价值评估

价值评估是一种历史悠久的金融方法，它的知识源自资本预算中的现值方法和默顿·米勒与弗兰克·莫迪格利亚尼教授在1961年《商业杂志》上名为“股息政策、增长和股票的价值评估”文章中建立的价值评估方法。

评估公司价值的利器推荐《价值评估——公司价值的衡量与管理》

评估公司价值的利器推荐《价值评估———公司价值的衡量与管理》□中国大百科全书出版社马汝军出版适应时代发展要求的学术专著是中国大百科全书出版社的一大特点。近年来，随着改革开放的深入开展，如何对企业、公司的价值进行衡量与管理，简言之就是如何评估公司价值就...

回归价值投资

这本《价值评估》在国内出版时，正值证券市场监管加强、大盘下跌、各种矛盾纷纷暴露之时。随着自己的“辛苦钱”、“活命钱”莫名其妙地在股市上“蒸发”，投资者逐渐从“各种奇奇怪怪的分析”(吴敬链语)中苏醒时，不同领域的人士从不同的角度理解、思考以致规划着上市公司和证券市场的未来。“价值回归”、“价值投资”等投资理念被重新提了出来。

公允价值会计下的企业投资价值评估初探

关于企业价值较为经典的阐释当属汤姆·科普兰等人在其重要著作《价值评估》中指出的：股东所看中的企业价值是企业在过去和现在基础上的盈利能力和发展潜力，是企业的现有投资者和潜在投资者对企业的一种预测。投资者之所以牺牲当前资本的流动性是为了未来能获取较大的收益，即看重的是未来资本的增值。所以，投资者投资于企业实际上是投资于企业的未来获利能力，他们要求从投资中获得预期的现金流回报。可见，一个企业的价值源于它产生现金流量和基于现金流量的投资回报的能力。

Seagrass Bed Ecosystem Service Valuation——A Case Research on Hepu Seagrass Bed in Guangxi Province

Seagrass bed ecosystem is a coastal ecosystem with abundant biodiversity and high production. It is also an important system for the sustainable development of human society and economy. Based on the local research, statistical data and prevenient research results, the main services of Hepu seagrass ecosystem were analyzed in the paper, including fishing production, nutrient cycling, scientific research, protecting the coast from eroding, climate regulation, biodiversity, culture, bequest valuation, option valuation and existence valuation and so on. At the same time, we used ecological and economic methods for economic evaluation of seagrass in Hepu of Guangxi, including the market valuation method, contingent valuation method, carbon and tax method, benefit transfer method and expert survey method. The results showed that the total valuation of the Hepu seagrass ecosystem service was about 6.29 × 10^5 Yuan RMB/ha in 2005. Among these services, the indirect using valuation is the main aspect, which was 4.47 x 10^5Yuan RMB/ha in 2005, accounting for 70.97 % of the total valuation. The non-using valuation was 1.54 × 10^5 Yuan RMB/ha in 2005, accounting for 24.52 % of the total valuation. The direct using valuation is the least, which was only 2.84 × 10^4 Yuan RMB/ha in 2005, accounting for 4.51% of the total valuation.

Assessment of Ecosystem Services Value in Hotan Oasis, Xingjiang

[Objective] The study aimed to assess the ecosystem services value in Hotan Oasis, Xingjiang. [Method] The visual interpretation method was adopted to process TM/ETM＋ images based on field investigation in Hotan Oasis. These inter- pretation data, along with two periods of land use data, were reclassified to farm- land, forest, grassland and so on. Then, the ecosystem services value was calculat- ed and analyzed. [Result] Analysis indicated that the ecosystem services value had been increased by 30.44x108 Yuan （16.51%） in the study area during 1980-2010, which can be explained by the increase of glacier and snowfield distributed in the south mountain with the increase of annual precipitation. At the same time, the con- tribution rate of grassland to ecosystem services value had been decreased as a result of degradation of grassland and occupation from farmland. For the whole basin, the increase of ecosystem services value came from the upper reaches, while the ecosystem services value had been reduced in the middle and lower reaches. In the middle reaches, the reduction came mainly from wetland （-1.83x10s Yuan）, waters （-1.68x10s Yuan）, forest （-0.86x108 Yuan） and grassland （-0.80x108 Yuan）. But in the lower reaches, the ecosystem services values of waters, grassland and forest were -0.61 x108 Yuan, -0.24x108 Yuan, and -0.07x10s Yuan, respectively. [Conclusion] If some effective policies, such as the implementation of returning farm- land to forest and ceasing from farming to grazing, would be taken, the ecosystem degradation can be constrained and reversed in the northwest arid region.

