【作者】 秦莉君；

【导师】 袁明哲；

【作者基本信息】 山东大学 ， 会计学， 2008， 硕士

【摘要】 本文针对我国目前主要采用成本法进行企业价值评估的现象提出疑问,由于成本法自身的局限性导致企业价值的低估,使企业价值评估结果不准确、不合理,进而讨论目前国内外应用较为广泛的几种企业价值评估方法,以期寻找出适合我国企业价值评估的方法。本文采用了比较多种企业价值评估的方法,运用规范研究与实证研究相结合,对企业价值评估模型进行实证对比分析。得出更适合我国企业价值评估的方法。本文介绍了目前企业价值评估中应用的账面价值法、重置成本法、市场比较评估法、股利折现模型评估法、自由现金流量折现法、剩余收益模型评估法、实物期权评价法、EVA评价法八种离散时间价值评价方法,深入比较分析了各种方法的优缺点。之后重点对市场比较评估法、股利折现模型评估法、自由现金流量折现法、剩余收益模型评估法这四种目前应用较为广泛的评价方法进行了实证对比研究,通过实证比较分析得出剩余收益模型比其他三个模型对股价具有更强的解释力。也就是说,就离散时间价值模型而言,剩余收益模型评估法相对于其他方法更适合我国企业价值的评估。由于许多会计变量的自然属性是关于时间连续的,离散价值模型影响了价值评估的精确性,针对离散会计变量的缺陷,本文引入了连续时间变量的概念,以期能更好的反映加之模型中各变量随时间变化的实际状况。本文引入了袁明哲教授的连续时间股票定价模型,对其特点以及应用方法进行了讨论,并对连续时间股票定价模型进行了实证检验分析,通过比较得出连续时间股票定价模型比离散时间价值模型更适合我国企业价值的评估。综合离散时间价值评估模型和连续时间股票定价模型的理论研究和实证分析来看,连续时间股票定价模型不仅具有数学处理上的方便性,也显著提高了价值评估的精确性,具有比离散时间价值评估模型更优越的特点,也更适合我国企业价值的评估。更多还原

【Abstract】 In order to search a suit method of evaluating enterprise value, this paper doubt the costing approach which underestimate the enterprise value because of its localization, and compare some methods which are used broadly.After introducing eight methods including book value approach、replacement costing approach , valuation by compare approach , dividend discount model approach、discounted cash flow approach、abnormal earnings model approach、option pricing model approach, economic value added approach, I analyze the advantages and disadvantages. I use demonstration approach to analyze the valuation by compare approach, dividend discount model approach、discounted cash flow approach and abnormal earnings model approach, which give the conclusion that abnormal earnings model approach is better than others. In short, abnormal earnings model approach is the method that is adapt to our research in enterprise value.Because of the fact that the accounting variable is continuous and the scattering value model affects the accuracy, this paper introduces the continuous time variable to accurately reflect variable which changes following the time. After introducing the continuous-time stock pricing model written by Pro.Yuan Mingzhe, discussing the characteristics, comparing with scattered-time stock pricing model, the conclusion is that continuous-time stock pricing model is better than other models in evaluating the enterprise value.In short, Comparing the continuous-time stock pricing model with scattered-time stock pricing model, we get the conclusion that the first one is not only more convenient than the last one, but also more accurate than that, which is fit for our enterprises.更多还原