文档介绍：湖南大学硕士学位论文 JZ公司价值评估研究姓名:王佳余申请学位级别:硕士专业:会计学指导教师:朱启明 20100430 学位论文摘要随着价值管理在企业中的逐步实施,企业价值最大化的理念已经深入人心。对企业价值进行合理评估,不仅是企业上市、购并时的核心问题,同时也是企业投资者如何评价经营者绩效,对其进行合理激励的前提。企业价值评估的理论和方法目前已经研究得比较透彻,但专门针对一些非上市的中小企业的价值评估问题还较少涉及。而现在我国中小企业正处于高速发展时期,融资并购市场十分活跃,急需对其进行正确的价值评判和合理估价。本文将根据现有的理论研究成果, 结合笔者多年在中小企业工作的实际经验,摸索较为适合中小企业价值评估的方法和模型。本文介绍了课题的研究背景和对企业价值评估的相关理论进行了回顾,分析了中小企业价值评估的特殊性,通过阐述目前主流的价值评估方法,探讨每一类方法对中小企业价值评估的适用性。在此基础上,对JZ公司基本情况、发展历史、行业地位作出全面分析,对企业财务报表的表内和表外因素、影响公司价值的显性和隐性因素进行挖掘,选取适合企业自身的价值评估模型。在价值评估模型的应用中,用较明晰的财务预算格式清楚地演示了目标公司的未来现金流量的预计过程,结合当前资本市场的数据资料用专业的财务方法转换得出资本成本,最终得出合理的企业估价,并运用比较方法对结果进行验证。为促使企业价值的最大化,笔者针对评估过程中发现的问题,对企业的经营模式、组织结构、信用政策等提出了改进性的建议和意见。关键词:价值评估;中小企业;现金流量折现法;相对价值法 JZ公司价值评估研究 Abstract With the VaIue management gradually impIemented inenterprises,the ideaof maximizing corporate Value has been well recognized by people. The reasonable assessment oftheenterprise Value isnot only the core issueofenterprises going public and acquisition,but also the premise ofhow the investors inenterprises evaluate operator and make reasonable present,Business Valuation theory andmethods haVe been studiedmore thoroughly,but only thevalue assessment ofnon·ljstedSMEs are SMEs inChina are in aperiod ofrapid deVelopment,the financing merger andacquisition market isvery activeand has urgent need their correct Value judgments and reasonable to the existing theoretical research results bined with my many years ’practical experience working insmall and medium enterp rises,this articlewillexplore the methods andmodels which are more appropriate forSME valuation. This essay introduced research background of the topic and reviewed related theories about business Valuations, and itanalyzed the Speciflcity of business Valuations in STⅥEs andexplored theapplicability ofeach evaluation method toSMEs by describing preVailing approach atpresent to assess business thisbasis,it made acomprehensiVe analysis on thebasicsituati