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The Selection and Case Study of Innovative Corporate Valuation Methods

Author: WangXinTao
Tutor: AnYuZhuo
School: Hebei University of Technology
Course: Business Administration
Keywords: enterprise value innovative enterprises corporate valuation method valuation methods selection the free cash flow model
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 39
Quote: 0
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Abstract


With the continuous development of China’s socialist market economy, theincreasingly accomplished enterprises integrate their resources, industries and markets.This is accompanied by asset exchanges, equity acquisitions, mergers and acquisitionsamong enterprises, mergers and acquisitions among listed companies is emerged in largenumbers especially. Mergers and acquisitions has become the economic phenomena thatcannot be ignored in China’s capital market. Thus, corporate valuation plays a moreimportant role in mergers and acquisitions.Accompany with more and more innovative enterprises are established in China,corporate valuations are needed to support their economic behavior of IPO，equitytransfer, corporate restructuring and so on. Corporate valuation received extensiveattention in the fields of theory and assessment practices gradually. After20years ofstudy and research, Chinese assets evaluation methods has been gradually in line withthe international advanced assessment methods. Therefore, it is very important to selectvaluation methods in the corporate valuation.This dissertation stated and analyzed valuation methods commonly used business,and discussed three basic methods, namely the cost approach, market approach andincome approach. Especially brief the situation of discounted cash flow method in incomeapproach. The authorship combine characteristics of innovation enterprise with themerits and demerits of variety of assessment method,to analyse the different betweenenterprise valuation assessment in innovation enterprise and general business. And then,this dissertation took a software company as an example, appraising its corporatevaluation by the cost approach, market approach and income approach respectively andselecting one result as the final conclusions of the assessment. In the case study, weemphasized on demonstrating the parameter selection and evaluation steps in thediscounted cash flow model, which provided a useful reference for the corporatevaluation, especially for the innovative enterprise valuation. The results achieved in thisdissertation represent that the discounted cash flow model is the most suitable valuationmethod for the status quo of China’s innovative enterprises.Finally, the conclusion pointed out some shortcomings in the research andrecommendations on future research.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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