發(fā)布時(shí)間：2018-05-27 18:10

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

【摘要】：近年來,我國互聯(lián)網(wǎng)技術(shù)飛速發(fā)展。政府近期倡導(dǎo)的"互聯(lián)網(wǎng)+"計(jì)劃使我國互聯(lián)網(wǎng)企業(yè)快速發(fā)展并吸引了大量投資者。但是,互聯(lián)網(wǎng)企業(yè)為高新技術(shù)產(chǎn)業(yè),它們發(fā)展快,并具有高風(fēng)險(xiǎn)、規(guī)模小、創(chuàng)新性等特點(diǎn),因而投資的不確定性較大,投資者難以對(duì)其風(fēng)險(xiǎn)進(jìn)行有效的測量,其企業(yè)估值難度也高于傳統(tǒng)行業(yè)。因此,如何科學(xué)合理的對(duì)互聯(lián)網(wǎng)企業(yè)進(jìn)行企業(yè)價(jià)值評(píng)估,并得到投資者和管理者的認(rèn)可是目前急需解決的問題。目前,研究常用的傳統(tǒng)企業(yè)價(jià)值評(píng)估方法由于理論基礎(chǔ)不同,有著各自的特點(diǎn)和不同的使用范圍,同時(shí),也存在一些缺陷。基于EVA模型的企業(yè)價(jià)值評(píng)估方法最大的特點(diǎn)就在于不僅僅考慮了企業(yè)的債務(wù)成本,還考慮了企業(yè)的權(quán)益成本。EVA指標(biāo)不只是關(guān)注企業(yè)目前的運(yùn)營價(jià)值,而是更加重視對(duì)企業(yè)未來盈利能力的衡量。因此,基于EVA模型的企業(yè)價(jià)值評(píng)估方法更加適用于互聯(lián)網(wǎng)企業(yè)這類權(quán)益成本比重較大,未來發(fā)展?jié)摿薮蟮钠髽I(yè)。本文分為四個(gè)部分。第一部分首先對(duì)本文的研究背景及意義進(jìn)行陳述,然后回顧國內(nèi)外學(xué)者對(duì)EVA理論的研究現(xiàn)狀,最后簡單介紹本文的研究思路和研究方法以及本文的創(chuàng)新與不足。第二部分首先介紹了企業(yè)價(jià)值評(píng)估概念和理論、幾種傳統(tǒng)的企業(yè)價(jià)值評(píng)估方法。然后介紹了 EVA模型的理論和方法,最后將幾種方法進(jìn)行對(duì)比分析,總結(jié)出EVA模型相對(duì)于其他方法的優(yōu)勢和局限性。第三部分是EVA模型的構(gòu)建。根據(jù)PBS公司的狀況選擇會(huì)計(jì)調(diào)整項(xiàng)目,確定各項(xiàng)參數(shù)以及選擇合適的模型種類。第四部分是使用EVA模型對(duì)PBS公司進(jìn)行企業(yè)價(jià)值評(píng)估。首先,計(jì)算PBS公司歷史EVA。然后,對(duì)PBS公司的內(nèi)外環(huán)境進(jìn)行分析從而估計(jì)未來財(cái)務(wù)指標(biāo),然后預(yù)測未來的EVA數(shù)值。最后,評(píng)估PBS公司的企業(yè)價(jià)值,并對(duì)結(jié)果進(jìn)行有效性分析,并發(fā)現(xiàn)運(yùn)用當(dāng)中存在的問題,提出建議。第五部分是研究結(jié)論與展望。通過上述理論研究和應(yīng)用分析的過程,得出研究結(jié)論,并對(duì)未來EVA模型在互聯(lián)網(wǎng)企業(yè)價(jià)值評(píng)估領(lǐng)域的應(yīng)用做出展望。本文的創(chuàng)新在于國內(nèi)學(xué)者往往選擇傳統(tǒng)行業(yè)作為EVA模型的研究對(duì)象,對(duì)互聯(lián)網(wǎng)企業(yè)則較多地選擇傳統(tǒng)評(píng)估方法,而本文通過對(duì)EVA評(píng)估方法的研究,發(fā)現(xiàn)其更加適合互聯(lián)網(wǎng)企業(yè)這類權(quán)益成本比重較大,未來發(fā)展?jié)摿薮蟮钠髽I(yè)。本文采用理論研究與應(yīng)用分析相結(jié)合的方法、定性分析與定量分析相結(jié)合的方法對(duì)EVA模型在互聯(lián)網(wǎng)企業(yè)價(jià)值評(píng)估中的應(yīng)用進(jìn)行研究,得出結(jié)論:傳統(tǒng)的價(jià)值評(píng)估方法不適用于互聯(lián)網(wǎng)企業(yè)的價(jià)值評(píng)估,EVA模型在互聯(lián)網(wǎng)企業(yè)的價(jià)值評(píng)估中更加具有可行性,運(yùn)用EVA模型對(duì)PBS公司進(jìn)行價(jià)值評(píng)估的結(jié)果具有有效性。
[Abstract]:In recent years, China's Internet technology rapid development. The "Internet" program advocated recently by the government has made Chinese Internet enterprises develop rapidly and attracted a large number of investors. However, Internet enterprises are high-tech industries, they develop rapidly, and they have the characteristics of high risk, small scale, innovation and so on. Therefore, the uncertainty of investment is greater, and it is difficult for investors to measure their risks effectively. Its corporate valuation is also more difficult than traditional industries. Therefore, how to scientifically and reasonably evaluate the value of Internet enterprises and get the recognition of investors and managers is an urgent problem to be solved. At present, the traditional evaluation methods of enterprise value in common use have their own characteristics and different scope of use because of their different theoretical basis. At the same time, there are also