Z公司价值评估方法研究

发布时间：2018-06-14 15:53

本文选题：Z公司 + 价值评估　；参考：《安徽大学》2017年硕士论文

【摘要】：近年来,随着计算机网络技术的飞速发展以及新型互联网商业模型的兴起,各类互联网企业发展迅速并在各行各业中发挥着重要作用。与此同时,互联网企业的上市、并购、重组等行为越来越频繁,这些经济行为的顺利进行都依赖着企业价值的正确评估。在此背景下,如何对互联网企业价值进行评估成为了一个热点话题。然而与传统企业相比,属于高新技术类的互联网企业拥有着自身的独特性,仅使用传统的价值评估方法存在一定的局限性,无法真实、完整地反映企业的价值。因此对于互联网企业这一新兴经济实体,我们有必要从其自身的特点出发,深入了解其价值构成,重新探讨出适用于互联网企业价值评估的方法。本文选取了与互联网密不可分的网游企业Z公司作为案例研究的对象。作为互联网企业的代表,Z公司近几年发展迅速并逐渐成长为行业内的龙头企业,本文希望通过对Z公司价值的估算以对其他同类型企业价值的评估提供借鉴意义。本文首先介绍了互联网企业价值评估的相关背景、研究的目的和意义,以及对国内外学者有关互联网企业价值评估的研究成果进行了综述。接着,本文对相关理论基础进行回顾并介绍了三种基本的价值评估模型。然后本文以案例企业Z公司的特点为出发点,通过对传统价值评估方法内涵及优缺点的介绍,分析其在互联网企业Z公司中应用的不足,进而引入了实物期权理论,并阐述该理论与Z公司价值评估的契合性。在此基础上构建适用于Z公司价值评估的模型以及通过对Z公司具体的价值估算验证模型的适用性。最后本文阐述了该案例对互联网企业价值评估的启示意义。本文认为,尽管收益法在企业价值评估中占据着重要的地位,但是互联网企业本身所具有的高风险、高收益、高不确定性以及轻资产的特征,使得其未来投资所带来的潜在的价值无法体现在评估结果当中,从而易低估了被评估企业的价值。因此本文针对收益法的这一局限性引入了实物期权的思想,具体阐述了如何通过实物期权定价模型对企业未来投资所产生的潜在价值进行评估。本文将互联网企业价值划分为两大部分,即现有资产的价值及未来投资项目带来的潜在价值,分别采用现金流量折现模型和实物期权模型进行评估,两者之和得到的结果可以比较完整地体现互联网企业的价值。
[Abstract]:In recent years, with the rapid development of computer network technology and the rise of new Internet business model, all kinds of Internet enterprises are developing rapidly and playing an important role in all walks of life. At the same time, the listed, M & A and reorganization of Internet enterprises are more and more frequent. The smooth progress of these economic behaviors depends on the correct evaluation of enterprise value. In this context, how to evaluate the value of Internet enterprises has become a hot topic. However, compared with the traditional enterprises, the Internet enterprises belong to the category of high and new technology have their own uniqueness, only using the traditional method of value evaluation has some limitations, and can not reflect the value of the enterprise in a real and complete way. Therefore, it is necessary for us to understand the value composition of Internet enterprise from its own characteristics, and to re-explore the method of value evaluation for Internet enterprise. This paper chooses Z Company, which is closely connected with the Internet, as the case study object. As the representative of Internet enterprise, ZZ Company has developed rapidly in recent years and has gradually grown into a leading enterprise in the industry. This paper hopes to provide a reference for the evaluation of the value of other similar enterprises by estimating the value of Z Company. Firstly, this paper introduces the background, purpose and significance of the value evaluation of Internet enterprises, and summarizes the research results of domestic and foreign scholars on the valuation of Internet enterprises. Then, this paper reviews the relevant theoretical basis and introduces three basic valuation models. Then this paper takes the characteristics of Z Company as the starting point, through the introduction of the connotation, advantages and disadvantages of the traditional value evaluation method, analyzes the shortcomings of its application in the Internet company Z Company, and then introduces the real option theory. And elaborated this theory and Z company value appraisal conformity. On the basis of this, the model suitable for Z company value evaluation and the applicability of the model are constructed and verified by the specific value estimation model of Z company. Finally, this paper expounds the significance of this case to the value evaluation of Internet enterprises. This paper holds that, although the income approach plays an important role in the evaluation of enterprise value, the Internet enterprise itself has the characteristics of high risk, high income, high uncertainty and light assets. The potential value brought by its future investment can not be reflected in the evaluation results, so it is easy to underestimate the value of the evaluated company. In view of this limitation of income approach, this paper introduces the idea of real option, and expounds how to evaluate the potential value of enterprise's future investment through real option pricing model. In this paper, the value of Internet enterprises is divided into two parts, namely, the value of existing assets and the potential value brought by future investment projects, and the cash flow discount model and real option model are used to evaluate them respectively. The sum of the two results can be relatively complete reflect the value of Internet enterprises.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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