企业价值评估方法的比较研究
摘要
随着经济日趋全球化，资本日趋广泛地流动，企业私有化、合资、收购、兼并企业重组等活动日益频繁，这些活动无不涉及企业价值的评估；同时企业财务目标已由利润最大化逐渐转变为企业价值最大化，企业价值也越来越成为企业管理当局关注的核心内容。
企业价值评估又称公司价值评估，将企业看作一个经营整体，评价其未来进行交易时的交换价值，并以价值最大化为原则进行重大交易和商业战略的选择。它已经逐渐成为资产评估业的一个重要发展方向。
在我国企业价值评估的发展过程中，存在着评估理论滞后于评估实践的情况。在实践中企业价值评估多采用调整账面价值法，而后用收益法来验证；这与国外以市场法、现金流量折现的收益方法为主流的企业价值评估相差较大。如何在我国现有条件下，即资本市场不发达、相关经济技术条件不健全情况下，客观、公正地评估企业价值，并逐步与国际企业价值评估理论接轨，已成为我国评估理论所亟待解决的问题。本文拟从对企业价值的定位入手，论述其适用的各种评估途径方法，并对各方法进行比较，以便更好的指导实践活动。
本文共分五部分：第一部分介绍企业价值概念；第二、三、四部分分别介绍了现金流量折现法、市场比较评估法、调整账面价值法三种企业价值评估方法，并对每种方法的关键理论问题做出了阐述；第五部分对这些评估方法进行了比较研究，分析了各方法的优点和不足，提出了各方法的适用范围，并简要介绍了RIM、EVA和DDM三种国外较新的价值评估方法。
With gradually globalization of economy and capital flow widely, firm cooperation, joint venture, merger enterprise restructure etc, all the activities are involved in business valuation. Enterprise finical objective has transferred from maximization of Profit to maximization of enterprise value, business valuation has become core issue of the enterprise management. Business valuation also called corporation valuation taking the enterprise as a whole, evaluates its value for exchanging in the future. It is abided by the Principle of maximization of enterprise value, business strategy selection, and asset appraisal will develop toward it.
During the development of business valuation in our country, there is a situation in that the appraisal theory is behind the appraisal practice. In the practice, the replacement cost method dominates in business valuation and then it is verified by the income method, it is much different from the foreign country's appraisal practice in which the market method and the discounted cash flow method are a major approaches in business valuation. In our current market condition that the capital market is less developed and the relating economic and technologic terms are not Perfect, how to value a business enterprise objectively and fairly and be close to international appraisal theory gradually is a critical problem to be resolved.
This thesis consists of five chapters:
The first chapter, makes a general description of business valuation, at the same time, puts up the meaning and approach of enterprise valuation.
The second, third and fourth chapter, introduce three main enterprise valuation approaches and methods: DCF (discounted cash flow) method, market multiplier method and adjusting the book value of the financial statements. These chapters are also the predominant part of this thesis.
The fifth chapter focuses on the comparison research on the different valuation methods, sets forth the advantages and disadvantages of each method, at the same time, introduces RIM, EVA and DDM valuation methods.
企业价值评估又称公司价值评估，将企业看作一个经营整体，评价其未来进行交易时的交换价值，并以价值最大化为原则进行重大交易和商业战略的选择。它已经逐渐成为资产评估业的一个重要发展方向。
在我国企业价值评估的发展过程中，存在着评估理论滞后于评估实践的情况。在实践中企业价值评估多采用调整账面价值法，而后用收益法来验证；这与国外以市场法、现金流量折现的收益方法为主流的企业价值评估相差较大。如何在我国现有条件下，即资本市场不发达、相关经济技术条件不健全情况下，客观、公正地评估企业价值，并逐步与国际企业价值评估理论接轨，已成为我国评估理论所亟待解决的问题。本文拟从对企业价值的定位入手，论述其适用的各种评估途径方法，并对各方法进行比较，以便更好的指导实践活动。
本文共分五部分：第一部分介绍企业价值概念；第二、三、四部分分别介绍了现金流量折现法、市场比较评估法、调整账面价值法三种企业价值评估方法，并对每种方法的关键理论问题做出了阐述；第五部分对这些评估方法进行了比较研究，分析了各方法的优点和不足，提出了各方法的适用范围，并简要介绍了RIM、EVA和DDM三种国外较新的价值评估方法。
With gradually globalization of economy and capital flow widely, firm cooperation, joint venture, merger enterprise restructure etc, all the activities are involved in business valuation. Enterprise finical objective has transferred from maximization of Profit to maximization of enterprise value, business valuation has become core issue of the enterprise management. Business valuation also called corporation valuation taking the enterprise as a whole, evaluates its value for exchanging in the future. It is abided by the Principle of maximization of enterprise value, business strategy selection, and asset appraisal will develop toward it.