Changes in Grassland Ecosystem Service Values in the Three-River Headwaters Region,China

[Method] This study aimed to assess the changes in grassland ecosystem Service values in the Three-River Headwaters Region of China, the source of the Yangtze, Yellow （Huang He） and Lantsang （Mekong） rivers. [Method] Biophysical values of four services were monetized within the region, including water regulation, air quality regulation, climate regulation and soil conservation. [Result] The total ESVs were 884.97×10^8 Yuan, 1 302.06×10^8 Yuan and 1 299.49×10^8 Yuan in 2000, 2005 and 2008, respectively. The amount of value per unit area experienced a steep increase from 2000 to 2005（18.10×10^4 Yuan/km2）, and then remained almost unchanged from 2005 to 2008 （-0.31×10^4 Yuan/km2）. The ESV tended to decline from the southeastern to the northwestern. ESV in the eastern and central part increased faster than that in the south-central and western part of the TRHR from 2000 to 2008. It could be seen that the ecosystem condition of grassland in the TRHR improved signifi- cantly over the study period of 2000-2008. [Conelusion] The results provided good information to assess the effectiveness of current ecological protection measures in the TRHR and support regional sustainable management policies.

Value evaluation of ecological risk of marine chemical spills

The environmental risk of chemical spills near coastal zones threatens abundant marine ecological resources. By appraising the ecological damage value of the environmental risk of marine chemical spills, we can facilitate decision-making for the development of a coastal zone and establishment of economic policy on coastal zone management. In this study, the ecological effect of the environmental risk of a chemical spill in the Haicang chemical industrial park in Xiamen was identified, after which its impact was forecasted and its ecological damage value was assessed. The information generated in this study will be useful in future studies evaluating marine ecological compensation based on environmental risk analysis.

Assessment of Direct Eco-value of Liangzi Lake

[Obective] This study amied to evaluate the direct usage value of Liangzi Lake, like plants and animal resources and water storage value. [Method] It was measured through the market value method. The physical environment was introduced and the productivity of the lake was investigated both through the literature materials and the investigations. The market value method was clarified in this paper as well as its operation process and the application fields. [Result] Based on the introduction of the current situation in Liangzi Lake, the direct usage value was estimated as 1.32 billion Yuan/year. Plant resources value was 318 million Yuan/year; animal resources value was 675 million Yuan/year; and water storage value was 325 million Yuan/year for the three parts. [Conclusion] This paper will attract more attention to the emphasis of the reasonable development of nature sources.

Preliminary Evaluation on Urban Forest Ecosystem Services Function in Meizhou City

In order to better explore the function of urban forest in human habitation and settlement environment,the ecosystem functions were evaluated in terms of air purification,water conservation,soil conservation,maintenance of biodiversity in Meizhou by the methods of market price,shadow prices approach and opportunity cost,and the problems of the value assessment at home and abroad in urban forest ecosystem services function were simply discussed.

Correction of Corporation Value Assessment Model Based on Corporate Social Responsibility

The performance of corporate social responsibility is conducive to the con- tinuous improvement of their profitability, and promotes the upgrading of corporation value. However, it is difficult to confirm, calculate and check the costs and benefits brought by the implementation of corporate social responsibility under the current ac- counting theory system, so it is difficult to estimate whether the fulfillment of corpo- rate social responsibility has any effects on the corporation value assessment. Therefore, based on corporate social responsibility, the correction mode of corpora- tion value assessment is put forward.

