本文關(guān)鍵詞：基于REVA的創(chuàng)業(yè)板上市公司企業(yè)價(jià)值評估　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國創(chuàng)業(yè)板市場成立的時(shí)間不久,正處于高速成長的階段,涉及的行業(yè)多是高科技企業(yè)和新興產(chǎn)業(yè)。我國創(chuàng)業(yè)板上市公司與傳統(tǒng)的主板上市公司有顯著的區(qū)別,創(chuàng)業(yè)板上市公司具備高增長、高收益、高風(fēng)險(xiǎn)的特點(diǎn)。在對這些企業(yè)進(jìn)行評估時(shí),傳統(tǒng)的評估方法會有一定的局限性。因此,如何選取能真正反映創(chuàng)業(yè)板企業(yè)價(jià)值和持續(xù)發(fā)展能力的評估方法,對于投資者和企業(yè)本身的發(fā)展都是重大意義。 本文通過對創(chuàng)業(yè)板上市企業(yè)介紹,歸納出我國創(chuàng)業(yè)板上市企業(yè)的的發(fā)展?fàn)顩r和特點(diǎn)。通過對傳統(tǒng)評估方法和模型的介紹,分別指出他們在對創(chuàng)業(yè)板上市企業(yè)價(jià)值評估中的局限。在此基礎(chǔ)上,引出REVA模型在創(chuàng)業(yè)板中應(yīng)用的必要性。在系統(tǒng)的介紹了REVA的基本理論后,對REVA的評估模型進(jìn)行了概括,結(jié)合本文要介紹的創(chuàng)業(yè)板上市公司的特點(diǎn),介紹了此模型在特點(diǎn)上與創(chuàng)業(yè)板價(jià)值特點(diǎn)的切合,從而得出了此模型應(yīng)用在創(chuàng)業(yè)板上市公司企業(yè)價(jià)值評估的適用性。 在用實(shí)例舉證部分,選取創(chuàng)業(yè)板上市公司中具有代表性的財(cái)經(jīng)類互聯(lián)網(wǎng)公司-東方財(cái)富網(wǎng)進(jìn)行REVA計(jì)算。結(jié)合宏觀經(jīng)濟(jì)運(yùn)行情況和公司經(jīng)營預(yù)測,對東方財(cái)富網(wǎng)的未來五年的REVA的預(yù)測,運(yùn)用REVA模型階段模型,得出2012年東方財(cái)富網(wǎng)的企業(yè)價(jià)值,并對這個(gè)結(jié)果與該公司的市值進(jìn)行對比分析,得到了REVA模型應(yīng)用在創(chuàng)業(yè)板上市公司企業(yè)價(jià)值評估的適用性,并對評估結(jié)果的差異做出了分析。通過實(shí)證,本文得出REVA模型可以應(yīng)用在創(chuàng)業(yè)板企業(yè)價(jià)值評估中,并對REVA在我國進(jìn)一步的發(fā)展做出了展望。
[Abstract]:The gem market in our country is in the stage of rapid growth, which involves high-tech enterprises and emerging industries. There are significant differences between the gem listed companies and the traditional main board listed companies. Gem listed companies have the characteristics of high growth, high returns, high risk. In the evaluation of these enterprises, the traditional evaluation methods will have some limitations. How to select the evaluation method which can truly reflect the value and sustainable development ability of gem is of great significance to the development of investors and enterprises themselves. Through the introduction of gem listed enterprises, this paper summarizes the development and characteristics of gem listed enterprises in China, and introduces the traditional evaluation methods and models. On the basis of this, the necessity of applying REVA model in gem is introduced. After introducing the basic theory of REVA systematically, this paper points out their limitations in evaluating the value of gem listed enterprises. The evaluation model of REVA is summarized, and the characteristics of gem listed companies are introduced in this paper. The applicability of this model in enterprise value evaluation of gem listed companies is obtained. In the part of proof with an example, select the representative financial and economic Internet companies in the gem-Dongfang Wealth Network to calculate the REVA, combined with the macroeconomic operation and company business forecast. Based on the prediction of REVA in the next five years, the enterprise value of Oriental Wealth Network in 2012 is obtained by using the REVA model. By comparing this result with market value, we get the applicability of REVA model in the enterprise value evaluation of gem listed companies, and analyze the difference of the evaluation results. This paper concludes that the REVA model can be applied to the gem enterprise value evaluation, and makes a prospect for the further development of REVA in China.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F224;F832.51;F275

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