本文選題：整體資產(chǎn)評(píng)估 + 收益法��； 參考：《杭州電子科技大學(xué)》2014年碩士論文

【摘要】：企業(yè)整體資產(chǎn)價(jià)值評(píng)估在企業(yè)之間合作經(jīng)營(yíng)、并購(gòu)、企業(yè)內(nèi)部股份制改革、資產(chǎn)抵押或者擔(dān)保、資產(chǎn)損失索賠、企業(yè)破產(chǎn)清算等方面有著廣泛地應(yīng)用。在企業(yè)資產(chǎn)價(jià)值的各種評(píng)價(jià)方法，收益法是最完整的一個(gè)方法，在用收益法對(duì)企業(yè)總體價(jià)值進(jìn)行評(píng)價(jià)時(shí)，折現(xiàn)率的確定有著舉足輕重的地位，因?yàn)檎郜F(xiàn)率的極小波動(dòng)能夠帶來資產(chǎn)價(jià)值的極大變化。折現(xiàn)率的確定方法有很多種，如加權(quán)平均資本成本法、資本資產(chǎn)定價(jià)模型、行業(yè)平均收益率、累加法等，當(dāng)前的折現(xiàn)率確定方法存在著隨意性、過分簡(jiǎn)單化的問題，如何正確地選擇適用于不同企業(yè)自身情況和不同評(píng)估目的的折現(xiàn)率確定方法和原則是一個(gè)備受人們關(guān)注的問題。 首先，本文從折現(xiàn)率的性質(zhì)特征、確定原則和影響因素等方面對(duì)折現(xiàn)率的相關(guān)研究文獻(xiàn)進(jìn)行了梳理；其次，對(duì)加權(quán)平均資本成本法、資本資產(chǎn)定價(jià)模型、行業(yè)平均收益率法、累加法等折現(xiàn)率確定方法從基本原理和應(yīng)用的角度進(jìn)行了深入的比較；第三，以上述比較分析結(jié)論為依托，以XYZ公司的相關(guān)背景資料和證券市場(chǎng)可獲得的數(shù)據(jù)為起點(diǎn)，對(duì)XYZ公司整體資產(chǎn)評(píng)估中的折現(xiàn)率確定進(jìn)行了具體的分析，最終確定一種適用于XYZ公司的折現(xiàn)率計(jì)算方法。 不同的折現(xiàn)率模型在內(nèi)涵、發(fā)展、前提假設(shè)條件、要素和數(shù)據(jù)準(zhǔn)備、行業(yè)適用性等方面都是有很大的差異的；站在不同的角度、針對(duì)不同性質(zhì)的企業(yè)，企業(yè)整體價(jià)值評(píng)估也是有很多不同的考量的。對(duì)于一些發(fā)展比較成熟的行業(yè)（如房地產(chǎn)行業(yè)），在資本結(jié)構(gòu)上比較穩(wěn)定，證券市場(chǎng)數(shù)據(jù)比較全面且波動(dòng)變異性不大，行業(yè)分析經(jīng)驗(yàn)比較完善，可以采用加權(quán)平均資本成本模型以及累加法模型，因?yàn)樾袠I(yè)的穩(wěn)定債務(wù)股權(quán)市值比例等的經(jīng)驗(yàn)數(shù)據(jù)將會(huì)對(duì)被評(píng)估企業(yè)的資本結(jié)構(gòu)評(píng)價(jià)上起到輔助修正作用；對(duì)于行業(yè)內(nèi)企業(yè)發(fā)展差距大、行業(yè)特征并不是很明顯的企業(yè)，資本結(jié)構(gòu)數(shù)據(jù)可能并不容易獲得，要視具體情況（是否上市）而定，這類企業(yè)在確定折現(xiàn)率時(shí)也很難有可以作為統(tǒng)一比較的基準(zhǔn)，所以評(píng)估的結(jié)果必須要與主觀的分析結(jié)合起來來，同時(shí)，對(duì)于上市的企業(yè)，利用證券市場(chǎng)信息的資本資產(chǎn)定價(jià)模型也可能是適用的折現(xiàn)率模型。所以，在選擇折現(xiàn)率的確定方法時(shí)一定要將理論比較與具體應(yīng)用準(zhǔn)則結(jié)合、企業(yè)自身的情況與外部的條件結(jié)合，綜合確定折現(xiàn)率。
[Abstract]:The evaluation of the whole assets value of the enterprise has been widely used in the aspects of cooperative management, merger and acquisition, internal stock system reform, asset mortgage or guarantee, asset loss claim, bankruptcy liquidation and so on. The income method is the most complete method in all kinds of evaluation methods of enterprise asset value. When the income method is used to evaluate the total value of an enterprise, the determination of discount rate plays an important role. Because a very small fluctuation in the discount rate can bring about a great change in the value of an asset. There are many methods to determine the discount rate, such as weighted average capital cost method, capital asset pricing model, industry average rate of return, cumulative method, etc. How to correctly select the method and principle of determining discount rate which is suitable for different enterprises' own conditions and different evaluation purposes is a problem that people pay close attention to. First of all, this paper combs the relevant research literature on discount rate from the characteristics of discount rate, determining principles and influencing factors. Secondly, the paper analyzes the weighted average capital cost method, capital asset pricing model, industry average rate of return method, etc. The accumulative method and other discount rate determination methods are compared in terms of basic principle and application. Thirdly, based on the above comparative analysis conclusion, the paper takes the relevant background information of XYZ Company and the data available in the stock market as the starting point. This paper makes a concrete analysis on the determination of discount rate in the whole assets evaluation of XYZ Company, and finally determines a method of calculating the discount rate suitable for XYZ Company. Different discount rate models are very different in terms of connotation, development, premise assumptions, factors and data preparation, industry applicability, etc. There are also many different considerations in evaluating the overall value of an enterprise. For some more mature industries (such as the real estate industry), the capital structure is relatively stable, the securities market data are relatively comprehensive and volatility is small, and the industry analysis experience is relatively perfect. The weighted average capital cost model and the cumulative model can be used, because the empirical data of the market value ratio of stable debt equity in the industry will play an auxiliary role in the capital structure evaluation of the evaluated enterprises. For enterprises whose development gaps are large and whose industry characteristics are not obvious, capital structure data may not be readily available, depending on the specific circumstances (whether or not they are listed). In determining the discount rate of such enterprises, it is very difficult to have a benchmark that can be used as a uniform comparison. Therefore, the results of the evaluation must be combined with subjective analysis. At the same time, for listed enterprises, The capital asset pricing model based on securities market information may also be a suitable discount rate model. Therefore, when choosing the method of determining discount rate, we must combine the theoretical comparison with the concrete application criterion, the enterprise's own situation and the external condition, and determine the discount rate synthetically.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前4條

1 周海珍;淺論收益法中折現(xiàn)率的確定[J];中國(guó)資產(chǎn)評(píng)估;2001年04期

2 ;境外企業(yè)價(jià)值評(píng)估準(zhǔn)則概覽之二——?dú)W洲評(píng)估準(zhǔn)則[J];中國(guó)資產(chǎn)評(píng)估;2004年09期

3 謝虹;鄭炳南;;論企業(yè)價(jià)值評(píng)估中折現(xiàn)率的性質(zhì)與選擇[J];中國(guó)資產(chǎn)評(píng)估;2007年01期

4 許人文;;對(duì)不同資本結(jié)構(gòu)下的折現(xiàn)率的理解和應(yīng)用[J];中國(guó)資產(chǎn)評(píng)估;2007年09期

，

本文編號(hào)：2111697