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论文编号：	3694
作者编号：	2120092749
上传时间：	2011/11/22 5:43:58
中文题目：	收益法在成品油零售企业价值评估中的运用研究
英文题目：	Income Approach In Enterprise Valuation:With A Case Study In Refined Oil Retail Companies In China
指导老师：	余娟
中文关键字：	企业价值评估;成品油零售;收益法;折现率
英文关键字：	EnterpriseValuation;Refined Oil Retail; Income Approach;discounting rate
中文摘要：	由于终端销售网络的重要性，近几年来，国内加油站的投资收购市场竞争异常激烈。国内外石油巨头不再局限于单个加油站的得失，而将重心放在对拥有多家加油站的成品油零售企业的控股权争夺上。这些经济行为的流程中均涉及一个中心环节即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成品油零售企业价值评估过程中的实际运用进行了研究。首先，本文回顾了企业价值的概念和内涵。国际和国内的理论家因其研究领域的不同，对企业价值概念的论述也因其视角的不同而产生了明显的差异。主流的观点有以下四种：基于会计理论的账面价值观、以马克思主义政治经济学为理论基础的劳动价值观、基于市场交换理论的市场价值观和以理财学为理论基础未来获利能力观。综合上述四种从不同理论出发对企业价值的描述，我们可以得出如下结论：企业价值的内涵即为企业在未来各个期间所能产生的净收益的折现值之和。这种评价是企业的资产状况、获利能力、抗风险能力等内在特性的市场评价。 其次，本文介绍并且分析了企业价值评估的特点以及企业价值评估的三种方法的优缺点。和单项资产或资产组合的评估相比，企业价值评估具系统性、较高的风险性、较大的复杂性及没有绝对参照物等特点。企业价值评估有三种基本方法：资产基础法、收益法和市场法。资产基础法以历史成本的账面价值为基础，其优点是账面价值的客观性和可靠性，对于评估结果人们易于理解和接受。但资产基础法的缺点也相对突出：1.资产基础法以被评估的单位的资产负债表为基础重新计算各项资产和负债的价值，会遗漏企业不在账的无形资产、以及商誉等不可确指的无形资产；2.资产基础法有一个暗含的前提假设，即评估范围内的各单项资产均是可以替代的，和市场上的同类产品是无差别的，所以，他们的资产组合也只能取得无差别的收益；3.资产基础法难以全面估算资产的经济性贬值；4.采用资产基础法评估不出来将资产组配成具有获利能力的整体性资产的创造性劳动价值。收益法也叫收益现值法，是指通过估算被评估资产在未来的预期收益，并按照适宜的折现率将其折算成现值，然后累加求和，借以确定被评估资产价值的一种资产的评估方法。收益法包括现金流贴现法、利润贴现法、红利贴现法、EVA 法等，虽然名称不同，但核心或本质是一个东西，即将公司未来的现金按照一定的贴现率(衡量风险的因子)贴现到当前的方法。这种方法较全面地考虑了影响收益的各种因素，真实和较准确地反映本金化的价格，与投资决策相结合，应用该方法评估的技术资产价格容易为供求双方所接受。市场法是指利用市场上相同或类似资产的近期交易价格信息，经过直接比较或类比分析以估测资产价值的方法。应用市场法的前提是资本市场比较发达，市场越发达，企业的评估价值就越准确。国内股票市场和产权交易市场的发展还处于初期阶段，不能形成一个遍及所有行业、为投资者提供足够信息的市场。因此，在短期内国内企业整体评估还不宜采用市场法，只可以作为辅助方法，或作为粗略估算方法。再次，本研究详细阐明了收益法的理论发展、在中国的应用前景及运用中的主要问题；然后结合成品油零售企业的特点，说明了模型的选择及基本变量的计算方法。在中国当前企业价值评估实务中，资产基础法是最主要的评估方法，收益法一般作为资产基础法的验证方法，收益法的选用和收益法评估结果的选用均比较少。随着近年来中国市场经济的不断完善与发展，中国已初步具备了应用收益法评估企业整体价值的条件。尽管收益法的应用存在一些难题，但其在国际上已得到了较为广泛的应用，所以在中国的推广仅仅是时间问题。成品油零售企业有其不同于其他行业的特点，在运用收益法评估其企业价值时必然也和其他行业企业价值评估有所不同。成品油零售企业具有明显的特点：1.加油站产权和经营权的多样性。2.成品油零售企业的利润和销量密切相关，而与销售额相关度较差。3.成品油零售企业同时具有一般零售企业的特点。即一般情况下，其营运资金为负值，随着企业经营规模的扩大，其营运资金的负值越大。4.成品油零售企业的资产构成以流动资产和无形资产为主，固定资产在企业整体资产中所占的比例较小。收益法评估模型选用企业自由现金流模型。自由现金流量等于公司的税后净利润加上折旧摊销等非现金支出，再减去营运资产追加额以及物业、厂房、设备及其它资产方面的资本性支出。它未纳入任何与筹资有关的现金流量，如利息费用或者利息。按照折现率口径与收益额一致的原则，折现率选取加权平均资本成本(WACC)。最后，根据前述理论分析，以S公司为实例进行了实证研究，对S公司的企业价值运用收益法进行评估，评估结果证明此方法在企业价值评估中是有效的。在案例分析过程中我们发现，运用收益法进行企业价值评估，其关键在于未来期间收益的预测和折现率的确定，能否把握好上述两点为正确应用收益法评估目标企业价值的关键所在。本文的主要创新点在于对实际工作中运用收益法对成品油零售企业进行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。一方面希望本研究可以改善国内资产评估行业较少采用收益法进行企业价值评估的局面，另一方面希望能够为成品油零售企业的价值评估提供一个有参考意义的范例。
英文摘要：	Because of the importance of terminal sales network, in recent years, the competition in domestic gas station investment and acquisition market is fierce. Petrol giants both domestic and overseas are no longer confined to gain or lose a single gas station, but will focus on holding the mainly share of petrol retail enterprises which own a number of gas stations. The process of all these economic activities involves a key link—value assessment of the target enterprise. This thesis ,from the perspective of appraisal firms and combined with author’s own work experience, researches the application of present earning value method in the appraisal of enterprise value, using research methodologies such as literature review and case analysis. This thesis first reviews the concept and connotation of enterprise value. The concept of enterprise value has significant differences because of different perspectives of theorists of international and domestic research. There are four main views: the book values based on accounting theory, political economy of Marxism as the theoretical basis of the labor value, based on market values and market exchange theory, as the theoretical basis of financial management science view of future profitability value. Comprehensive theory of the four starting from a different description of the enterprise value, we can draw the following conclusions: enterprise value of the content is all business in the next period's net income can be derived from the sum of the discounted value. This evaluation is the company's asset position, profitability, ability to resist risks inherent characteristics of the market evaluation. Second, the article describes and analyzes the characteristics of business valuation and the advantages and disadvantages of three business valuation methods. Compared with individual asset or portfolio assessment, the systematic assessment of enterprise value has characters like higher risk, greater complexity and no absolute frame of reference and so on. There are three basic ways of enterprise valuation: asset-based approach, income approach and market approach. Asset-based approach to the historical cost basis of book value, book value of the advantage of objectivity and reliability, and the results are easy to understand and be accepted by the people. However, the shortcomings of the asset base is relatively prominent obvious: 1. Asset-based approach to the unit being evaluated based on the balance sheet to recalculate the value of the assets and liabilities will not miss corporate