some defects. The biggest characteristic of the enterprise value evaluation method based on EVA model is that it not only considers the debt cost of the enterprise, but also considers the equity cost of the enterprise. The EVA index is not only concerned about the current operating value of the enterprise. But more attention to the future profitability of the enterprise measurement. Therefore, the enterprise value evaluation method based on EVA model is more suitable for Internet enterprises, which have a large proportion of equity cost and great potential for future development. This paper is divided into four parts. In the first part, the research background and significance of this paper are stated, and then the current research situation of EVA theory is reviewed. Finally, the research ideas and research methods of this paper are briefly introduced, as well as the innovations and shortcomings of this paper. The second part first introduces the concept and theory of enterprise value evaluation, several traditional methods of enterprise value evaluation. Then the theory and method of EVA model are introduced. Finally, the advantages and limitations of EVA model compared with other methods are summarized. The third part is the construction of EVA model. According to the condition of PBS, select the accounting adjustment items, determine the parameters and select the appropriate model types. The fourth part is to use EVA model to evaluate the enterprise value of PBS Company. First, calculate the history of PBS. Then, the internal and external environment of PBS Company is analyzed to estimate the future financial indicators, and then predict the future EVA value. Finally, the enterprise value of PBS company is evaluated, the validity of the results is analyzed, and the problems in the application are found, and some suggestions are put forward. The fifth part is the conclusion and prospect of the research. Through the process of theoretical research and application analysis, the conclusion is drawn, and the future application of EVA model in the field of Internet enterprise value evaluation is prospected. The innovation of this paper is that domestic scholars often choose the traditional industry as the research object of the EVA model, and the Internet enterprises choose the traditional evaluation method more often. It is found that it is more suitable for Internet enterprises, such as large proportion of rights and interests cost, huge development potential in the future. In this paper, the application of EVA model in Internet enterprise value evaluation is studied by combining theoretical research with application analysis, qualitative analysis and quantitative analysis. The conclusion is that the traditional value evaluation method is not suitable for the value evaluation of Internet enterprises. It is more feasible to use EVA model to evaluate the value of Internet enterprises, and it is effective to use EVA model to evaluate the value of PBS Company.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F626.115

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