企業(yè)價(jià)值評(píng)價(jià)文獻(xiàn)綜述英文版

1、企業(yè)價(jià)值評(píng)估文獻(xiàn)綜述英文版Literature Review for the Theory of Business Value measurementABSTRACTBusiness value measurement depends on expectations for the future earnings, there are many ways to assess earnings, and the mainly methods are DCF method, Residual Income valuation theory, Economic Value Added valuati

2、on method and Real Options Valuation method. This article bases on the development of domestic and foreign business value theory, and gives a brief summary of the latest research, then compares the different valuation theory at home and abroad.Finally, combining with practical features of Chinese en

3、terprise value assessment concluded that assessments of the latest theories in Chinese enterprises.KEY WORDS : Business Value, Measurement Theory, Literature Review1、IntroductionBusiness value measurement theory rose in the United States in the earlyth1960 of the 20th century. With the 50 years'

4、 development andapplication , Westerndeveloped countries have been greatly applied in practice. At present, the theory and method of enterprise value evaluation in Western developed countries have been more and more mature , and it has been used to assess in practice. In China, the application of bu

5、siness value measurement theory is later than western countries which is nowrelatively slowly. Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to form a tight,coherent theory system. On the guidance of the business valuation pr

6、actice it can establish new methods of business valuation in China, and it is essential to promote the development of theoretical study.2、Studies AbroadBusiness value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years, many scholars in

7、 Western countries on business valuation have done a large number of theoretical studies.Shiller (1981) used the discounted cash flow model to describe stock prices fluctuating boundaries, and the research shows that real stock prices change significantly beyond this range. Because these uncertain i

8、nformation is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution1hypothesisIn 1995, Ohlson use the conception of clean surplusin residual income valuation model based on

9、the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model 2. Felthan and Ohlson (1995) further developed this theory, that extraordinary income sources are twofold: first, monopoly rents, second, accounting for sound doctrine. Their most prom

10、inent contribution is presented for the evaluation of linearinformation models (linear information model) 3. Evaluation ofapplying the residual income model, relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult.1995

11、年,Ohlson在剩余收益定價(jià)模型的根底上利用干凈盈余(clean2surplus)的概念構(gòu)建并完善了剩余收益估值模型.Felthan和Ohlson(1995)進(jìn)一步開展了這一理論,認(rèn)為非常收益的來(lái)源有兩個(gè)方面：其一,壟斷租金；其二,會(huì)計(jì)的穩(wěn)健主義.他們最突出的奉獻(xiàn)在于提出了用以價(jià)值評(píng)估的線性信息模型3(1inear information model) .運(yùn)用剩余收益模型進(jìn)行價(jià)值評(píng)估,涉及到對(duì)沒(méi)有包含在當(dāng)期非常收益中的未來(lái)非常收益的時(shí)間序列估計(jì),難度較大.Jackson(1997)認(rèn)為,計(jì)算EVA能夠使現(xiàn)金流量折現(xiàn)模型計(jì)算,更能反映企業(yè)4真實(shí)經(jīng)營(yíng)狀況并且容易評(píng)價(jià)企業(yè)歷年的經(jīng)營(yíng)業(yè)績(jī).JohnA

12、(Compbell(2002)應(yīng)用實(shí)物期權(quán)分析方法討論了IS(information5System)的投資時(shí)機(jī)決策問(wèn)題.2000年,Copeland等幾位專家合著?價(jià)值評(píng)估：公司價(jià)值的衡量與治理(第三 版)?中,把價(jià)值評(píng)估方法分為現(xiàn)金流量法與非現(xiàn)金流量法兩大類別.由于Copeland推崇現(xiàn)金,因而他將現(xiàn)金作為價(jià)值評(píng)估方法的分類標(biāo)準(zhǔn).他主要論述了6現(xiàn)金流量法,對(duì)于非現(xiàn)金流量法僅點(diǎn)到為止.2003年,David Fryman和Jakob Tolleryd 在合著的?公司價(jià)值評(píng)估?專著中, 將價(jià)值評(píng)估方法分為四大類：基于現(xiàn)金流量的估值一一股利折現(xiàn)模型、折現(xiàn)現(xiàn)金流 量模型與投資的現(xiàn)金流收益；基于收益的

