上市公司比较法中可比公司选择与价值乘数修正研究

发布时间：2018-02-11 06:13

本文关键词： 上市公司比较法可比公司选择价值乘数修正　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：上市公司比较法是企业价值评估中常用的方法,是指获取并分析可比上市公司的经营和财务数据,计算适当的价值比率,在与被评估企业比较分析的基础上,确定评估对象价值的具体方法。上市公司比较法中最关键的两步是可比公司选择与价值乘数修正。本文将资产评估准则规定的可比性分为业务的可比性与财务的可比性。业务的可比性是指被评估公司与可比公司所处的行业相同,提供的产品与服务相同、客户与终端市场相同。财务的可比性是指被评估公司与可比公司在每股质量、盈利能力、偿债能力、营运能力、发展能力上具有可比性。本文提出在业务可比性的基础上,选择与股价密切相关的财务指标建立评分表,以此来选择最佳可比公司。价值乘数是企业价值与某一财务或非财务指标的比值。由于被评估企业与可比企业存在差异,因此不能直接用可比企业的价值乘数来计算被评估企业的企业价值,而是需要对可比企业的价值乘数进行一定的修正。最终的可比公司与被评估公司相比,已经没有了业务的差别,只有财务可比性的差别。因此,在调整时只需要对财务可比性的差别进行调整。财务上的差别分为每股质量、盈利能力、偿债能力、营运能力、发展能力的差别,而反映各方面财务能力的财务指标众多,给价值乘数修正带来一定的难度。本文提出的做法是将与股价密切相关的财务指标做主成分分析,以方差贡献率为权重构造价值乘数修正函数,以此来修正价值乘数。
[Abstract]:The comparative method of listed companies is a common method in enterprise value evaluation. It means to obtain and analyze the operating and financial data of comparable listed companies, to calculate the appropriate value ratio, and on the basis of comparative analysis with the evaluated enterprises, The two most important steps in the comparative method of listed companies are the selection of comparable companies and the revision of the value multiplier. This paper divides the comparability stipulated in the asset evaluation criteria into business comparability and financial comparison. Comparability. Business comparability means that the company being assessed is in the same industry as the comparable company, The products and services provided are the same, and the customers are the same as the end market. Financial comparability refers to the quality, profitability, solvency, operating capacity of the assessed and comparable companies per share, On the basis of business comparability, this paper proposes to select financial indicators closely related to stock prices to establish a scoring table. To select the best comparable company. The value multiplier is the ratio of the value of the enterprise to a financial or non-financial indicator. Therefore, the value multiplier of comparable firms can not be directly used to calculate the enterprise value of the evaluated enterprises, but the value multiplier of comparable enterprises should be modified to a certain extent. There is no difference in business, there is only difference in financial comparability. Therefore, only differences in financial comparability need to be adjusted. Financial differences are divided into quality per share, profitability, solvency, operating capacity, The difference of development ability, and the financial index which reflects various aspects of financial ability, brings some difficulty to the correction of value multiplier. The method proposed in this paper is to make the financial index closely related to the stock price to be the principal component analysis. The value multiplier correction function is constructed with the variance contribution rate as the weight to modify the value multiplier.
【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】：2017
【分类号】：F275;F832.51

【相似文献】