神尔科技企业估值案例分析

发布时间：2018-03-17 00:21

本文选题：神尔科技企业　切入点：估值方法　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业估值是投融资活动中的核心技术。伴随着教育科技化趋势和我国二胎政策全面放开,众多教育科技型企业登陆新三板。神尔科技企业是品格养成教育第一股,分析其估值定价对企业投融资活动的顺利进行具有一定的意义。企业选择在新三板挂牌,重要目的之一便是以较合适的估值来实现企业融资,而投资者则希望在挑选出优质的新三板企业之后,以合适的估值进行投资,同时企业未来具备充分的流动性以保证退出。神尔科技企业挂牌时间较短,可追溯的历史数据不多,财务环境不稳定且呈现非常规型增长,此外,神尔科技企业货币现金充裕,几乎没有外债。基于以上特殊性,使用各种传统估值方法对其估值的结果差异较大,传统估值模型存在不适用的情况。神尔科技企业作为一家高新技术企业,潜在的无形资产价值较大,新三板智库价值评估模型针对新三板企业特点,从价值创造、价值体现和价值趋势三个主维度出发,构建了24个三级维度对新三板企业进行价值评估,根据评分计算出来的估值结果几乎涵盖了神尔科技企业各个方面的综合价值,估值结果较为合理。本文首先对神尔科技企业的特点进行分析和总结,然后采用现金流量法、市盈率法、市净率法、经济增加值法和新三板智库价值评估体系分别对神尔科技企业进行估值运算,并将估值结果作比较,分析了各种估值方法对神尔科技企业估值的局限性和适用性。现金流量模型不适用自由现金流量为负的企业,由于新三板市场不成熟,市盈率法对新三板企业估值偏高,市净率法忽略了神尔科技企业无形资产部分的价值,经济增加值两阶段模型不适用无债务成本的企业。新三板智库价值评估模型综合考虑了新三板企业价值评估各方面的维度,对神尔科技企业的估值较为合理。最后本文针对神尔科技企业未来估值提升和新三板智库价值评估模型的完善提出了相关建议。
[Abstract]:Enterprise valuation is the core technology in investment and financing activities. With the trend of science and technology in education and the opening of the policy of second child in our country, many educational science and technology enterprises have landed on the new third board. It is significant to analyze its valuation and pricing for the smooth development of enterprise's investment and financing activities. One of the important purposes for enterprises to choose to list on the new third board is to realize the financing of enterprises with a more suitable valuation. Investors, on the other hand, hope to invest at a suitable valuation after selecting high-quality new third-board companies, while the companies will have sufficient liquidity in the future to ensure their exit. The listing time of Shener Technology is relatively short, and there is not much historical data that can be traced back. The financial environment is unstable and shows unconventional growth. In addition, Shener technology enterprises have abundant monetary cash and almost no foreign debt. Based on the above particularities, the results of various traditional valuation methods vary greatly. The traditional valuation model is not applicable. As a high-tech enterprise, the potential intangible assets of Shener Science and Technology Corporation are of great value. The new three-board think-tank value evaluation model aims at the characteristics of the new three-board enterprise and creates the value from the perspective of value. Starting from the three main dimensions of value embodiment and value trend, 24 three-level dimensions are constructed to evaluate the value of the new three board enterprises. The valuation results calculated according to the score almost cover the comprehensive value of all aspects of Shener Science and Technology Enterprise. This paper first analyzes and summarizes the characteristics of Shener technology enterprises, then adopts cash flow method, price-to-earnings ratio method, price-to-book ratio method, The economic value added method and the new three board think tank value evaluation system have carried on the valuation operation to the Shener science and technology enterprise separately, and the valuation result has made the comparison. This paper analyzes the limitations and applicability of various valuation methods for Shener Technology Enterprises. The cash flow model is not suitable for enterprises with negative free cash flow. Due to the immature market of the new three boards, the valuation of the new third board enterprises by the price-earnings ratio method is on the high side. The price-to-book ratio method ignores the value of the intangible assets of Shener science and technology enterprises, and the two-stage model of economic added value is not suitable for enterprises with no debt cost. Finally, this paper puts forward some suggestions for the future valuation enhancement of Shener technology enterprises and the improvement of the value evaluation model of the new three-board think-tank.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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