During the development of business valuation in our country, there is a situation in that the appraisal theory is behind the appraisal practice. In the practice, the replacement cost method dominates in business valuation and then it is verified by the income method, it is much different from the foreign country's appraisal practice in which the market method and the discounted cash flow method are a major approaches in business valuation. In our current market condition that the capital market is less developed and the relating economic and technologic terms are not Perfect, how to value a business enterprise objectively and fairly and be close to international appraisal theory gradually is a critical problem to be resolved.
This thesis consists of five chapters:
The first chapter, makes a general description of business valuation, at the same time, puts up the meaning and approach of enterprise valuation.
The second, third and fourth chapter, introduce three main enterprise valuation approaches and methods: DCF (discounted cash flow) method, market multiplier method and adjusting the book value of the financial statements. These chapters are also the predominant part of this thesis.
The fifth chapter focuses on the comparison research on the different valuation methods, sets forth the advantages and disadvantages of each method, at the same time, introduces RIM, EVA and DDM valuation methods.
引文
1. Timothy ·A· Luehraman. What's it worth[J].Harvard Business Review, 1997, May-June:28—30.
2. Patricia M.Dechow, Amy P.Hutton,Richard G.Sloan An empirical assessment of the residual income valuation model Journal of Accounting and Economics 26(1999) 1-34.
3. AICPA.Professional Standards[S].1993.
4. USA Appraisal Foundation .Uniform Standards of Professional Appraisal" practices[S]. 1983.
5. DevStrichek. How to determine the value of a firm. Management Accounting 1983
6. William R. Scott. Financial Accounting Theory. Prentice Hall 1997
7. James L.Grant Foundation of Economic Value Added Frank J.Fabozzi Associates 1997.
8. Larry J.KasPer BUSINESS VALUATION Quorum Books WestPort Londan 1997.
9. Trevor S .Harris and Deen Kemsley Dividend Taxation in Firm Valuation New Evidence journal of Accounting Research Vol.37 No.2 Autumn 1999
10. Marlys Gascho Lipe Steven E.Salterio The Balanced Scorecard Judgmental Effects of Common and Unique Performance Measures THE ACCOUNTING REVIEW July 2000.
11. James A.Ohlson Earning Book Values and Dividend in Equity Valuation Contemporary Accounting Research 1995.
12．汤姆·科普兰，蒂姆·科勒．价值评估—公司价值的衡量与管理[J]．中国大百科全书出版社，1998．
13．布瑞德福特康纳尔著张志强等译．公司价值评估．北京华夏出版社2001
14．刘全洲，王莹．企业价值及其评估方法研究[J]．贵州财经学院学报，1994，(4)．
15．严绍兵．企业价值评估—直接市场数据法概述[J]．财经问题研究，2000，(5)．
16．魏斌．整体资产评估理论与方法应用研究．四川：重庆建筑大1999．
17．汪平．财务估价论—现金流量与企业价值研究[M]．上海：上海财经大学出版社，2000．
18．宗刚，黎夏，张倩等．资产评估理论与方法[M]．北京：中国审计出版社，1995．
19．高波．谈谈资产评估的价值基础[J]．中国资产评估，2001，(5)．
20．王东．并购中的企业价值评估[D]．北京：北方交通大学，1999．
21．曹庆仁，宋学锋．关于企业价值的理论探析[J]．经济问题，1999，(7)
22．田志龙，李玉清一种基于账面价值和未来收益的公司财富评价方法[J]．会计研究，1997，(5)
23．傅依，张平．公司价值评估与证券投资分析[M]．北京：中国财政经济出版社，2001．
24．沃伦·巴菲特著，陈鑫译．巴菲特从100元到160亿[M]．北京：中国财政经济出版社，2000．
25．秦嫒．企业价值评估方法研究[D]．北京：首都经贸大学，1999．
26．费良成．企业价值评估发展趋势[J]．中国资产评估，2000，(4)．
27．吴扬林，王哲，赵邦宏．对企业价值评估相关概念的辨析[J]．福建资产评估，2002，(3)．
28．崔娅．企业并购中企业价值评估研究[D]．北京：清华大学，1996．
29．马俊．企业购并中目标企业价值评估方法的应用研究[D]．哈尔滨：哈尔滨理工大学，1999．
30．高杰．目标公司价值评估方法与分析系统的研究[D]．上海：上海交通大学，1999．
31．中国资产评估学会．国际评估准则[S]．北京：中国财政经济出版社，1999．
32．周海珍．浅论收益法中折现率的确定[J]．中国资产评估，2001，(4)：13-15．
2. Patricia M.Dechow, Amy P.Hutton,Richard G.Sloan An empirical assessment of the residual income valuation model Journal of Accounting and Economics 26(1999) 1-34.
