企业所处生命周期的阶段；三是在确定创业板企业所处阶段的基础上,来研究评估方法的选择。对成长期企业提出选用自由现金流量折现法和期权估价法相结合的方法,对成熟期的企业直接采用自由现金流折现法,对衰退期的企业选用清算价值法；最后选择一家创业板上市公司,对其运用前文分析的方法和模型,验证论文评估方法体系构建的合理性。本轮文主要采用定量和定性、主观与客观相结合的方法对创业板企业进行价值评估,最后运用案例分析来验证体系的合理性,从而使其结果更加公平、合理。
[Abstract]:Since the establishment of gem in 2009, a large number of small and medium-sized enterprises, especially high-tech enterprises, have been supported, which has injected fresh blood into the economic development of our country. High-risk and high-tech gem has been paying close attention to how to make reasonable valuation. Based on the enterprise life cycle, this paper theoretically studies the evaluation method of gem enterprise value. Try to establish a set of reasonable method system. The main research work done in this paper are as follows: first, introduce the research background significance and research status, found that most of the research is mainly focused on the applicability of a certain evaluation method. Ignoring the difference of value composition in different life cycle stages, and then leading to the theme of this paper; Second, from the logic of the research ideas, first consider how to determine the life cycle of gem enterprises. Through the analysis of gem market and its listed enterprises' characteristics, select the applicable quantitative indicators. Using the analytic hierarchy process to judge the stage of the enterprise's life cycle; Third, on the basis of determining the stage of gem enterprises, to study the choice of evaluation methods. For the growth of enterprises, we propose the combination of free cash flow discounted method and option valuation method. The free cash flow discounted method is used directly for the mature enterprises, and the liquidation value method is used for the enterprises in the recession period. Finally, choose a gem listed company, use the previous analysis method and model to verify the rationality of the thesis evaluation method system. This paper mainly uses quantitative and qualitative. The method of combining subjective and objective is used to evaluate the value of gem enterprises. Finally, a case study is used to verify the rationality of the system, so that the results are more fair and reasonable.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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