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ID:32075233
大小:7.52 MB
页数:58页
时间:2019-01-31
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1、首都经济贸易大学硕士学位论文网龙公司价值评估案例分析AbstractNetDragonisadiversifiedcompanyinonlinegamingandmobileInteractindustries.PConlinegamingisnearlyinautumnwhilemobileInternetisinspring,aperiodoffastgrowthandexpansion.Atpresent,academicandpracticalexpelshavebarelyfocusedonthebusinessvaluationofcompaniesinth
2、esetwofields.ThisthesispresentsadetailedcasestudyofbusinessvaluationofNetDragonbyusingaDCFmodelwhichhasthestrongestvaluationtheory.Invaluationprocess,Iusedvariousstudymethods,likecombinationtheoryandpracticetogether,qualitativeandquantitativeanalysis,andscenarioanalysis,etc.Thisthesisful
3、lyshowsthewholeprocessofbusinessvaluationofNetDragonbyDCFmodel.Thethesisconsistsoftwoparts--theoreticalanalysisandcasestudy.Intheoreticalanalysispart,Imadeatheoreticaloverview,discussedtheapplicabilityofthreetraditionalmethodsandchosetheDCFmodelforthiscase.analyzedthevaluationdifficultie
4、sandcarriedoutaseriesofsolutionsfordifficultiesindiversifiedbusiness,hard.to.estimategrowthrateandperpetualrate.CasestudyisaprocessofapplyingtheDCFmodelandcreativesolutions.Firstly,Imadeenvironmentandstrategyanalysisinthreelevels--macroeconomics,industryandcompany.Imadeuseofindustrylifec
5、ircletheoryandresearchoutcomesfromprofessionalinstitutionsinindustryanalysis,andSWOTfourfactorsincompanyanalysis.Secondly,Imadefinancialforecastsconsideringbothhistoricalfinancialsandstrategyanalysis.WhenforecastedtherevenueofrapidlygrowingmobileIntemetbusiness,thecreativemethodofindustr
6、ycoefficientadjustmentandthemethodofrevenuedivisionwereapplied.Thirdly,IbuiltaconcreteDCFmodelforthiscase,appraisingtwobusinessestogetherinforecastperiodandseparatelyinterminalvalueperiod.Finally,Ibroughtthecalculatedparameters(FCFF,WACC,perpetualrate,etc.)intothemodelandgottheresultthat
7、theintemalvalueofNetDragononSep30,2012isSHK13.65pershare.Ithinktherearethreereasonstoexplainthedifferencebetweenmarketpriceandappraisalresults:thetimelagofstockprice,institutionalinvestorsinHongKongmarketpursuing“runfastertllanthemarket”andtheinvestorsarecautious.Afterana
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