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论文编号：	275
作者编号：	2120062379
上传时间：	2008/12/11 6:03:28
中文题目：	企业整体价值评估收益现值法的运
英文题目：	Research on the Application of
指导老师：	周晓苏教授
中文关键字：	收益法;价值评估;企业价值tl
英文关键字：	Income Approach;Value Assessme
中文摘要：	随着中国经济的发展，企业转制、转让、并购、上市等经济行为日益增多，而这些经济行为的流程中均涉及一个中心环节—目标企业的价值评估。本文从评估机构的角度，通过运用文献资料法、案例分析法等研究方法并结合自身工作实践对收益现值法在企业价值评估过程中的实际运用进行了研究。 本文首先对收益现值法等评估方法的理论做了回顾。然后介绍了企业整体价值评估的三种常用方法，并且分析了三种方法的特点，进而说明了在企业整体价值评估中应用收益法评估目标企业价值的优势地位。本文较为详细地介绍了收益法的原理、应用前提，阐述了收益法的三个指标因素的确认方法，探讨了收益现值法目前在我国企业整体价值评估中的应用以及存在的问题。最后结合理论部分的分析，选取A公司作为实例进行实证研究，运用收益法对A公司的企业价值进行评估，评估结果证明此方法在企业价值评估中是有效的。并且在案例分析过程中我们发现，收益法在应用过程中，对收益的预测和折现率的预测正是收益法应用的难点，正确的应用收益法评估目标企业的价值一定要把握好这两个关键点。 本文的主要创新点在于对实际工作中运用收益现值法进行企业整体价值评估遇到的一些具体问题加以具体分析、研究，总结了一些解决这些问题的方法，对收益法的实际应用有一定借鉴意义。一方面希望我的工作可以对资产评估业目前的大多采用成本法进行估价的局面起到积极的改善作用，另一方面希望能够减少因评估方法选择不当造成目标企业价值评估错误而导致的商业行为的失败。
英文摘要：	With economic advancement of China, economic activities such as corporate restructuring, transfer, mergers and acquisitions, and IPO are increasing with each passing day; the process of all these economic activities involves a key link---value assessment of the target enterprise. This thesis researches the application of present earning value method in the appraisal of enterprise value, using research methodologies such as literature review and case analysis, combined with personal practice. The thesis first reviews the theory of the research methodologies including present earning value method, then introduces the 3 most frequently used methodologies in appraising the whole value of enterprises and analyzes the characteristics of these 3 methodologies and further elaborates the advantages of using income approach in appraising the whole value of enterprise. This thesis introduces in detail the theory and precondition of income approach and the determination of the 3 indicators (earning period, expected Return and discount rate) in the formula of present earning value method, and discusses the application of the present earning value method in appraising the whole value of enterprises in China and related issues. The discussion combining theory and practice lay a foundation for the research thereafter. Finally, combined with analysis on the theory, a case study is conducted to value a company using income approach. The result shows that this methodology is the most effective one in appraising the whole value of enterprises. And through the case study we found that in the application of income approach, the difficult point is the estimation of profit and discounting rate, which is in line with the theory mentioned above. These 2 key points should be mastered in order to correctly apply income approach to appraise the value of the target enterprises. This thesis researches and analyses the specific issues encountered in the practice of using present earning value method to appraise the whole value of enterprises and summarizes some solutions to address the issues. This article discusses the application of present earning value method in appraising the whole value of enterprises on the basis of theory and practice, explores and resolves some specific issues, which can be of reference in the application of income approach. On the one hand, I hope my work can have a positive impact on the current situation where cost method are being most commonly used in the assets appraisal industry, on the other, I hope the failure of business activities due to the improper choice of appraisal methodologies can reduce.
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