accounts intangible assets and goodwill and other non- indeed refers to intangible assets; 2 asset-based approach has an implicit assumption that the individual within the scope of the assessment are to alternative assets, and similar products on the market have no difference, so that their portfolios will only get a non-discriminatory benefits; 3 asset-based approach is difficult to fully estimate the economic depreciation of assets; 4 using asset-based assessment method will not come out with a profitable asset group dubbed the integrity of assets, the value of creative work. Income method, also called income approach, is to be assessed by estimating the expected return on assets in the future, and in accordance with the appropriate discount rate to be converted into present value, and cumulative sum, in order to determine the assessed value of the assets. Benefits method, including discounted cash flow method, discounted profit, dividend discount method, EVA method, although with different names, but the core or essence of a thing, about the company's future cash according to a certain discount rate (a measure of risk factor) discounted to the current method. This method is more comprehensive consideration of various factors that affect earnings, and more accurately reflect the true capital of the price, and investment decision-making combination, the method is easy to assess the technical asset price acceptable to both sides of supply and demand. Market approach is the use of identical or similar assets on the market's recent trading price information, through direct comparison or analogy analysis to estimate the value of assets method. Application of capital market law on the premise that markets are more developed, the more accurate assessment of the value of enterprises. Domestic stock markets and property rights trading market is still in its early stages, can not form all sectors to provide investors with sufficient information in the market. Thus, in the overall assessment of short-term domestic enterprises, people should not use the market approach, only as an auxiliary method, or as a rough estimation method. Third, this thesis elaborates the theory of income method development and application prospects in China, the main problems while implementing; then combine the characteristics of product oil retail business, explains the choice of model and calculation of the basic variables. In China's current business valuation practice, asset-based approach is the most common assessment method, income method as an asset-based approach is generally the authentication method, using of income method and using the results of income method has been very rare. As continuous improvement of China's market economy in recent years, China has initially assessed income method with the application conditions of their overall value. Although the income method of application, there are still some problems, in the international arena it has been more widely used, so in China it is only a matter of time to promote. Refined oil retail business has its own characteristics different from other industries, the use of income method in assessing the value of its business and other sectors must also assess the enterprise value is different. Refined oil retail business has obvious characteristics: 1 gas station ownership and management rights of diversity. (2) the profits of oil companies and retail sales are closely related, but poor correlation with sales. 3 oil retail business also has the characteristics of the general retail business. That is, under normal circumstances, the working capital is negative, as the business grows, the greater its negative working capital. 4 product oil retail business assets to current assets and intangible assets constitute the main assets of fixed assets in the overall proportion. Corporate income approach assessment models use free cash flow model. Free cash flow is equal to the company's net profit after tax plus depreciation, amortization and other non-cash expenses, minus an additional amount of operating assets and property, plant, equipment and other assets of the capital expenditure. It does not include any cash flows related to financing, such as interest expense or interest. Diameter according to the discount rate revenue is consistent with the principle of selecting the discount rate is the weighted average cost of capital (WACC). At last, using the theoretical analysis, the thesis picks the S company as an example of empirical example, using the income approach to do the value assessment of S company; the evaluation results show that this method in business valuation is the most effective. 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 petrol retail enterprises and summarize 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, hope that this thesis 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 hand, hope this thesis can provide an example for the valuation of oil retail enterprises.
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