本文關(guān)鍵詞： 高新技術(shù)企業(yè) 價(jià)值評(píng)估 經(jīng)濟(jì)增加值 實(shí)物期權(quán)　出處：《哈爾濱工業(yè)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：對(duì)于高新技術(shù)企業(yè)來(lái)說(shuō)，并購(gòu)、重組等已經(jīng)成為這類(lèi)企業(yè)擴(kuò)展經(jīng)營(yíng)規(guī)模，增強(qiáng)核心競(jìng)爭(zhēng)力，擴(kuò)大市場(chǎng)份額，化解競(jìng)爭(zhēng)者的一項(xiàng)戰(zhàn)略性決策，其成功與否決定了未來(lái)企業(yè)的長(zhǎng)期發(fā)展前景。而并購(gòu)的核心是被并購(gòu)企業(yè)的價(jià)值評(píng)估，只有正確的企業(yè)價(jià)值評(píng)估才能夠獲得目標(biāo)企業(yè)當(dāng)前資產(chǎn)及未來(lái)經(jīng)營(yíng)狀況的確切信息，才能指導(dǎo)科學(xué)的并購(gòu)決策。在企業(yè)價(jià)值已經(jīng)成為企業(yè)經(jīng)營(yíng)目標(biāo)的背景下，綜合考慮高新技術(shù)企業(yè)多種資源的不同特點(diǎn)及相關(guān)性，構(gòu)建系統(tǒng)的企業(yè)價(jià)值評(píng)估方法，對(duì)于提高我國(guó)高新技術(shù)企業(yè)的價(jià)值管理水平，指導(dǎo)科學(xué)的企業(yè)并購(gòu)決策，實(shí)現(xiàn)并購(gòu)雙方股東收益的最大化具有重要的理論和實(shí)踐價(jià)值。 本文首先分析了高新技術(shù)企業(yè)的本身特點(diǎn)及其并購(gòu)的特點(diǎn)對(duì)企業(yè)價(jià)值的認(rèn)定和評(píng)估提出的新要求，指出我國(guó)以往通常采用的市場(chǎng)法等評(píng)估方法一方面忽略了高新技術(shù)企業(yè)由于大量投資引起的資金成本，另一方面無(wú)法對(duì)高新技術(shù)企業(yè)擁有的一些戰(zhàn)略性資產(chǎn)在并購(gòu)中的或有價(jià)值進(jìn)行評(píng)估。 針對(duì)該問(wèn)題，本文提出了高新企業(yè)并購(gòu)價(jià)值評(píng)估的綜合模型，綜合應(yīng)用了經(jīng)濟(jì)增加值（EVA）和實(shí)物期權(quán)的方法，在進(jìn)行傳統(tǒng)價(jià)值評(píng)估的同時(shí)，還評(píng)估了高新技術(shù)企業(yè)整體的柔性價(jià)值。其中，針對(duì)高新技術(shù)企業(yè)發(fā)展的階段性特點(diǎn)，建立了包括發(fā)展階段和穩(wěn)定階段的兩階段EVA評(píng)估模型，不僅能夠考慮企業(yè)的權(quán)益資本成本，而且能夠準(zhǔn)確反映企業(yè)經(jīng)營(yíng)業(yè)績(jī)，同時(shí)克服會(huì)計(jì)信息失真對(duì)企業(yè)價(jià)值的影響。實(shí)物期權(quán)方法采用了B-S期權(quán)模型進(jìn)行定價(jià)，重點(diǎn)對(duì)企業(yè)中的戰(zhàn)略性的、不確定性較強(qiáng)、對(duì)企業(yè)未來(lái)價(jià)值影響巨大的投資或資產(chǎn)進(jìn)行評(píng)估。 最后，本文應(yīng)用一個(gè)真實(shí)的高新技術(shù)企業(yè)并購(gòu)案例說(shuō)明了本文所構(gòu)建模型的計(jì)算過(guò)程，并分析了模型的適用性。
[Abstract]:For high-tech enterprises, M & A and reorganization have become a strategic decision for such enterprises to expand their business scale, enhance their core competitiveness, expand their market share and resolve their competitors. Its success or not determines the long-term development prospects of the future enterprises, and the core of M & A is the value evaluation of the M & A enterprises. Only the correct evaluation of the enterprise value can obtain the exact information of the target enterprise's current assets and future management status, and can it guide the scientific M & A decision, under the background that the enterprise value has already become the enterprise management goal. Considering the different characteristics and relativity of various resources of high-tech enterprises, a systematic evaluation method of enterprise value can improve the level of value management of high-tech enterprises in China and guide the scientific decision of M & A. It is of great theoretical and practical value to realize the maximization of shareholders' income of both sides of M & A. This paper first analyzes the characteristics of high-tech enterprises and the characteristics of mergers and acquisitions to identify and evaluate the value of the new requirements. On the one hand, the capital cost caused by a large amount of investment in high-tech enterprises is neglected. On the other hand, it is impossible to evaluate the value of some strategic assets in M & A. In order to solve this problem, this paper puts forward a comprehensive model of M & A value evaluation for high-tech enterprises, and applies the methods of economic value added (EVA) and real option, while carrying out traditional value assessment. The flexible value of high-tech enterprises as a whole is also evaluated. According to the stage characteristics of the development of high-tech enterprises, a two-stage EVA evaluation model is established, which includes the development stage and the stable stage. Not only can consider the cost of equity capital, but also can accurately reflect the business performance. At the same time to overcome the impact of accounting information distortion on the value of the enterprise. The real options method used B-S option model to price the emphasis on the strategic enterprise uncertainty is strong. Evaluate investments or assets that have a huge impact on the future value of the business. Finally, this paper uses a real case of M & A of high-tech enterprises to illustrate the calculation process of the model, and analyzes the applicability of the model.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.44;F271;F224

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