Measuring Recreational Value of World Heritage Sites Based on Contingent Valuation Method:A Case Study of Jiuzhaigou

World heritage possesses various kinds of use value and non-use value. Measuring the recreational value of world heritage sites is a key issue in the heritage tourism. This paper employs Contingent Valuation Method (CVM), which is an evaluation instrument on the basis of tourists′ attitude and preference, to measure the recreational value of Jiuzhaigou, one of the World Natural Heritage sites in China, and analyzes the biases in the survey. The results show that: 1) In 2009, Jiuzhaigou′s recreational value was 3.46×108 yuan (RMB), and the per capita Willingness to Pay (WTP) was 137.31 yuan by CVM. Compared with the results of other methods, this result is significantly low. 2) Among the factors that influence Jiuzhaigou tourists′ WTP, psychological perception factors have the greatest effect while demographic and socio-economic characteristics have a small effect on WTP. 3) The virtuality in CVM creates biases both from CVM itself and in the procedures that CVM was implemented. The former includes hypothetical bias, information bias, protest response bias, and strategic bias; and the latter includes the questionnaire design, population and sample definition, sampling and data processing. The paper analyses those biases and illustrates their potential in-fluences on the accuracy of CVM measurement. 4) Although there are various defects in CVM measurement, it is still an effective valuation method.

A preliminary study of cryosphere service function and value evaluation

Cryosphere science research and development(R&D) has been strongly committed to public service, integrating natural sciences with socioeconomic impacts. Owing to the current shift from purely natural cryosphere scientific research to linking cryosphere science with socioeconomic and cultural science, cross-disciplinary research in this field is emerging, which advocates future cryosphere science research in this field. Utilizing the cryosphere service function(CSF), this study establishes CSF and its value evaluation system. Cryosphere service valuation can benefit the decisionmakers' and public's awareness of environmental protection. Implementing sustainable CSF utilization strategies and macroeconomic policymaking for global environmental protection will have profound and practical significance as well as avoid environmental degradation while pursuing short-term economic profits and achieving rapid economic development.

Poverty Reduction,Environmental Protection and Ecosystem Services:A Prospective Theory for Sustainable Development

Poverty reduction and environmental protection are two global tasks for sustainable development.The study perspective has changed over time,from narrowly focusing on poverty reduction to comprehensively strengthening human-welfare.We reviewed key references targeting the theoretical content and practical approach relying on poverty,environment protection and ecosystem services.We discussed the contradicting views on the relationship of poverty and environmental degradation,and then illustrated the study progress of a cutting-age topic-ecosystem services which pave a way to address poverty reduction and environmental protection together.At last,we investigated essential factors that affect the development and environmental protection.Considering the evolution of the concept of poverty,we found that the environment has occupied an increasing proportion in the cognizance of poverty.The relationship between poverty and environmental degradation is regional uniqueness.In practical aspect,projects based on the management and valuation assessment of ecosystem services draw researchers′attention all over the world.The appropriate scale,essential economic incentives,morality,law and social equality are key factors affecting individuals′decisions which directly relate to the sustainable development.

Economic Value Evaluation of Wetland Service in Yeyahu Wetland Nature Reserve,Beijing

Based on multi-source data,this paper evaluated the economic value of ecological services in the Yeyahu Wetland Nature Reserve,Beijing,China.The ecological services of wetland included gas regulation,water quality im-provement,biodiversity maintenance,erosion control,water supply,recreational opportunity,raw material supply and existence value.Multiple conventional evaluation methods were used to calculate the value of eight wetland services.The results showed that significant values came from biodiversity maintenance and recreational opportunity.The main reasons were as follows.Firstly,Yeyahu Wetland Nature Reserve was the habitat for migrant birds,and government had payed more efforts to protect precious birds.Secondly,the population is large in Beijing.People enjoyed going outside and enjoyed the natural and artificial wetland scenes.At the same time,most people were prepared to pay for wetland conservation.The decline of vegetation cover made the economic value of erosion control the lowest.While the shrink of water resource and the deteriorative water quality caused the economic value of water supply lower.The evaluation results could help decision-makers understand the present status of the Yeyahu Wetland Nature Reserve and provide a scientific basis for strategic decision.

Assessing the Economic Value of Vernacular Architecture of Mountain Regions Using Contingent Valuation

Human pressure on mountain resources poses certain threats to their natural and man-made environment. Although there are many parameters involved, one of the driving forces behind this situation is the emphasis given so far only to the market value of mountain goods and services, ignoring the true social and environmental costs of using mountain resources. Towards this direction, the use of non-market valuation techniques could prove to be beneficial. Bearing in mind the above remarks, the paper presents an application of the Contingent Valuation Method, which aims at estimating the monetary value of a mountain settlement’s vernacular architecture, namely Metsovo. For this purpose, the survey focuses on Metsovo visitors’ willingness to pay a single annual voluntary contribution to an institution that would be founded in order to undertake all necessary actions required to preserve the town’s traditional character. The results are very promising and indicate that vernacular architecture holds a significant economic value that could justify the implementation of appropriate policies towards the protection of vernacular settlements in mountain areas.

