交易案例比较法在企业价值评估中的应用——基于并购重组案例的研究

The Application of Market Transactions Method in the Business Valuation——Based on the Research of the M&A Cases

交易案例比较法是市场法的一种具体应用,其在评估实践中的运用需要满足的前提条件较多,需要较强的技术支撑,对资产评估专业人员的实践经验和专业能力的要求也更高,多种因素叠加导致其在实际使用过程中存在一定的难度。近几年,我国资产评估实践和理论研究均取得了显著成绩,其中一个重要表现就是并购估值方法多元化,市场法在评估实践中的应用日趋广泛,作为评估结论确定方法的情形有所增加。评估实践中应用交易案例比较法日益增多和方法本身具有的复杂性特点,使得探讨该方法在运用过程中存在的问题和尚需改善的方面具有重要意义。

Market transactions method is a particular application of market method.It needs more premise conditions and technical supports,and also requires more experience and professional abilities for appraisers when used in appraisal practice.Several factors combined cause superior difficulties in the actual use process.Recent years,the assets appraisal practices and theoretical research acquire significant achievements.One of the important performance is diversification of M&A valuation methodology.Market method is used widely in appraisal practice,and it appears much more situations as determination methods of appraisal result.The more times of used market transactions method and the complexity characteristics of the method bring significant meanings which discussed the problems in the method used process and aspects need to improvement.