13、估值一一經(jīng)濟(jì)增加值(EVA);?凈資產(chǎn)估值；期權(quán)估值一一實(shí)物期權(quán)法3、Domestic7基于資產(chǎn)的估值Research我國(guó)企業(yè)價(jià)值評(píng)估理論及技術(shù)的運(yùn)用比擬晚,而且開展較為緩慢.在我國(guó)的價(jià) 值評(píng)估研究體系中,主要以 DCF及其衍生模型為主.早期提出的現(xiàn)金流與股利貼現(xiàn) 模型隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的開展,已很難適應(yīng)現(xiàn)代快速開展中的企業(yè)的價(jià)值評(píng)估.為 解決未來(lái)不確定性因素對(duì)現(xiàn)代企業(yè)的影響,我國(guó)學(xué)術(shù)界引進(jìn)了以期權(quán)理念為根底的 價(jià)值評(píng)估理論.更加完善了我國(guó)企業(yè)價(jià)值評(píng)估的理論體系.李姚礦、童昱(2006)回憶了期權(quán)定價(jià)理論在企業(yè)不確定性資產(chǎn)評(píng)估中的研究成果,根據(jù)科技型中小企業(yè)的特點(diǎn)對(duì)期權(quán)定價(jià)模型進(jìn)行了修正,并以合

14、肥市高新8區(qū)內(nèi)的一家科技型中小企業(yè)為案例,說(shuō)明了具體的評(píng)估計(jì)算過(guò)程.肖留華(2007)提出的企業(yè)價(jià)值評(píng)估體系是：P=NV+AV+sV其中NV即凈資產(chǎn)價(jià) 值是目標(biāo)企業(yè)的實(shí)際賬面價(jià)值,在總額上等于所有者權(quán)益 ；?V即資產(chǎn)溢價(jià)是指由無(wú) 形資產(chǎn)帶來(lái)的企業(yè)潛在的價(jià)值,V=NV*d d是溢價(jià)系數(shù),由企業(yè)成長(zhǎng)性、9治理水平、創(chuàng)新水平三個(gè)方面來(lái)衡量；SV是協(xié)同溢價(jià).白登順與賀強(qiáng)(2021)比照了 EVA估價(jià)法與自由現(xiàn)金流量折現(xiàn)法,發(fā)現(xiàn) EVA估價(jià) 法優(yōu)于自由現(xiàn)金流量折現(xiàn)法.與 FCFF估價(jià)法相比EVA估價(jià)法具有雙重優(yōu)勢(shì)：一方面 EVA與企業(yè)價(jià)值相關(guān)聯(lián),便于了解企業(yè)每年的經(jīng)營(yíng)情況,對(duì)價(jià)值實(shí)效計(jì)算考核；另一方面E

15、VA克服了自由現(xiàn)金流量波動(dòng)較大的缺點(diǎn),不受前后年度資本隨10意投資額的影響.黃朔,趙銀川(2021)指出由剩余收益模型計(jì)算出的企業(yè)價(jià)值并不能完全代表股票的實(shí)際價(jià)格.其原因主要表現(xiàn)在以下四個(gè)方面 ：首先,股票的實(shí)際價(jià)格往往與其 內(nèi)在的價(jià)值不一致,股票的內(nèi)在價(jià)值由上市公司的財(cái)務(wù)數(shù)據(jù)分析而來(lái),具有一定的 穩(wěn)定性；而影響股票實(shí)際價(jià)格的市場(chǎng)因素有很多,二者很難完全一致.其次,“清 潔盈余關(guān)系是EBO真型的一個(gè)重要前提假設(shè).再次,股票非流通會(huì)影響剩余收益 模型的價(jià)值評(píng)估水平.最后,從剩余收益模型的公式可以看出,企業(yè)11的凈資產(chǎn)的增長(zhǎng)率低于凈資產(chǎn)收益率是一個(gè)必須的條件.蔣大富,梅雨2021從高新技術(shù)企業(yè)的性

