【作者】 刘凤丽；

【导师】 李迁；

【作者基本信息】 辽宁大学 ， 资产评估（专业学位）， 2014， 硕士

【摘要】 欧洲、美洲的一些发达国家资产评估行业从业人员在企业价值评估实践中，最热衷使用的评估方法就是市场法，收益法被应用得相对较少，而几乎不应用成本法，但是目前在我国企业价值评估实践中评估方法的应用情况与国外却刚好相反，应用次数最多的评估方法是成本法，涉及到产权变动的企业价值评估通常应用收益法，而市场法很少被评估人员应用。随着我国资本市场的快速发展与完善，以及国际间合作的不断加强，我国的评估体系必将与国际评估体系接轨，这将使得市场法在企业价值评估中被广泛使用。本文结合具体评估实例，演示了企业价值评估市场法的实际操作过程。市场法是企业价值评估实践中操作比较简便、限制条件少、其得到的评估值比较容易被各利益方所接受的一种评估方法，在应用市场法评估企业价值的过程中，如何选择相对于被评估企业而言可比性较高的可比企业和恰当的价值比率以及价值比率的修正是市场法应用的核心步骤。本文分析了被评估企业的盈利能力、资产质量状况以及经营状况，并在此基础上确定衡量被评估企业与可比企业之间可比性的指标，最后通过加权平均求取综合得分的方法来确定可比企业，这种方法使得可比企业的选择过程更加的清晰直观，容易被理解和接受。在价值比率方面，本文首先分析三种常见的价值比率即市盈率、失销率以及市净率对于本文评估实例的适用性，分析发现这三种价值比率相对于被评估企业而言，都存在着一定的缺陷，所以本文选取NOIAT、EBIT、EBITDA这三种价值比率对本文中评估实例的企业价值进行评估，这三种不同利润口径的价值比率可以从被评估企业的收入与成本费用以及折旧摊销等方面综合考虑被评估企业的价值。在价值比率的修正方面，本文在企业经营的风险以及增长率等方面对价值比率进行修正。本文说明了应用市场法评估企业价值在评估实践中的可操作性，为不久的将来企业价值评估市场法的广泛应用奠定了基础，具有一定的实践意义。更多还原

【Abstract】 For the assessment of enterprise value, the developed countries in Europe and Americamarket approach is the most common, followed by the income approach, the cost approachis not commonly used, but in the practice of assessing the value of the enterprise, thesituation is just the opposite, the application of the assessment methodology is the most costmethod, followed by the income approach, market approach and assessors are rarely applied.With the rapid development of China’s capital market and improvement, as well as continueto strengthen international cooperation, China’s evaluation system is bound with theinternational evaluation system, which will make the market approach is widely used inbusiness valuation.In this paper, a specific assessment examples that demonstrate the actual operation ofthe enterprise market valuation method.The market approach is the business valuationpractice, the operation is relatively simple, less restrictive conditions, the assessed value ofits relatively easy to get an evaluation method is acceptable to all stakeholders in the processof applying the method to assess the market value of the enterprise, and how to choose therelative businesses are assessed higher than comparable companies and the appropriate valueratio and the ratio of the value of the core steps comprehension Markets Act applications.This paper analyzes the companies being evaluated profitability, asset quality and operatingconditions, and to be evaluated to determine the comparability of indicators to measurebetween businesses and on the basis of comparable companies, and finally to strike acomposite score by the weighted average method to determine comparable companies, thisapproach makes the process of selecting comparable companies more clear and intuitive,easy to understand and accept. In terms of value ratio, this paper analyzes threecommon-value ratios that earnings, lost sales ratio and book value for the assessment of thesuitability of this article instance, the analysis found that three-value ratios with respect tothe assessment of enterprises, there is a some defects, so this select NOIAT, EBIT, EBITDAto value ratio for the three examples in this article to assess the business value assessment ofthe value of the ratio of profit caliber of these three can be assessed from corporate income and expenses as well as depreciation and amortization costs other aspects to be evaluatedconsidering the value of the enterprise. In the aspect ratio correction value, the paperbusiness and other aspects of risk and growth-value ratio correction.This paper describes the application of the market approach to assess enterprise value inassessing practice maneuverability, laid the foundation for enterprise wide application in thenear future to assess the market value method has certain practical significance.更多还原