OM陶瓷公司企业价值评估研究

发布时间：2018-07-28 09:32

【摘要】：随着经济全球化进程的加快、体制改革的加深及市场经济的繁荣,资本市场越来越完善,企业价值评估的环境也逐渐成熟。互联网和高新技术产业的快速发展、社会需求的多样化以及频繁发生的企业合并、重组、收购等产权交易经济行为,使企业价值评估日益重要。我国从国外引进了企业价值评估的理论和方法,引起了在企业经营管理中的广泛应用和学术界多方面的探讨,现行的企业价值评估方法如收益法、市场法等都在我国具有一定的适用性。然而现在企业生存发展的内外部环境越来越复杂,社会的需求越来越个性化,企业的盈利不再是依靠实务资产,而更多是靠产品服务质量、创新开发能力、人力资本及其他不能够用财务数据确定的无形资产。但目前现行企业价值评估理论与实际应用过于关注财务信息,对这些非财务因素考虑不够,得到的评估结果片面,本文提出了一种全面综合的评估企业价值方法。首先,分析企业所处宏观环境、行业状况,结合企业历史经营状况,对未来现金流量进行预测,再利用适当折现率把未来每年现金流量折现。然后,在平衡计分卡及价值链理论的研究之上,分析影响企业价值的财务驱动因素和非财务驱动因素,制定财务指标和非财务指标体系,并根据指标的权重计算指标评估系数,运用模型修正现金流量现值求出企业的综合价值。进而运用此方法评估了具体公司的价值并据此提出经营管理的意见以增加公司价值,达到公司组织管理的目的和战略的目标。
[Abstract]:With the acceleration of the process of economic globalization, the deepening of the system reform and the prosperity of the market economy, the capital market is becoming more and more perfect, and the environment of enterprise value evaluation is becoming more and more mature. With the rapid development of the Internet and high-tech industries, the diversification of social needs and the frequent economic behaviors of enterprise merger, reorganization, acquisition and other property rights transactions, the evaluation of enterprise value is becoming increasingly important. Our country has introduced the theory and method of enterprise value evaluation from abroad, which has caused the extensive application in the enterprise management and the academic circles many aspects discussion, the present enterprise value appraisal method such as the income method, The market method and so on all have the certain applicability in our country. However, the internal and external environment for the survival and development of enterprises is becoming more and more complex, and the needs of the society are becoming more and more individualized. The profits of enterprises are no longer based on substantive assets, but more on the quality of products and services and the ability to innovate and develop. Human capital and other intangible assets that cannot be determined by financial data. At present, however, the current theory and practice of enterprise value evaluation pay too much attention to financial information, which is not enough to consider these non-financial factors, and the results are one-sided. This paper puts forward a comprehensive evaluation method of enterprise value. First of all, it analyzes the macro environment and the industry situation of the enterprise, combining with the enterprise's historical operating situation, forecasts the future cash flow, and then discounted the future annual cash flow by using the appropriate discount rate. Then, on the basis of the research of balanced scorecard and value chain theory, this paper analyzes the financial drivers and non-financial drivers that affect the enterprise value, establishes the financial index and non-financial index system, and calculates the evaluation coefficient according to the weight of the index. Using the model to modify the present value of cash flow to find out the comprehensive value of the enterprise. Then this method is used to evaluate the value of a specific company and put forward suggestions of management in order to increase the value of the company and achieve the goal of organization and management of the company.
【学位授予单位】：天津农学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.71;F406.7

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