Study on Applying Optimal Path to Land Valuation

As an important role in the urban land price system, the basic land price appraisal directs and refleets all kinds of land price in the real estate market. Using geographic information systems （GIS） with algo rithms and powerful analysis functions to valuate land will improve the rationality and convenience of land valu- ation. The objective of the study on basic land price using the optimal path algorithm is to decrease the man made error, enhance automatization, avoid make inconvenience by roadblock object.

Research on Value Assessment-Based Accurate Identification of Government and Corporate Customers of Telecom Operators

Aiming at discovering target customers,this article establishes the value assessment system for government& corporate customers according to the level,stability and accessibility of customer value.With 137 customers as samples,it builds the government & corporate customer value assessment system through analytic hierarchy process(AHP) and identifies target government &corpora te customers by indicator optimization,model fitting and cluster analysis.All these achievements help accurate identification of high-value government and corporate customers and optimization of resource allocation for customer service.

Wetland Economic Valuation Approaches and Prospects in China

Ecosystem services valuation seeks to increase the social relevance of ecosystem characteristics, the underlying biological mechanisms that support services, by making the contribution of ecosystems to human well-being explicit. Economic valuation can help management by clarifying the full range of benefits and costs of proposed management actions. In the past two decades, economic valuation of wetland ecosystem services has become one of the most significant scientific priorities for wetland protection. In this paper, we provide an overview of ecosystem services, and summarize the main interdisciplinary approaches to measure and value wetland ecosystem services. We identified four main methodological gaps preventing progress on wetland valuation of ecosystem services in China, which are: 1) confusion on terminology like intermediate and final ecosystem services, 2) lack of ecological production functions to link ecosystem characteristics to final ecosystem services, 3) static valuation making it difficult to evaluate the trade-offs and synergies among ecosystem services, and 4) lack of clear guidance on relating ecological compensation programs to conservation targets. Overcoming these gaps is important to inform wetland compensation mechanisms and conservation policies. We propose future research on wetland ecosystem services in China should be focused on: 1) defining final ecosystem services based on beneficiary preferences and underlying biophysical mechanisms, 2) establishing wetland monitoring programs at specific sites to collect data on final ecosystem service indicators and ecosystem characteristic metrics to create ecological production functions for economic valuation and rescaling techniques, and 3) incorporating wetland ecosystem service values into decision-making processes to inform wetland management.

Diagnostic value of18F-FDG PET in the assessment of myocardial viability in coronary artery disease：A comparative study with99mTc SPECT and echocar-diography

ObjectiveTo investigate the diagnostic value of 18F-fluorodeoxyglucose positron emission tomography （18F-FDG PET） in the as-sessment of myocardial viability in patients with known coronary artery disease （CAD） when compared to99mTc single photon emission computed tomography （SPECT） and echocardiography, with invasive coronary angiography as the gold standard.MethodsThirty patients with diagnosed CAD met the selection criteria, with 10 of them （9 men, mean age 59.5 ± 10.5 years） undergoing all of these imaging proce-dures consisting of SPECT and PET, echocardiography and invasive angiography. Diagnostic sensitivity of these less invasive modalities for detection of myocardial viability was compared to invasive coronary angiography. Inter- and intra-observer agreement was assessed for di-agnostic performance of SPECT and PET.ResultsOf all patients with proven CAD, 50% had triple vessel disease. Diagnostic sensitivity of SPECT, PET and echocardiography was 90%, 100% and 80% at patient-based assessment, respectively. Excellent agreement was achieved between inter-observer and intra-observer agreement of the diagnostic value of SPECT and PET in myocardial viability （k= 0.9）. Conclusion18F-FDG PET has high diagnostic value in the assessment of myocardial viability in patients with known CAD when com-pared to SPECT and echocardiography. Further studies based on a large cohort with incorporation of18F-FDG PET into patient management are warranted.