企业价值评估方法比较研究
摘要中国社会主义市场经济日益繁荣,越来越多的企业都渴望创造最大的企业价值，快速发展壮大以获得更多的市场份额。公司并购、股权转让以及融资等经营管理决策都涉及企业价值评估的内容。企业价值评估方法研究主要关注的问题是针对具体的企业、行业特点及经济环境来择最合适的评估方法,并通过几种方法对比验证去解决评估实践过程中遇到的技术难题。从而使得评估方法保持理论上的科学性，实践上的适用有效性，使企业股价最大程度上的贴近企业内在价值。86916
本文共分五部分:第一部分概述了本课题的研究背景和研究意义，回顾了国内外有关企业价值评估的重要研究内容；第二部分概括总结了有关企业价值评估方法的基本概念和模型；三、四部分分别介绍了收益法、市场比较评估法、调整账面价值法三种评估企业价值的基本方法,并对每种方法的关键理论做了阐述和案例分析，分析了各个方法的优缺点和适用范围，尤其详细的介绍了自由现金流量法的运用过程和难点；第五部分通过金地集团的详细案例对自由现金流量贴现法和市场法这两种方法进行了比较研究,分析了各方法的长处和不足，提出了有关评估方法的选择对企业管理改善的建议。论文总结了目前我国企业价值评估方法的应用趋势，分析了各种不同方法所存在的问题和所适用的企业类型，提出符合我国企业价值评估现实情况的科学的对策方案。
Comparative study of the assessment of corporate value
ABSTRACT China's booming socialist market economy has seen the maximum value that more and more enterprises are eager to create, the rapid development to gain more market share。 Company merger and acquisition, equity transfer, and financing demand decisions all the time from the administrations and the processes of decision-making quite rely on the offered supports based on enterprise value assessments。 (The assessment of corporate valuations plays significant role as a decisive factor and reference amid company merger and acquisition, equity transfer, and financing conducted by the administration。) The research of enterprise value evaluation methods mainly targets on achieving the following goals: to customize proper evaluation plan for each of the concrete enterprise, and solve the technical difficulties through thorough comparison and investigation in the process of evaluation practice, eventually making the scientific evaluation method valid both in theoretical and practical uses。
The essay exhausts the study into five parts: the first part reveals the research orientation through literature review of the corporate valuations assessment; The second part summarizes the fundamental theories and concepts of the enterprise evaluation methods; The following part three and four respectively introduces three enterprise value evaluation methods, consisting: the discounted cash flow (DCF) method, market comparison assessment method, the regulation of book value method。 And there is also the elaboration and case studies of key theory of each method and analysis to the pros and cons of each method and the sphere of application as the following content; In the fifth part, the paper takes Gemdale Corporation as a study case to further conduct a research between discounted cash flow (DCF) method and market method involving their advantages and disadvantages, popping up several questions of the impact of evaluation methods on elevating the quality of enterprise management。 The very essay inclines to study and search for valid and practical strategic plans in assessment field, through dissect of assessment behavior orientation and its application trend from enterprises in Chinese mainland, and analysis of assessment methods to all sorts of problems