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The Study on the Comparison of the Estimation Methods on the Corporate Valuation

Author: DuanHongBo
Tutor: ZhaoLiSan
School: Hebei University
Course: Accounting
Keywords: Business Valuation Market economy Assessment methods Cash Flow
CLC: F270
Type: Master's thesis
Year: 2007
Downloads: 58
Quote: 0
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Abstract


With the increasing globalization of the economy , capital flows increasingly widespread privatization of enterprises , joint ventures, acquisitions , mergers and corporate restructuring activities have become increasingly frequent , these activities are all involved in the assessment of enterprise value ; while corporate financial target has been gradually transformed into profit maximization maximizing corporate value , enterprise value is increasingly becoming the core enterprise content management authorities concerned . The existing method of valuation of enterprises are mainly four categories: income present value assessment methodology to compare the multiplier assessment methods, real option valuation methods and asset-based evaluation methods . Economically developed countries in Europe and America market , income present value assessment methods as with enterprise intrinsic value theory as a basis , has been the mainstream of business valuation methods ; comparative assessment multiplier method, although subject to the efficient market theory, but due to ease of use , in practitioners have been widely used ; real Option Valuation method produces relatively late, is currently used in high-tech start-ups valuation, the valuation for general business applications is not yet ; asset-based evaluation methods in theory only applies to a very small range such as bankruptcy and liquidation , recession businesses, enterprises and other valuation crisis in the assessment practice is seldom used. This paper summarizes the research status at home and abroad after the theory of value in the enterprise market , financial options theory, theory of intrinsic value , assets and other aspects of corporate alternative theories multipliers corresponding comparative assessment methods, the present value of revenue assessment methods, assessment methods and real options asset-based evaluation methods for the theoretical and practical application of Origin comparative analysis . On this basis, the comparison of the current mainstream multiplier method and the income approach was modified . In this paper, the choice of valuation method gives recommendations accordingly , regardless of advanced methods , it is inevitable there are some shortcomings , the paper finally explained to solve this problem , but also look forward to further amendments colleagues .

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CLC: > Economic > Economic planning and management > Enterprise economy > Economic theory and methods
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