16、質(zhì)以及對(duì)高新技術(shù)企業(yè)價(jià)值再熟悉12的根底上.結(jié)合現(xiàn)行企業(yè)價(jià)值評(píng)估方法的優(yōu)點(diǎn)與缺點(diǎn).提出高新技術(shù)企業(yè) 價(jià)值評(píng)估應(yīng)將收益法和期權(quán)定價(jià)法結(jié)合起來(lái),以全面、真實(shí)地反映高新技術(shù)企業(yè)的 特征及其價(jià)值.提出,創(chuàng)新的高新技術(shù)企業(yè)價(jià)值評(píng)估方法應(yīng)是實(shí)物期權(quán)定價(jià)法與收 益法的有機(jī)融合,這種融合有助于實(shí)現(xiàn)兩種評(píng)估方法的互補(bǔ),即采用收益法對(duì)高新 技術(shù)企業(yè)現(xiàn)有的經(jīng)營(yíng)業(yè)務(wù)所產(chǎn)生的預(yù)期現(xiàn)金流進(jìn)行折現(xiàn).評(píng)估現(xiàn)有根底上獲利水平 的價(jià)值；用實(shí)物期權(quán)定價(jià)方法對(duì)高新技術(shù)企業(yè)的時(shí)機(jī)價(jià)值進(jìn)行測(cè)算,兩者相加得出 高新技術(shù)企業(yè)的評(píng)估價(jià)值.王靜,齊彩云,張東2021借助金融期權(quán)理論中的二叉樹定價(jià)模型,將優(yōu)化改 進(jìn)的二叉樹模型運(yùn)用到創(chuàng)業(yè)板企業(yè)價(jià)值

17、評(píng)估當(dāng)中,得出以下三方面的結(jié)論：第一二叉樹模型評(píng)估方法能夠清楚、直觀地反映出未來(lái)各種不確定性的結(jié)果,治理者可 以將其作為一種在企業(yè)未來(lái)開展中價(jià)值判斷的可參考的方法.第二,同傳統(tǒng)實(shí)物期 權(quán)中的二叉樹模型相比,防止了上下波動(dòng)率為負(fù)的情況,推導(dǎo)出的參數(shù)結(jié)果符合參 數(shù)的真實(shí)關(guān)系,同時(shí)保證了計(jì)算精度.第三,通過(guò)案例分析得出,改良的二叉樹模 型比現(xiàn)金流貼現(xiàn)的方法更能全面地考慮企業(yè)治理彈性和不確定性13對(duì)企業(yè)價(jià)值的影響,得出的價(jià)值結(jié)果更能貼近真實(shí)價(jià)值.4、SummaryThrough the analysis of business value measurement at home and abroad,

18、 we can find that the current research is mainly the combination of new and old value measurement methods according to the real situation.above on both at home and abroad enterprise value assessment theoryof analysis, can found, currently of research main is through new old value assessment method a

19、ccording to reality for combination, putenterprise value for classification, on different type of enterprise value respectively for value assessment, again put results added, formed comparison reasonable of strategy merger enterprise value assessment results, then put value assessment system using Y

20、u actual case in the, validation its effectiveness.通過(guò)上述對(duì)國(guó)內(nèi)外企業(yè)價(jià)值評(píng)估理論的分析,可以發(fā)現(xiàn),目前的研究主要是 通過(guò)新老價(jià)值評(píng)估方法根據(jù)實(shí)際情況進(jìn)行組合,把企業(yè)價(jià)值進(jìn)行分類,對(duì)不同類型的企業(yè)價(jià)值分別進(jìn)行價(jià)值評(píng)估,再把結(jié)果相加,形成比擬合理的戰(zhàn)略并購(gòu)企 業(yè)價(jià)值評(píng)估結(jié)果,然后把價(jià)值評(píng)估體系運(yùn)用于實(shí)際案例中,驗(yàn)證其有效性.參考文獻(xiàn)1 Shiller,R.J.,1981 , Do stock prices move too much to be justifiedby subsequent change in dividends?JAmeric

21、an Economic Review 71 PP.421,436(2 Ohlosn,J.A.Earnings , 1995, Book Values , and Dividends in Equity Valuation, ComemporaryJ , Accounting Research 11,PP.661,687(3 Feltham , G.A.,Ohlson,J.A.,1995, Valuation and Clean SurplusAccountingfor Operating and Financial ActivitiesJ,Comemporary Accounting Research 11PP(689,732(4 Ja