本文選題：虧損企業(yè) + 收益法��； 參考：《遼寧大學(xué)》2014年碩士論文

【摘要】：近年來(lái),隨著我國(guó)經(jīng)濟(jì)的快速發(fā)展,產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型升級(jí)的加快,資產(chǎn)評(píng)估行業(yè)也進(jìn)入高速發(fā)展階段,其中尤以企業(yè)價(jià)值評(píng)估領(lǐng)域發(fā)展最為迅速。收益法作為企業(yè)價(jià)值評(píng)估的三大基本方法之一,具有十分成熟的理論依據(jù),被認(rèn)為是最為科學(xué)的評(píng)估方法,最能反映企業(yè)的內(nèi)在價(jià)值。但在實(shí)際應(yīng)用中收益法卻存在諸多問(wèn)題。特別是對(duì)虧損企業(yè)應(yīng)用收益法進(jìn)行評(píng)估時(shí),由于虧損企業(yè)同盈利企業(yè)相比存在獨(dú)特的問(wèn)題,使得虧損企業(yè)運(yùn)用收益法時(shí)容易出現(xiàn)評(píng)估結(jié)果與采用成本法和市場(chǎng)法的評(píng)估結(jié)果相差較大的情況。對(duì)此,解決這些問(wèn)題對(duì)于正確使用收益法評(píng)估企業(yè)價(jià)值具有重要意義。 鑒于此,本文首先對(duì)虧損企業(yè)按所處行業(yè)特點(diǎn)分為周期性虧損企業(yè)、防守性虧損企業(yè)、成長(zhǎng)性虧損企業(yè)三類,簡(jiǎn)要說(shuō)明各類虧損企業(yè)運(yùn)用收益法評(píng)估的特點(diǎn)和收益法的技術(shù)路徑,并分析了收益法在虧損企業(yè)價(jià)值評(píng)估中的適用性。其次,本文對(duì)各類虧損企業(yè)運(yùn)用收益法評(píng)估存在的主要問(wèn)題進(jìn)行分析,并提出了針對(duì)性的解決方法。然后,本文取用一家典型虧損公司的資產(chǎn)評(píng)估報(bào)告,根據(jù)上文對(duì)虧損企業(yè)運(yùn)用收益法評(píng)估存在的主要問(wèn)題的分析,指出該份評(píng)估報(bào)告中運(yùn)用收益法評(píng)估企業(yè)價(jià)值時(shí)存在的主要問(wèn)題并提出相應(yīng)的解決方法。 基于上述理論分析與案例討論,本文得出以下結(jié)論：(1)當(dāng)前企業(yè)虧損并不能作為企業(yè)不符合持續(xù)經(jīng)營(yíng)假設(shè)的依據(jù),而應(yīng)當(dāng)根據(jù)企業(yè)管理層對(duì)企業(yè)未來(lái)經(jīng)營(yíng)狀況的預(yù)期和評(píng)估人員自身的預(yù)測(cè)來(lái)綜合判斷。在判斷企業(yè)是否滿足持續(xù)經(jīng)營(yíng)假設(shè)時(shí),要根據(jù)企業(yè)評(píng)估目的來(lái)確定企業(yè)未來(lái)應(yīng)采用何種方式持續(xù)經(jīng)營(yíng),并據(jù)此判斷企業(yè)符合何種類型的持續(xù)經(jīng)營(yíng)假設(shè)。(2)在對(duì)虧損企業(yè)相關(guān)參數(shù)和數(shù)據(jù)的預(yù)測(cè)時(shí),需要根據(jù)企業(yè)類型的不同進(jìn)行調(diào)整。 最后,本文從持續(xù)經(jīng)營(yíng)假設(shè)的判斷,現(xiàn)金流量預(yù)測(cè),評(píng)估結(jié)果比較等方面對(duì)虧損企業(yè)價(jià)值評(píng)估應(yīng)用收益法提出相關(guān)建議,并闡述了研究中存在的不足。
[Abstract]:In recent years, with the rapid development of China's economy and the acceleration of industrial structure transformation and upgrading, the asset appraisal industry has also entered the stage of rapid development, especially in the field of enterprise value evaluation. As one of the three basic methods of enterprise value evaluation, income method has very mature theoretical basis, and is considered to be the most scientific evaluation method, which can best reflect the intrinsic value of the enterprise. But in the practical application, there are many problems in the income method. In particular, when applying the income approach to the evaluation of loss-making enterprises, because of the unique problems of loss-making enterprises compared with profitable enterprises, It is easy for loss-making enterprises to use the income method and the result of evaluation is different from that of cost method and market method. Therefore, solving these problems is of great significance for the correct use of income method to evaluate the value of enterprises. In view of this, this paper firstly divides the loss-making enterprises into three categories according to the characteristics of their industries: periodic loss-making enterprises, defensive loss-making enterprises, growth loss-making enterprises. This paper briefly describes the characteristics of various loss-making enterprises using the income method and the technical path of the income method, and analyzes the applicability of the income method in the evaluation of the value of the loss-making enterprises. Secondly, this paper analyzes the main problems existing in the profit assessment of all kinds of loss-making enterprises, and puts forward the corresponding solutions. Then, this paper draws on the asset evaluation report of a typical loss-making company, and analyzes the main problems existing in the evaluation of loss-making companies using the income approach. This paper points out the main problems in using income method to evaluate the value of enterprises and puts forward the corresponding solutions. Based on the above theoretical analysis and case study, this paper draws the following conclusion: (1) the current enterprise losses are not the basis of the assumption that the enterprise does not conform to the continuing operation hypothesis. It should be judged synthetically according to the expectation of the management of the enterprise and the forecast of the appraisers themselves. In judging whether or not an enterprise meets the assumption of going on operation, it is necessary to determine the way in which the enterprise should continue to operate in the future according to the purpose of the enterprise evaluation. In order to predict the relevant parameters and data of the loss-making enterprises, it is necessary to adjust according to the different types of enterprises. Finally, this paper puts forward some suggestions on the application of income method to the valuation of loss-making enterprises from the aspects of judging the hypothesis of going concern, forecasting the cash flow and comparing the evaluation results, and expounds the shortcomings of the research.
【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】：2014
【分類號(hào)】：F275.2

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