企业价值评估理论与实践的概览评析

An Overview and Analysis of the Theory and Practice of Enterprise Value Assessment

本文系统地对企业价值评估中的主要理论及其在实践中的应用进行概览归纳,并作进一步的研究与评析。在全面分析三大基本方法中各具体方法的适用与选择的基础上,本文聚焦于资产基础法中的所得税影响和股权投资评估中的特殊情形,收益法项下的盈利预测、资本结构和资本成本,以及市场法涉及的可比公司选择、价值比率确定及其修正等要点事项,作出概括介绍与重点解析。此外,本文还就流动性调整、控制权调整以及股权价值分配专题展开深入研讨。

This paper systematically outlines and summarizes the main theories in enterprise value appraisal and their applications in practice, and provides further research and analysis. Based on a comprehensive analysis of the application and selection of each specific method in the three basic methods, this paper introduces and analyzes the following: income tax effects and special cases in equity investment valuation in the asset-based approach,earnings forecast, capital structure and cost of capital in the income approach, and selection of comparable companies,determination of value ratio and its correction in the market approach. In addition, this paper provides an in-depth discussion on liquidity adjustment, control adjustment, and equity value allocation.