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论文编号：	4773
作者编号：	2120102696
上传时间：	2012/12/11 15:28:48
中文题目：	收益法在速递物流企业价值评估中的运用研究
英文题目：	A Income Approach Application Research In Express Logistics Enterprise Appraisal
指导老师：	李莉
中文关键字：	企业价值评估 收益法 折现率
英文关键字：	EnterpriseValuation Income Approach Approach Discounting Rate
中文摘要：	2009年4月24日第十一届全国人民代表大会常务委员会第八次会议修订的《中华人民共和国邮政法》，界定了邮政专营业务与竞争性业务的范围，提高了快递行业的准入门槛，为规范快递经营秩序提供了法律依据，同时客观上促使了行业内并购交易及合并重组行为的不断出现，这些并购交易及合并重组行为均不可避免的要对目标企业的价值进行评估，以确定交易对价。本文试着从执业注册资产评估师的角度，根据本人对年从事资产评估实务的工作经历，通过采用案例分析法、逻辑分析法等研究方法并结合本人自身在企业价值评估中的工作实践，研究速递物流企业价值评估实际应用过程中收益现值法的具体应用问题。本文首先回顾了企业价值的特点、内涵以及企业价值评估方法在国际和国内的应用现状，介绍并且分析了企业价值评估的三种方法的特点。进而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；然后结合速递物流企业的特点，说明了评估模型的构建及基本变量数据的计算方法。最后根据前述相关的理论分析，以SD公司为实例进行了实证研究，对SD公司的企业价值采用收益法进行评估，评估结果证明此方法在企业价值评估中是有效的。在案例分析的过程中我们研究发现，采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速递物流企业进行价值评估遇到的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速递物流企业的价值评估提供一个有参考意义的范例。
英文摘要：	The Postal Law of the People's Republic of China which been voted on April 24, 2009 the eighth of the Eleventh National People's Congress Standing Committee, defined the scope of the postal monopoly business and competitive business, and improve the courier industry access thresholdin order to regulate the order of express operators to provide a legal basis for the objective to promote the emergence of a number of M&A transactions and reorganization behavior within the industry, a central element - the valuation of the target company is involved in the process of these economic behavior. From the point of view of the assessment agencies, through the use of case analysis, logical analysis, induction income approach in the the express logistics enterprise value assessment process with their own work practice in business valuation and practical application of research. This thesis first reviews the connotation of enterprise value, the current situation of domestic and foreign enterprise value evaluation; then introduces the three most used methodologies in appraising the whole value of enterprises and analyzes the characteristics of these three methodologies and further elaborates the method development of income approach, its developing prospects in China and the major issues while implementing. Then combines with the characteristics, indicating that the model selection and calculation of the basic variables. At last, using the theoretical analysis, the thesis picks the SD company as an example of empirical example, using the income approach to do the value assessment of SD company; the evaluation results show that this method in business valuation is the most effective. And through the case study we found that in the application ofincome 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 enterprises. This thesis researches and analyses the specific issues encountered in the practice of using present earning value method to appraise the express companies and summarize some solutions to address the issues. This article discusses the applicationof 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 be reference in the application of income approach. On the one hand, I hope my workcan have a positive impact on the current situation where cost method are being mostcommonly used in the assets appraisal industry, on the other hand, I hope my work can provide an example for the valuation of express enterprises.
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