基于SA-DCF模型的企业估值研究

发布时间：2018-06-08 11:00

本文选题：企业价值评估 + 利益相关者　；参考：《兰州财经大学》2017年硕士论文

【摘要】：现代的管理制度要求企业应以其整体价值最大化作为其经营管理目标。而理论上对企业概念的变化以及实务中并购重组双方对提高议价能力的需要,导致关注企业价值的利益相关者对传统价值评估模型扩充的需求。因此,本文运用EXCEL软件建立SA-DCF模型解决此问题。本文第一部分介绍研究的背景、目的和意义、内容及创新之处。第二部分综述了目前学者在企业价值评估方面的研究范围和方法运用情况,并认为目前的价值评估方法没有从不同的利益相关者角度去衡量企业价值。第三部分运用利益相关者理论分析企业价值,提出将情景分析方法与传统的现金流量折现模型结合,构建SA-DCF模型,评估出不同利益相关者角度的企业价值。第四部分详细阐述了如何利用EXCEL软件构建与使用SA-DCF模型,包括基本步骤与思路、表内结构、表间结构以及模型的相关参数确定、平衡性和局限性。第五部分从A股上市公司中随机选择30家企业作为样本,利用SA-DCF模型对其企业价值进行评估,并与其流通市值进行配对T检验和相关性检验,结果表明,模型具有普遍的适用性。第六部分是结论与展望。本文的贡献主要有四个方面:一是将利益相关者理论与企业价值评估理论结合,从利益相关者角度分析了企业价值具有多样性;二是将情景分析方法与现金流量折现模型结合,提出并构建SA-DCF模型;三是在并购重组交易中,企业的财务投资者与管理层可利用SA-DCF模型提高议价能力,节约谈判成本并提高效率;四是企业管理层可利用SA-DCF模型进行价值管理,平衡各利益相关者。
[Abstract]:Modern management system requires enterprises to maximize their overall value as their management objectives. In theory, the change of enterprise concept and the need of both parties to improve their bargaining power in practice lead to the need for the traditional value evaluation model to be expanded by the stakeholders concerned about the value of the enterprise. Therefore, this paper uses excel software to establish SA-DCF model to solve this problem. The first part of this paper introduces the background, purpose and significance, content and innovation of the study. The second part summarizes the scope of research and the application of the methods in the aspect of enterprise value evaluation, and points out that the current valuation method does not measure the enterprise value from different stakeholders' point of view. In the third part, we use stakeholder theory to analyze the enterprise value, and propose to combine the scenario analysis method with the traditional cash flow discount model to construct SA-DCF model and evaluate the enterprise value from different stakeholders' angles. The fourth part describes how to use excel software to construct and use SA-DCF model, including the basic steps and ideas, the structure in the table, the structure between tables and the determination, balance and limitation of the model parameters. In the fifth part, 30 companies are randomly selected from A-share listed companies as samples. The SA-DCF model is used to evaluate the enterprise value, and the matched T test and correlation test are carried out with their circulating market value. The results show that, The model has universal applicability. The sixth part is the conclusion and prospect. The contribution of this paper mainly includes four aspects: first, combining stakeholder theory with enterprise value evaluation theory, analyzing the diversity of enterprise value from stakeholder perspective; second, combining scenario analysis method with cash flow discount model. The SA-DCF model is put forward and constructed. Thirdly, in the M & A transaction, the financial investors and management can use SA-DCF model to improve the bargaining power, save the negotiation cost and improve the efficiency; fourth, the enterprise management can use SA-DCF model for value management. Balance stakeholders.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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