本文選題：企業(yè)價(jià)值評(píng)估 + 價(jià)值鏈�。� 參考：《遼寧大學(xué)》2017年碩士論文

【摘要】：企業(yè)價(jià)值評(píng)估,有助于衡量企業(yè)的公平市場(chǎng)價(jià)值,幫助投資者和管理者改善決策。傳統(tǒng)的價(jià)值評(píng)估方法主要從財(cái)務(wù)報(bào)表出發(fā),更多的是體現(xiàn)企業(yè)的歷史狀況和現(xiàn)實(shí)狀況,但企業(yè)價(jià)值評(píng)估不僅要體現(xiàn)企業(yè)過(guò)去和現(xiàn)在的經(jīng)營(yíng)業(yè)績(jī),同時(shí)應(yīng)該對(duì)未來(lái)的盈利能力,發(fā)展能力加以預(yù)測(cè)。而對(duì)于企業(yè)未來(lái)盈利能力、發(fā)展能力的預(yù)測(cè),不單單只考慮財(cái)務(wù)因素,非財(cái)務(wù)因素也是企業(yè)發(fā)展的重要因素,因而傳統(tǒng)的評(píng)估方法存在忽略了非財(cái)務(wù)因素的不足,為了更全面的讓并購(gòu)者、投資者、管理者了解企業(yè)的整體價(jià)值,本文通過(guò)引入價(jià)值鏈這一概念,來(lái)考慮企業(yè)的非財(cái)務(wù)因素,對(duì)于企業(yè)整體價(jià)值的影響,但是不同行業(yè)的價(jià)值鏈千差萬(wàn)別,價(jià)值鏈中的環(huán)節(jié)也不盡相同,為了更好的、更全面、更細(xì)致的考慮非財(cái)務(wù)因素對(duì)企業(yè)的整體價(jià)值的影響。從全世界汽車產(chǎn)業(yè)來(lái)看,中國(guó)是全世界增長(zhǎng)最大和增長(zhǎng)最快的市場(chǎng),我國(guó)過(guò)去一年生產(chǎn)汽車2372萬(wàn)輛,銷售汽車2349萬(wàn)輛,同比增長(zhǎng)7. 3%和6. 9%,對(duì)于增長(zhǎng)幅度放緩主要原因是整個(gè)經(jīng)濟(jì)大形勢(shì)增長(zhǎng)放緩。本文將通過(guò)對(duì)汽車行業(yè)價(jià)值鏈的分析,確定一套適用于汽車行業(yè)的非財(cái)務(wù)指標(biāo)評(píng)估體系。為了更加深度地了解價(jià)值鏈理論視角下的企業(yè)價(jià)值評(píng)估方法的優(yōu)勢(shì)與不足,本文從投資者的角度,對(duì)長(zhǎng)城汽車股份有限公司的企業(yè)整體價(jià)值按此理論進(jìn)行評(píng)估,提出了相關(guān)建議。本文以汽車行業(yè)價(jià)值鏈為研究對(duì)象,同一行業(yè)的企業(yè)具有共通性,對(duì)于汽車行業(yè)進(jìn)行行業(yè)內(nèi)的透視,并比較和分析傳統(tǒng)的自由現(xiàn)金流折現(xiàn)模型的評(píng)估結(jié)果,與價(jià)值鏈理論視角下的企業(yè)價(jià)值評(píng)估模型的評(píng)估結(jié)果。從價(jià)值鏈的角度出發(fā),改進(jìn)了以往價(jià)值評(píng)估體系的評(píng)估指標(biāo),對(duì)汽車行業(yè)的評(píng)估指標(biāo),評(píng)估標(biāo)準(zhǔn)進(jìn)行深度分析和改善,通過(guò)價(jià)值鏈理論視角下的企業(yè)價(jià)值評(píng)估在長(zhǎng)城汽車股份有限公司的具體應(yīng)用,通過(guò)實(shí)例分析,用現(xiàn)實(shí)數(shù)據(jù)證實(shí)價(jià)值鏈理論視角下的企業(yè)價(jià)值評(píng)估體系,增強(qiáng)理論說(shuō)服力對(duì)汽車行業(yè)的增值活動(dòng)進(jìn)行分析,將汽車行業(yè)的非財(cái)務(wù)指標(biāo)標(biāo)準(zhǔn)化,確定一套對(duì)于汽車行業(yè)通用的非財(cái)務(wù)指標(biāo),不僅可以簡(jiǎn)化評(píng)估過(guò)程,也可以是汽車行業(yè)間的企業(yè)之間的價(jià)值更具有可比性。
[Abstract]:Enterprise value evaluation is helpful to measure the fair market value of enterprises and help investors and managers to improve their decisions. The traditional valuation method is mainly based on the financial statements, and more on the historical and realistic conditions of the enterprise. However, the enterprise value evaluation should not only reflect the past and present business performance of the enterprise, but also the profitability of the future. Develop capacity to predict. For the future profitability of enterprises, the forecast of development ability, not only consider financial factors, non-financial factors are also an important factor in the development of enterprises, so the traditional evaluation method has neglected the lack of non-financial factors. In order to make M & A, investors and managers understand the overall value of the enterprise more comprehensively, this paper introduces the concept of value chain to consider the non-financial factors of the enterprise, and the impact on the overall value of the enterprise. However, the value chain of different industries is different, and the links in the value chain are also different. In order to better, more comprehensive, more detailed consideration of the impact of non-financial factors on the overall value of the enterprise. Judging from the world auto industry, China is the largest and fastest growing market in the world, producing 23.72 million cars and selling 23.49 million cars in the past year, an increase of 7. 5% over the same period last year. Three percent and six percent. The main reason for the slowdown is a slowdown in the overall economic situation. By analyzing the value chain of automobile industry, this paper determines a set of non-financial index evaluation system suitable for automobile industry. In order to better understand the advantages and disadvantages of the enterprise value evaluation method from the perspective of value chain theory, this paper evaluates the whole enterprise value of the Great Wall Automotive Co., Ltd according to this theory from the perspective of investors. Some suggestions are put forward. This article takes the automobile industry value chain as the research object, the same industry enterprise has the common, carries on the industry perspective to the automobile industry, and compares and analyzes the traditional free cash flow discount model appraisal result, And the evaluation results of the enterprise value evaluation model from the perspective of value chain theory. From the point of view of value chain, this paper improves the evaluation index of the previous value evaluation system, and makes a deep analysis and improvement of the evaluation index and the evaluation standard of the automobile industry. Through the concrete application of enterprise value evaluation in the Great Wall Automobile Co., Ltd under the view of value chain theory, the enterprise value evaluation system under the view of value chain theory is proved by practical data. Strengthening the theoretical persuasion to analyze the value-added activities of the automobile industry, standardizing the non-financial indicators of the automobile industry, and determining a set of non-financial indicators for the automobile industry can not only simplify the evaluation process, It can also be more comparable between companies in the automotive industry.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.471

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