剩余收益模型在信息技术行业的估值应用——以海康威视为例

Valuation Application of Residual Income Model in Information Technology Industry——Taking Hikvision as an Example

信息技术行业具有技术密集型特点,通过比较传统的评估方法和剩余收入模型对信息技术行业的适用性,最终选择剩余收益模型进行评估。在剩余收益模型上加入杜邦分析和市净率,以海康威视为例进行企业价值分析。同时,根据该企业历年的财务数据进行了合理的预测,得出了评估基准日的企业价值。与实际的市场价值相比较,发现二者相近,这表明剩余收益模型具备一定的合理性和有效性,可以更好地了解企业的真实价值,从而做出更明智的投资决策。

The information technology industry has technology-intensive characteristics.By comparing the applicability of traditional valuation methods and residual income model to the information technology industry,the residual income model is finally chosen for valuation.DuPont analysis and price-to-book ratio are added to the residual income model,and Hikvision is used as an example for enterprise value analysis.At the same time,a reasonable forecast was made based on the financial data of the enterprise in the past years to arrive at the enterprise value on the valuation reference date.Comparing with the actual market value,it is found that the two are similar,which indicates that the residual income model has certain rationality and effectiveness,and can better understand the real value of the enterprise,so as to make a more informed investment decision.