發(fā)布時(shí)間：2018-01-01 06:40

  本文關(guān)鍵詞：基于效率的上市公司價(jià)值評(píng)估市場(chǎng)法改進(jìn)研究　出處：《長(zhǎng)沙理工大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 企業(yè)價(jià)值評(píng)估 市場(chǎng)法 經(jīng)濟(jì)效率 數(shù)據(jù)包絡(luò)分析法

【摘要】：企業(yè)作為資產(chǎn)的一種特殊形式,其價(jià)值的評(píng)估近年來(lái)成為資產(chǎn)評(píng)估界討論的熱點(diǎn)。伴隨著現(xiàn)代資本市場(chǎng)的迅速發(fā)展,資本更加廣泛地流動(dòng),企業(yè)私有化、上市、合資、收購(gòu)兼并、重組等產(chǎn)權(quán)交易活動(dòng)日益頻繁,對(duì)企業(yè)價(jià)值評(píng)估的需求將更加廣泛。市場(chǎng)法作為三種傳統(tǒng)評(píng)估方法之一,在西方發(fā)達(dá)國(guó)家,以其直觀、易行的優(yōu)勢(shì)倍受推崇,廣泛應(yīng)用于產(chǎn)權(quán)交易定價(jià)中；而在我國(guó)評(píng)估實(shí)務(wù)中,由于一些原因而較少采用市場(chǎng)法,如證券市場(chǎng)不夠發(fā)達(dá)、難以尋找可比公司和調(diào)整差異等等。隨著我國(guó)市場(chǎng)經(jīng)濟(jì)體系不斷完善,市場(chǎng)法作為企業(yè)價(jià)值評(píng)估的重要方法之一,必將得到廣泛的應(yīng)用。因此,對(duì)市場(chǎng)法的研究有著不容忽視的理論和現(xiàn)實(shí)意義。本文在市場(chǎng)法現(xiàn)有研究成果的基礎(chǔ)上,針對(duì)其在評(píng)估實(shí)踐中遇到的難點(diǎn)提出了基于效率的上市公司價(jià)值評(píng)估市場(chǎng)法改進(jìn)的思路：通過(guò)DEA方法對(duì)上市公司的投入產(chǎn)出經(jīng)濟(jì)效率進(jìn)行測(cè)度,選擇效率值相似的公司作為可比公司,并將被評(píng)估公司與可比公司的效率值之比作為價(jià)值比率的調(diào)整系數(shù),進(jìn)而確定上市公司價(jià)值。本文首先系統(tǒng)梳理了企業(yè)價(jià)值理論、經(jīng)濟(jì)效率理論,指出企業(yè)價(jià)值與企業(yè)投入產(chǎn)出效率有密切的關(guān)系,并介紹了市場(chǎng)法的理論依據(jù)和評(píng)估程序。其次,針對(duì)我國(guó)市場(chǎng)法應(yīng)用較少的現(xiàn)狀,分析市場(chǎng)法在應(yīng)用中的技術(shù)難點(diǎn)：可比公司的確定、價(jià)值比率的選擇和差異的調(diào)整。然后,在前文分析的基礎(chǔ)上,基于效率的市場(chǎng)法改進(jìn)思路,選用DEA方法作為投入產(chǎn)出效率測(cè)度的方法,并選用主成分分析法選取具有明確經(jīng)濟(jì)意義的主成分作為DEA模型投入產(chǎn)出指標(biāo),通過(guò)對(duì)上市公司的效率測(cè)度排序,選擇與被評(píng)估公司具有相似效率值的公司作為可比公司；同時(shí)根據(jù)效率值對(duì)價(jià)值比率進(jìn)行調(diào)整。最后,結(jié)合具體實(shí)例,演示了改進(jìn)后的市場(chǎng)法在評(píng)估實(shí)踐中的具體應(yīng)用,驗(yàn)證了基于效率的市場(chǎng)法的可行性。
[Abstract]:As a special form of enterprise assets, assess its value in recent years has become a hot topic in asset evaluation industry. With the rapid development of modern capital market, capital flows more widely, privatization, listing, joint venture, mergers and acquisitions, restructuring and other property transactions have become increasingly frequent, the demand for enterprise valuation will be more and more widely. The market law as one of the three traditional assessment methods, in the western developed countries, with its intuitive, easy advantage of highly respected, widely used in property transaction pricing; but in our country the practice of evaluation, because of some reasons and less use of the market, such as the stock market is not fully developed, it is difficult to find comparable companies and adjust the difference and so on. With China's market economy continues to improve, one of the important methods of market law as the enterprise value assessment, will be widely used. Because of this, the research method of the market It has great theoretical and practical significance. Based on the existing research results of market method, aiming at the difficulties encountered in the practice of the evaluation is proposed to evaluate the efficiency of the method of market value of listed companies based on improved methods: to measure the efficiency of input-output of listed companies through the DEA method, the efficiency value of similar selection the company as comparable companies, and will be evaluated with comparable company efficiency value as the ratio adjustment coefficient value ratio, and then determine the value of listed companies. This paper firstly reviews the theory of enterprise value, the economic efficiency theory, points out that there is a close relationship between the input and output efficiency of the enterprise value and the enterprise, and introduces the market the theory basis and the evaluation procedure. Secondly, according to the current situation of China's market application method, analyzes the technical difficulties in the application of the method can determine the market than the company, The selection and adjustment of the difference value ratio. Then, on the basis of the above analysis, based on the ideas of market efficiency improvement method, use the DEA method as the method of input-output efficiency measurement, and use principal component analysis to select the principal component has clear economic significance as DEA model input and output indicators, through the sort of efficiency measurement of listed the selection and assessment of the company by the company as having similar efficiency value of comparable companies; at the same time, according to the efficiency value to adjust the value of the ratio. Finally, combined with the specific example, the specific application demonstrates the market improved method in evaluation practice, verify the feasibility of the method based on market efficiency.

【學(xué)位授予單位】：長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F272.5;F832.51

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