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ID:11845890
大小:47.50 KB
页数:15页
时间:2018-07-14
《企业价值评估八大核心方法(eight core methods of enterprise value evaluation)》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、企业价值评估八大核心方法(Eightcoremethodsofenterprisevalueevaluation)ThereasonableevaluationofthevalueofthetargetenterpriseisoneofthemostimportantproblemsencounteredintheprocessofM&Aandforeigninvestment.Appropriateevaluationmethodisthepremiseoftheaccurateevaluationofenterprisevalue.Thispaperwillfoc
2、usonthecoremethodsofenterprisevalueevaluation,respectively,fromthebasicprinciplesofthemethod,thescopeofapplicationandlimitationsoftheanalysisandsummary.I.enterprisevalueevaluationmethodsystemEnterprisevalueevaluationisacomprehensiveassetandequityassessment.Itistheprocessofanalyzingandes
3、timatingthewholevalueoftheenterprise,thetotalequityvalueoftheshareholderorthevalueofthepartoftheequity.Atpresent,theinternationalevaluationmethodsaremainlydividedintothreecategories:incomemethod,costmethodandmarketmethod.Theincomeapproachisusedtodeterminethevalueoftheevaluatedobjectbyca
4、pitalizingordiscountingtheexpectedearningsoftheevaluatedenterprisetoaspecifieddate.Thetheoryisbasedontheprincipleofeconomicsinthediscounttheory,namelythevalueofanassetistheuseofitcangetthepresentvalueoffutureearnings,thediscountratereflectstheinvestmentoftheassetandprofitriskrateofretur
5、n.Themainmethodsofincomemethodincludediscountedcashflow(DCF),internalrateofreturn(IRR),CAPMmodelandEVAvaluationmethod,etc..Thecostmethodisbasedonthebalancesheetofthetargetenterpriseanddeterminesthevalueoftheevaluationobjectbyreasonablyevaluatingtheassetsvalueandliabilitiesoftheenterpris
6、e.Thetheoreticalbasisisthatthepricepaidbyanyrationalpersonforanassetwillnotbehigherthanthepriceofthereplacementorpurchaseofthesameusealternatives.Themainmethodisthereplacementcost(costplussum)method.Themarketlawistocomparetheobjectofassessmentwiththeequityassetssuchastheenterprisethatca
7、nrefertotheenterpriseortheexistingtransactioncasesinthemarket,theshareholder'sequityandthesecurities,soastodeterminetheobjectvalueoftheevaluation.Thepremiseisthattheassumptionthatasimilarassetinaperfectmarketwillhavesimilarprices.Thecommonlyusedmethodsinmarketlawarereferenceent
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