企業(yè)價(jià)值評估文獻(xiàn)綜述英文版

1、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 valuation method and

2、 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 enterprise valu

3、e 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 early 1960th of the 20th century. With the 50 years development and

4、 application , Western developed 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 business value mea

5、surement theory is later than western countries which is now relatively 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 practice it can e

6、stablish 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 Western count

7、ries 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 information is

8、estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution hypothesis 1In 1995, Ohlson use the conception of clean surplus in residual income valuation model based on the use of

9、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 prominent contr

10、ibution is presented for the evaluation of linear information models (1inear information model) 3. Evaluation of applying 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年，Ohlson在

11、剩余收益定價(jià)模型的基礎(chǔ)上利用干凈盈余(clean surplus)的概念構(gòu)建并完善了剩余收益估值模型2。Felthan和Ohlson(1995)進(jìn)一步發(fā)展了這一理論，認(rèn)為非常收益的來源有兩個(gè)方面：其一，壟斷租金；其二，會(huì)計(jì)的穩(wěn)健主義。他們最突出的貢獻(xiàn)在于提出了用以價(jià)值評估的線性信息模型(1inear information model)3。運(yùn)用剩余收益模型進(jìn)行價(jià)值評估，涉及到對沒有包含在當(dāng)期非常收益中的未來非常收益的時(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)真實(shí)經(jīng)營狀況并且容易評價(jià)企業(yè)歷年的經(jīng)營業(yè)績4。JohnACompbell(

12、2002)應(yīng)用實(shí)物期權(quán)分析方法討論了IS(information System)的投資時(shí)機(jī)決策問題5。2000年,Copeland等幾位專家合著價(jià)值評估:公司價(jià)值的衡量與管理(第三版)中,把價(jià)值評估方法分為現(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)值評估方法的分類標(biāo)準(zhǔn)。他主要論述了現(xiàn)金流量法,對于非現(xiàn)金流量法僅點(diǎn)到為止6。2003年,David Fryman和Jakob Tolleryd在合著的公司價(jià)值評估專著中,將價(jià)值評估方法分為四大類:基于現(xiàn)金流量的估值股利折現(xiàn)模型、折現(xiàn)現(xiàn)金流量模型與投資的現(xiàn)金流收益;基于收益的估值經(jīng)濟(jì)增加值(EVA);基于資產(chǎn)的估

13、值凈資產(chǎn)估值;期權(quán)估值實(shí)物期權(quán)法73、 Domestic Research我國企業(yè)價(jià)值評估理論及技術(shù)的運(yùn)用比較晚，而且發(fā)展較為緩慢。在我國的價(jià)值評估研究體系中，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)模型隨著我國市場經(jīng)濟(jì)的發(fā)展，已很難適應(yīng)現(xiàn)代快速發(fā)展中的企業(yè)的價(jià)值評估。為解決未來不確定性因素對現(xiàn)代企業(yè)的影響，我國學(xué)術(shù)界引進(jìn)了以期權(quán)理念為基礎(chǔ)的價(jià)值評估理論。更加完善了我國企業(yè)價(jià)值評估的理論體系。李姚礦、童昱(2006)回顧了期權(quán)定價(jià)理論在企業(yè)不確定性資產(chǎn)評估中的研究成果，根據(jù)科技型中小企業(yè)的特點(diǎn)對期權(quán)定價(jià)模型進(jìn)行了修正，并以合肥市高新區(qū)內(nèi)的一家科技型中小企業(yè)為案例，說明了具體的評

14、估計(jì)算過程8。肖留華 (2007)提出的企業(yè)價(jià)值評估體系是：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)是指由無形資產(chǎn)帶來的企業(yè)潛在的價(jià)值，V=NV*d，d是溢價(jià)系數(shù)，由企業(yè)成長性、管理能力、創(chuàng)新能力三個(gè)方面來衡量；SV是協(xié)同溢價(jià)9。白登順與賀強(qiáng)(2009)對比了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：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)營情況，對價(jià)值實(shí)效計(jì)算考核；另一方面EVA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意投資額的影

15、響10。黃朔，趙銀川(2010)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，具有一定的穩(wěn)定性；而影響股票實(shí)際價(jià)格的市場因素有很多，二者很難完全一致。其次，“清潔盈余關(guān)系”是EBO模型的個(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)值評估能力。最后，從剩余收益模型的公式可以看出，企業(yè)的凈資產(chǎn)的增長率低于凈資產(chǎn)收益率是個(gè)必須的條件11。蔣大富，梅雨(2011)從高新技術(shù)企業(yè)的性質(zhì)以及對高新技術(shù)企業(yè)價(jià)值再認(rèn)識的基礎(chǔ)上12。結(jié)合現(xiàn)行企業(yè)價(jià)值評估方法的優(yōu)點(diǎn)與

16、缺點(diǎn)。提出高新技術(shù)企業(yè)價(jià)值評估應(yīng)將收益法和期權(quán)定價(jià)法結(jié)合起來，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)兩種評估方法的互補(bǔ)，即采用收益法對高新技術(shù)企業(yè)現(xiàn)有的經(jīng)營業(yè)務(wù)所產(chǎn)生的預(yù)期現(xiàn)金流進(jìn)行折現(xiàn)。評估現(xiàn)有基礎(chǔ)上獲利能力的價(jià)值；用實(shí)物期權(quán)定價(jià)方法對高新技術(shù)企業(yè)的機(jī)會(huì)價(jià)值進(jìn)行測算，兩者相加得出高新技術(shù)企業(yè)的評估價(jià)值。王靜,齊彩云，張東(2011)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)值評估當(dāng)中，得出以下三方面的結(jié)論：第一，二叉樹模型評估方法能夠清楚、直觀地反映出未來各種

17、不確定性的結(jié)果，管理者可以將其作為一種在企業(yè)未來發(fā)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，避免了上下波動(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，通過案例分析得出，改進(jìn)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)管理彈性和不確定性對企業(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13。4、 SummaryThrough the analysis of business value measurement at home and abroad, we can find that the current research is mai

18、nly the combination of new and old value measurement methods according to the real situation. above on both at home and abroad enterprise value assessment theory of analysis, can found, currently of research main is through new old value assessment method according to reality for combination, put en

19、terprise 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 Yu actual case in the, validation its effec

20、tiveness.通過上述對國內(nèi)外企業(yè)價(jià)值評估理論的分析，可以發(fā)現(xiàn)，目前的研究主要是通過新老價(jià)值評估方法根據(jù)實(shí)際情況進(jìn)行組合，把企業(yè)價(jià)值進(jìn)行分類，對不同類型的企業(yè)價(jià)值分別進(jìn)行價(jià)值評估，再把結(jié)果相加，形成比較合理的戰(zhàn)略并購企業(yè)價(jià)值評估結(jié)果，然后把價(jià)值評估體系運(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 justified by subsequent change in dividends?JAmerican Economic Review 71，PP.4214362 Ohlosn,J.A.Earnings，1995，Book Values，and Dividends in Equity Valuation, ComemporaryJ，Accounting Research 11,PP.6616873 Feltham，G.A.,Ohlson,J.A.,1995，Valuation and Clean Surplus Accountingfor Operating and Financial ActivitiesJ,Comemporary Accounting Research 11，PP6897324 J