文档介绍：Study on Enterprise Value Evaluation
A Dissertation Submitted for the Degree of Master
Candidate: Pan Yue ping
Supervisor: Chuande
Chang’an University, Xi’an, China
摘要
我国现代企业价值评估产生于经济转型过程中国有资产管理的需求,相对于发达国
家而言,起步较晚。而且在发展的过程中,由于历史的原因,大多数企业都存在着非经
营性资产比重较大的问题,因而企业价值评估中存在着资产评估理论的机械套用等问
题。本文采用财务报表中的数据建立企业价值的评估模型,结合金融投资市场中企业的
整体价值对企业的内在价值进行分析,从而确定适当的投资机会,对投资者而言具有重
要的理论和实际意义。
首先,对现有的国际上公认的三大企业价值评估方法(市场法、成本法和收益法)
各自的原理、计算方法和优缺点进行对比,分析三种方法的各自特点和适用范围。
其次,通过对五种不同的企业增长类型的比较,从中寻找可以对企业的持续、稳定
增长产生重要影响的因素,即企业的核心竞争力。然后利用波特的五力模型,分别从进
入壁垒、竞争激烈程度、替代品压力、买方侃价能力和卖方侃价能力五个方面进行比较
企业的经营能力的好坏。
再次,对企业的外部环境因素和投资者的心理行为会对企业的价值评估产生的影响
做定性分析。
最后,通过实例和建立基于经济利润的现金流折现模型(EVA 模型),对企业的价
值评估进行定量分析,从中找出操作便捷、实用的企业价值分析的模型。
关键词:企业管理、企业价值评估、经济利润、现金流折现
I
Abstract
The modern enterprise value appraisal produced in the process of economic
transformation in China, in the needs of state-owned assets management, which started later
compared with the developed countries. And in the process of development, most enterprise
had the problems of a greater proportion in non-business assets which is caused by historical
reasons. Therefore, there exist problems of using assets evaluation theory mechanically in the
assessment of enterprise value. In this article, the data in the financial statements is used to
set up the enterprise value evaluation model, combining with the whole value in financial
investment market to carry on the analysis of the intrinsic value of the enterprise, so as to
determine the appropriate investment opportunity. It has important theoretical and practical
significance to the investors.
First of all, pares the respective principles, calculation methods and the
advantages and disadvantages of the three big enterprise value appraisal methods(approach,
cost method and e method) which is recognized by the international, analyzes the
characteristics and application scope of the three methods.
Secon