【作者】 赵红梅；

【导师】 袁明哲；

【作者基本信息】 山东大学 ， 会计学， 2015， 硕士

【摘要】 随着资本市场规模的扩大以及企业资产整合作用的需要,以及基于企业价值评估可以利用专业技术,为资本市场提供公允价值,为交易双方定价提供参考,其被广泛的应用于兼并收购、大宗交易、上市申请等行为,在上市公司股权转让、股权置换等交易过程中起着重要的作用,成为上市公司之间交易之前的必要程序。而目前随着企业价值评估业务的不断增多,服务范围的不断扩展,企业价值评估过程中的纠纷越来越多,企业评估报告使用者对评估结果的准确性提出了越来越高的要求。而企业价值评估方法是评估企业整体价值的技术手段,按原理分析可分为三种：成本法、收益法和市场法,不同评估方法的选择直接影响着评估结果的准确性,故对企业价值评估方法的选择及影响因素的研究不仅能够提高评估结果的准确性,降低交易双方的交易费用以及促进我国资本市场的有序发展,而且对于建立符合实际情况的企业价值评估准则、规范评估机构的行为、为监管机构提供政策建议具有一定的作用。为了研究企业价值评估方法选择的影响因素,本文首先对企业价值评估相关理论及企业价值评估方法相关模型进行了系统的描述,然后以手工检索的2011-2013年在深圳证券交易所进行过企业价值评估并成功交易的上市公司为研究对象,描述性统计了目前我国企业价值评估方法选择的应用现状,初步分析出我国2012年颁布的《资产评估准则-企业价值》已初见成效,越来越多的评估案例选择两种及两种以上的方法评估,选用成本法评估的案例在逐渐减少,选用两种及两种以上方法的综合评估结果还很少,并且评估对象所属行业及交易类型等因素都在一定程度上左右评估机构的选择。为了进一步实证检验影响企业价值评估方法选择的因素,本文从交易双方是否是关联方、交易的重大程度、被评估企业所属行业、评估机构资质、被评估企业性质五个方面提出八个假设,运用二元Logistic回归模型实证检验得出：当某项交易属于重大资产重组交易、被评估企业属于“轻资产”行业、评估机构成立时间越长以及被评估企业创业年限越长、权益净利率越大时,越可能采用收益法评估,当双方交易存在关联性、被评估企业无形资产占比越大时,越可能采用成本法评估。最后,基于以上研究成果,本文从重视评估对象自身性质、加强机构监管力度、明确相关当事人法律责任、规范评估机构行为等方面提出政策建议,并指出本文的不足与展望。更多还原

【Abstract】 With the expansion of capital market and the need of enterprise assets integration function, and basing on enterprise evaluation using its own professional methods providing fair value for the capital market, as a reference for the capital market pricing, enterprise evaluation has been widely used in mergers and acquisitions, big deals, listing applications, and some other trading behaviors, which has been a necessary procedure before transactions. While with the increasing of the enterprise value appraisal businesses and the expanding of the scope of services, more disputes appear in the process of enterprise value assessment, and enterprise evaluation report users propose higher and higher demands for the accuracy of enterprise evaluation. According appraisal principle, there have been three basic methods in enterprise evaluation practice:cost approach, income approach and market approach. The choice of different evaluation approaches directly affects the accuracy of the evaluation results, research on the influencing factor of enterprise valuation methods can not only improve the accuracy of the evaluation results, reduce the transaction costs of both parties, and promote the orderly development of Chinese capital market, but have a certain role on setting up enterprise valuation criteria, standardizing the behavior of the evaluation organ, providing policy advices to regulators.In order to study the influencing factors of enterprise valuation methods, the paper introduces systematically the enterprise valuation theory and the methods of enterprise valuation. And basing on 2011-2013 equity transactions of firms in Shenzhen Stock Exchange, the paper describes the present situation of the application of enterprise value assessment methods, analyzing that Assets Assessment Criteria-Enterprise Value having paid off, more assessment cases choosing two or more methods to evaluate, cases which choose cost approach inducing, cases which choose comprehensive results of two or more methods being few. And industry type, transaction type influencing the choice of enterprise valuation methods.To further empirically test the influencing factors of enterprise valuation methods, basing on whether trading entities are related parties, whether the transaction is a big deal, the type of industry, qualification of assessment agencies and characters of evaluation objects, the paper raises eight hypothesis, then using Binary Logistic Regression Model concludes:if a transaction belonging to the material assets reorganization, the type of the evaluation object belonging to "light asset" industry, the longer the established time of the appraisal institution, the longer the founded time of evaluation object, and the higher the rate of return on equity of evaluation object, they are more likely to choose income method; while when trading partners are related parties, the higher of the intangible assets ratio of evaluation object, they are more likely to choose cost method.Finally, basing on the research results above, the paper puts forward some policy suggestions such as giving great importance to the target of evaluation, strengthening supervision, clearing legal responsibility and regulating the behavior of appraisal institution. At last, the paper points its limitation and prospect.更多还原