3. AICPA.Professional Standards[S].1993.
4. USA Appraisal Foundation .Uniform Standards of Professional Appraisal" practices[S]. 1983.
5. DevStrichek. How to determine the value of a firm. Management Accounting 1983
6. William R. Scott. Financial Accounting Theory. Prentice Hall 1997
7. James L.Grant Foundation of Economic Value Added Frank J.Fabozzi Associates 1997.
8. Larry J.KasPer BUSINESS VALUATION Quorum Books WestPort Londan 1997.
9. Trevor S .Harris and Deen Kemsley Dividend Taxation in Firm Valuation New Evidence journal of Accounting Research Vol.37 No.2 Autumn 1999
10. Marlys Gascho Lipe Steven E.Salterio The Balanced Scorecard Judgmental Effects of Common and Unique Performance Measures THE ACCOUNTING REVIEW July 2000.
11. James A.Ohlson Earning Book Values and Dividend in Equity Valuation Contemporary Accounting Research 1995.
12．汤姆·科普兰，蒂姆·科勒．价值评估—公司价值的衡量与管理[J]．中国大百科全书出版社，1998．
13．布瑞德福特康纳尔著张志强等译．公司价值评估．北京华夏出版社2001
14．刘全洲，王莹．企业价值及其评估方法研究[J]．贵州财经学院学报，1994，(4)．
15．严绍兵．企业价值评估—直接市场数据法概述[J]．财经问题研究，2000，(5)．
16．魏斌．整体资产评估理论与方法应用研究．四川：重庆建筑大1999．
17．汪平．财务估价论—现金流量与企业价值研究[M]．上海：上海财经大学出版社，2000．
18．宗刚，黎夏，张倩等．资产评估理论与方法[M]．北京：中国审计出版社，1995．
19．高波．谈谈资产评估的价值基础[J]．中国资产评估，2001，(5)．
20．王东．并购中的企业价值评估[D]．北京：北方交通大学，1999．
21．曹庆仁，宋学锋．关于企业价值的理论探析[J]．经济问题，1999，(7)
22．田志龙，李玉清一种基于账面价值和未来收益的公司财富评价方法[J]．会计研究，1997，(5)
23．傅依，张平．公司价值评估与证券投资分析[M]．北京：中国财政经济出版社，2001．
24．沃伦·巴菲特著，陈鑫译．巴菲特从100元到160亿[M]．北京：中国财政经济出版社，2000．
25．秦嫒．企业价值评估方法研究[D]．北京：首都经贸大学，1999．
26．费良成．企业价值评估发展趋势[J]．中国资产评估，2000，(4)．
27．吴扬林，王哲，赵邦宏．对企业价值评估相关概念的辨析[J]．福建资产评估，2002，(3)．
28．崔娅．企业并购中企业价值评估研究[D]．北京：清华大学，1996．
29．马俊．企业购并中目标企业价值评估方法的应用研究[D]．哈尔滨：哈尔滨理工大学，1999．
30．高杰．目标公司价值评估方法与分析系统的研究[D]．上海：上海交通大学，1999．
31．中国资产评估学会．国际评估准则[S]．北京：中国财政经济出版社，1999．
32．周海珍．浅论收益法中折现率的确定[J]．中国资产评估，2001，(4)：13-15．
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