哈尔滨XX公司股权转让价值评估研究

发布时间：2018-03-25 01:17

本文选题：股权转让　切入点：价值评估　出处：《哈尔滨商业大学》2017年硕士论文

【摘要】：在经济全球化的这个时代,我国的资本市场伴随全球化的浪潮也迅速扩张,而作为资产评估重要组成部分的企业价值评估的发展也迎来了新的春天。从一开始在评估业务中占有大比例的国有企业出售、合资和清算到现如今的兼并、收购等各项资产交易活动,都涉及到了股权价值评估。但是显而易见,各大上市企业的各项所需数据都可以在股权交易市场找到,而各类中小型未上市的企业由于没有一个公开的交易市场,其计算股权价值的各项数据也难以得出,必须用更为科学合理的方法得出准确的评估结论。但是在日常的实践活动中,常用的估价方法由于信息不对称等各种原因或是准确性不太高,或是比较难操作,因此为解决上述问题,需要一个更加完善的股权价值评估方法。基于上述原因,本文在对国内外的相关文献的进行整理研究的基础上,使用比较分析、文献研究、案例分析与定性定量相结合等方法,首先总结了企业价值评估的基本理论和方法,并以此为依据,以哈尔滨XX公司的股权转让价值评估为研究对象,将评估理论与哈尔滨XX有限公司的实际情况相结合,具体详尽的分析了哈尔滨XX有限公司股权转让价值评估的实际状况,在此基础上选择了恰当合理的方法计算其股权转让价值,分析总结了其评估过程中的亮点和不足并针对性地提出了一些建议和改进方法:对评估风险进行重点把控,计算综合成新率,评估过程中对非上市公司考虑股权流动性折价和引入实物期权来完善评估模型。本文旨在通过对哈尔滨XX公司的股权转让价值评估案例的研究,提高此类行业价值评估的准确性,以期为相关行业范围内企业的评估提供借鉴和参考。
[Abstract]:In this era of economic globalization, China's capital market has expanded rapidly with the tide of globalization. The development of enterprise value assessment, which is an important part of asset evaluation, has also ushered in a new spring. From the beginning, the state-owned enterprises, which account for a large proportion of the appraisal business, were sold, joint ventures and liquidations, and today's mergers. All asset transactions, such as acquisitions, involve equity valuation. But it is clear that all the data required by major listed companies can be found in the equity trading market. However, because all kinds of small and medium-sized unlisted enterprises do not have an open trading market, it is difficult to obtain the data for calculating the value of their shares. More scientific and reasonable methods must be used to arrive at accurate evaluation conclusions. However, in daily practice, common valuation methods are either less accurate or more difficult to operate because of various reasons, such as information asymmetry. Therefore, in order to solve the above problems, we need a more perfect evaluation method of equity value. Based on the above reasons, this paper uses comparative analysis and literature research on the basis of collating and studying the relevant literature at home and abroad. Combining case analysis with qualitative and quantitative analysis, this paper summarizes the basic theories and methods of enterprise value evaluation, and takes Harbin XX Company's stock transfer value evaluation as the research object. Combining the evaluation theory with the actual situation of Harbin XX Co., Ltd., this paper analyzes in detail the actual situation of the valuation of the transfer value of the stock right of Harbin XX Co., Ltd. On the basis of this, it chooses the appropriate and reasonable method to calculate the value of its equity transfer, analyzes and summarizes the bright spots and shortcomings in the evaluation process, and puts forward some suggestions and improvement methods: to control the risk assessment, This paper aims to improve the evaluation model by calculating the synthetic new rate and considering the discount of equity liquidity and the introduction of real options to the non-listed companies in the evaluation process. This paper aims to study the case study on the valuation of stock transfer value of Harbin XX Company. To improve the accuracy of value assessment in such industries, in order to provide reference and reference for enterprises in the relevant industries.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.82;F832.51

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