基于层次分析法的公司估值模型

The Enterprise Value Evaluation Model Based on Analytic Hierarchy Process

公司价值分析的分析方法主要有绝对估值方法和相对估值方法两种。这两种公司价值评估方法都存在其相应的优缺点。为了改进传统的公司价值评估方法并且考虑到方法的适用性、公开市场性和准确性,选取绝对估值方法中比较有代表性的自由现金流贴现法和红利贴现法,相对估值方法中比较有代表性的市盈率估值法。在此基础上,结合三种公司估值模型,提出一种基于层析分析法的公司估值综合模型。并且以在中国A股上市的万科A为例进行实证研究,认为该模型在公司价值评估方面相较于传统评估方法有所改进并且具有可操作性。

The main methods of enterprise value analysis are absolute valuation method and relative valuation method of two kinds.The two methods of value evaluation have their respective advantages and disadvantages.In order to improve the traditional methods of company value assessment and considering the applicability of the method,the open market and accuracy,this paper selects the absolute valuation method in comparison with the discounted cash flow method and dividend discount method representative,the relative valuation method is more representative of the price earnings ratio valuation method.On this basis,combining the three valuation models,a comprehensive model of corporate valuation based on chromatographic analysis is proposed.And taking the Vanke A listed on A shares in China as an example,the empirical research shows that the model is more effective and feasible than the traditional evaluation method in the company valuation.