本文選題：企業(yè)價(jià)值評(píng)估　切入點(diǎn)：經(jīng)營(yíng)剩余收益模型　出處：《廣東工業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著我國(guó)資本市場(chǎng)不斷發(fā)展,越來越多的投資者開始樹立“價(jià)值投資”的理念,標(biāo)志著我國(guó)價(jià)值管理新時(shí)代正在到來。企業(yè)價(jià)值評(píng)估在股票交易、企業(yè)并購(gòu)、上市定價(jià)和投資決策中起著至關(guān)重要的作用。因此,理論界和實(shí)務(wù)界對(duì)科學(xué)準(zhǔn)確地評(píng)估企業(yè)價(jià)值提出了更高的要求。節(jié)能環(huán)保行業(yè)是關(guān)系我們國(guó)計(jì)民生的重要產(chǎn)業(yè)。十三五規(guī)劃提出,2020年要將環(huán)保產(chǎn)業(yè)要打造成我國(guó)經(jīng)濟(jì)的一大支柱產(chǎn)業(yè)。G公司是一家節(jié)能環(huán)保行業(yè)下的余熱余壓綜合利用服務(wù)公司,正處于高速成長(zhǎng)階段。在“一帶一路”大背景下,G公司具有很強(qiáng)的持續(xù)發(fā)展能力和廣闊的價(jià)值增長(zhǎng)空間。但是,由于“供給側(cè)改革”的影響,公司業(yè)績(jī)連續(xù)兩年下滑,營(yíng)業(yè)收入下降9.73%,利潤(rùn)總額下降4.14%。G公司的投資者和管理者迫切想要了解公司內(nèi)在價(jià)值。因此,如何準(zhǔn)確評(píng)估G公司企業(yè)價(jià)值很有必要。目前,企業(yè)價(jià)值評(píng)估方法主要有四種,分別是成本法、市場(chǎng)法、期權(quán)定價(jià)法和收益法。其中,收益法以其完善的理論基礎(chǔ)成為當(dāng)前主流的評(píng)估方法之一。經(jīng)營(yíng)剩余收益模型作為收益法的典型代表,其突出特點(diǎn)是非常適合成長(zhǎng)型企業(yè)估值,同時(shí)也肯定了會(huì)計(jì)信息在公司價(jià)值中的作用。該模型強(qiáng)調(diào)了企業(yè)價(jià)值源于創(chuàng)造而非分配,強(qiáng)調(diào)了企業(yè)價(jià)值源于經(jīng)營(yíng)活動(dòng)而非金融活動(dòng),真正體現(xiàn)了剩余收益法“價(jià)值創(chuàng)造”的本質(zhì)。本文以節(jié)能環(huán)保行業(yè)的G公司為研究對(duì)象,立足“企業(yè)價(jià)值最大化”財(cái)務(wù)管理視角,采用改進(jìn)后的經(jīng)營(yíng)剩余收益模型,主要評(píng)估和分析G公司的經(jīng)營(yíng)剩余收益、企業(yè)整體價(jià)值以及其主要驅(qū)動(dòng)因素,并對(duì)評(píng)估結(jié)果進(jìn)行敏感性分析和有效性分析得出企業(yè)價(jià)值可能的變動(dòng)范圍。最后,結(jié)合G公司的實(shí)際情況提出有針對(duì)性的管理建議,同時(shí)總結(jié)經(jīng)營(yíng)剩余收益模型在企業(yè)實(shí)際應(yīng)用中得到的啟發(fā)。通過本文的研究,有助于對(duì)G公司整體價(jià)值的確定提供參考,使投資者在股市交易中合理確定交易價(jià)格,為管理者在公司經(jīng)營(yíng)中提供管理建議。此外,還有助于建立一套符合節(jié)能環(huán)保企業(yè)價(jià)值創(chuàng)造理論的、結(jié)合企業(yè)自身實(shí)際的、具有實(shí)踐應(yīng)用性的估值體系,對(duì)企業(yè)價(jià)值評(píng)估提供借鑒意義。
[Abstract]:With the development of Chinese capital market, more and more investors begin to set up the idea of "value investment", which indicates that a new era of value management is coming.Enterprise value evaluation plays an important role in stock trading, M & A, listing pricing and investment decision.Therefore, the theory and practice of scientific and accurate evaluation of the value of enterprises put forward higher requirements.Energy conservation and environmental protection industry is an important industry related to our national economy and people's livelihood.The 13th Five-Year Plan proposed that the environmental protection industry should be made into a pillar industry of our economy in 2020. G Company is a comprehensive utilization service company under the industry of energy saving and environmental protection, which is at the stage of rapid growth.Under the background of Belt and Road, the company has strong ability of sustainable development and broad space of value growth.However, due to the influence of "supply-side reform", the company's performance has declined for two consecutive years, its operating income has fallen by 9.73m, and its total profits have fallen by 4.14.G investors and managers are eager to understand the intrinsic value of the company.Therefore, it is necessary to evaluate the value of G company accurately.At present, there are four kinds of valuation methods: cost method, market method, option pricing method and income method.Among them, income approach has become one of the mainstream evaluation methods with its perfect theoretical foundation.As a typical representative of the income approach, the operating surplus income model is very suitable for the valuation of growth enterprises, and also affirms the role of accounting information in the value of the company.The model emphasizes that the enterprise value originates from creation rather than distribution, and emphasizes that enterprise value originates from business activities rather than financial activities, and reflects the essence of "value creation" in surplus income method.Based on the financial management perspective of "maximizing the value of the enterprise", this paper mainly evaluates and analyzes the operating surplus income of G Company by adopting the improved operating surplus income model, which is based on the research object of G Company in the industry of energy-saving and environmental protection, and based on the perspective of "maximizing the value of the enterprise".The overall value of the enterprise and its main driving factors, and the sensitivity analysis and effectiveness analysis of the evaluation results, the possible range of change of the enterprise value is obtained.Finally, combined with the actual situation of G Company, the paper puts forward some pertinent management suggestions, and summarizes the inspiration of operating surplus income model in the practical application of the enterprise.Through the study of this paper, it is helpful to provide reference for the determination of the overall value of company G, to make investors reasonably determine the transaction price in stock market trading, and to provide management advice for managers in the management of the company.In addition, it is helpful to set up a set of valuation system which conforms to the theory of energy saving and environmental protection enterprise value creation, combines with the actual enterprise itself, and has practical application, and provides a reference for enterprise value evaluation.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.61

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