【作者】 张月梅；

【导师】 匡松；

【作者基本信息】 西南财经大学 ， 技术经济及管理， 2008， 硕士

【摘要】 软件作为一种高新技术行业,从90年代初至2006年底,软件产品及服务在我国都以年均30%以上的速度增长,对国民经济发展起到极大的推动作用。我国政府采取加大基础设施投入、建立软件园、减少税收等方式推动软件产业的迅速发展,软件企业大量设立。随着世界并购浪潮的兴起与美国纳斯达克、欧洲、香港创业板的建立,我国软件企业随之进入了兼并、并购、上市的时期,软件企业价值评估势在必行。传统企业价值评估方法侧重于对比较稳定的企业进行价值评估,然而软件企业价值评估是以核心技术、专利技术及软件等无形资产为核心对象的企业价值评估,是具有高风险、高投入、高智力、高效益、高速度、高竞争、高潜能性质的七高型企业,与传统生产制造业、房地产业为主的企业有很大不同,因此很多传统企业价值评估方法在评估软件企业时并不完全适用,需要根据软件企业自身特征选择合理的软件企业价值评估方法。特别是对于我国来说,在传统企业的价值评估方面己经落后于西方发达国家,国内学者对价值评估方法的研究都停留在借鉴国外评估方法的层面,对于以软件为主营业务的高新技术企业的评估更是缺乏深入的研究,软件企业价值评估的定量研究知识还很欠缺。基于以上考虑,本文拟对软件企业价值进行定量研究,根据国际上通用的企业价值评估理论、方法和模型,结合我国软件企业特征,提出了指标量化判断软件企业生命周期,基于生命周期进行软件企业价值评估的新的评估模型和方法。本文用适合软件企业自身特征的改进的企业价值评估模型和方法、并通过实证的方式对我国软件企业价值进行评估。本论文首先对软件企业和软件企业价值的特征进行分析,为生命周期量化指标的选择提供了理论基础;其后用指标量化的层次分析法评判软件企业所处生命周期阶段,根据企业不同发展阶段的特征及影响因素,建立了适合软件企业各个发展阶段的价值评估方法体系;在评估方法上,本文综合运用了重置成本法、DCF二阶段法,并建立了DCF模型和金融学中的期权定价模型相结合的模型进行企业价值评估。根据上述研究思路,本文对软件企业价值评估方法进行探讨,通过提供定性与定量、主观与客观相结合的软件企业价值评估方法使软件企业价值评估结果更加公允、合理,达到便于风险投资者选择投资对象、软件企业进行价值管理的目的。更多还原

【Abstract】 The software is one emerging profession, from the 90’s until present, software product and the service in our country has grown by 30% above every year, which has enormous impetus to the national economy. Our Government makes great efforts to promote its development, such as reducing tax revenue, establishing software garden, making lots of Software Company established. Along with the tide of merger and the establishment of Imbarking Board of American NASDAQ, European and Hong Kong, Our Software Enterprise entered the time of annexation, merger and acquisition, valuating the software enterprise has appraised imperative.The traditional method of valuating enterprise stresses on valuating stable enterprise. While the software company’s value lies on the intangible assets, such as the core technologies, patent technology、software and so on. It is also a kind of enterprise having high-risk, high investment, high intelligence, high velocity, high competition, high potential nature, which makes it different from traditional enterprises and has different evaluation methods. Especially in our country, we have lied behind western developed countries in the theory of assets evaluation.The domestic scholar’s research to enterprises’valuation lies in the plane of referring overseas appraisal method and the knowledge of the quantitative investigation to Software Company is in lack.Based on the above consideration, the paper mainly solves the problem of quantitative investigation to Software Company. According to the international enterprise value appraisal theory, the method and the model, unifying our country software enterprise characteristic, the article proposes a new target quantification judgment software enterprise life cycle, based on the life software enterprise value cycle appraisal model. This article uses the improvement enterprise appraisal model which suits software enterprises, and through the real diagnosis way to appraisal our country’s software Enterprise value.The paper firstly carries on the software enterprise’s characteristics, and then makes judgment on the Software Company’s stage of life circle through the method of Analytic Hierarchy Process. According to the characteristics and reflecting factors of different stage, I try to find the evaluating method system to different development stage. In this paper, I use adding method, the DCF two stages works, and establish the model which unifies the DCF model and the finance study option fixed price model to appraise the enterprise value.Utilizing the above research mentality, I get the aim of helping the risk investor decision-making and the software enterprise carrying on the value management through the appraising method which unifies subjective and objective.更多还原