权益乘数驱动因素对估值影响的研究

Research on the Effects of Equity Multiplier Driving Factors' Influence on the Valuations

采用市场法估值需要确定估值乘数。企业价值评估的目的是最大限度的挖掘出目标公司的潜在价值,为了避免低估或高估目标公司,应该充分探究影响乘数的具体因素。本文通过对两阶段增长模型的乘数计算,研究权益乘数驱动因素对估值的影响,试图通过对权益乘数驱动因素的调整来分析目标公司容易被高估或低估的可能性。

Valuating by the market approach need to determine the valuation multiplier. The purpose of the enterprise value evaluation is to find out the potential value of the target company, in order to avoid underestimation and overestimation of the target company, we should fully explore the specific factors that affect the multiplier. In this paper, by calculating the multiplier of the two-stage growth model, research on the effect of the equity multiplier driving factors＇ influence on the valuations, trying to analyze the possibility of overestimating or underestimating the target company through the adjustment of equity multiplier driving factors.