企业价值评估——以软控股份为例.doc

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1、目录1引言·························································12企业价值评估理论·························································22.1企业价值································································22.2企业价值评估及其方法····················································

2、22.3现金流折现法···························································32.4相对价值法························································43企业价值评估——以软控股份为例············································63.1案例公司概况···························································63.

3、2现金流折现法评估························································73.2.1分析历史绩效·························································73.2.2预测未来绩效·························································93.2.3估计资本成本····················································

4、·····93.2.4计算企业价值························································103.3相对价值法·····························································123.3.1可比公司的选择·······················································123.3.2相对价值法下的价值计算····································

5、···········133.3.3其他加分因素·························································134两种估值结果的比较及结论················································144.1两种估值结果的比较····················································144.2总结··················································

6、·················14参考文献··································································15案例分析第15页共15页1引言自20世纪90年代以来，商业界发生了两点令人瞩目的变化，其中之一就是基于价值的管理理念得到广泛的认同，公司经营决策的基准点就是为股东创造价值，企业价值评估是基于价值的管理的根本基础。此外，人们日益清楚地认识到，在市场经济条件下，作为商品生产者的企业本身也是一种商品，可以在市场上进行估价和买卖。现代资本市场的迅速发展，极大

7、地促进了企业资源在不同所有者之间流动。近年来，企业并购、重组、股权交易、风险投资等产权交易活动蓬勃开展，而企业估价是产权交易能否实现的核心问题之一。当前企业价值评估的方法中，资产基础法、市场法和收益法是被评估界广泛接受的三种基本评估方法。在评估实践中，欧美发达国家在实务中使用频率最高的是市场法，而我国的评估师在进行企业价值评估时是以资产基础法为主收益法为辅。这三种方法相对应的具体估值方法主要是金流折现法、相对估值法和期权估价法。而使用折现现金流量模型计算出的企业价值，在市场这个大环境当中符合资本市场的要求，并且不管是成长型的小企

8、业或者大型企业甚至跨国公司，只要未来现金流量数据没有受到财务报表的人为粉饰修改和操纵，以及会计计量上的变动，那么得出的企业价值评估值就不会受到影响，这样使得最后得出的数据有保障性。本文将用现金流折现法及相对价值法两种方法对案例企业进行价值评估，并对两种方法进行比