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With the establishment of modern enterprise system and the property market continues to develop, it is increasingly clear understanding that, in a market economy conditions, as commodity producers enterprise itself is a commodity that can be valued in the market and trading. The rapid development of modern capital markets, which greatly promoted the enterprise resource flows between different owners. In recent years, corporate mergers and acquisitions, restructuring, equity transactions, venture capital and other property rights trading activities have flourished, including business valuation issues are property rights trading ability to achieve one of the core issues. On the other hand, since the 1980s, the modern enterprise financial management objectives have been reviewed by one-sided pursuit of profit maximization, the transition to the pursuit of wealth maximization owners to maximize enterprise value. Recognizing the value of all economic management behavior is the basis and premise, and the corporate value added has become the modern business goals. Therefore, how to understand the business value, not just how to assess the value of asset valuation firm's responsibility, but also various types of investors, business management authorities, investment advisory, securities practitioners pay close attention to the issue. Asset evaluation industry in our country started from the early nineties, after decades of development, has made considerable achievements. However, in our assessment of business valuation is still an emerging field of business, has not yet formed a complete theoretical system, understanding the nature of the enterprise value of the blur, the factors that affect the enterprise value of ill-considered, the various valuation models and deep understanding of its parameters, resulting in practice assessment methods selected at random, simply copy the valuation models, subjectively determined evaluation parameters, making assessments lack of objectivity, fair and scientific, both caused by poor decisions, affecting transactions proceed smoothly, has increased the risk assessment agency. Business Valuation techniques are modern asset valuation techniques in one of the difficulties that integration of economics, finance, accounting, statistics, business management and many other subjects in the ideas and methods, with a systematic, comprehensive and predictive sexual characteristics. Can be expected, with the further development of China's market economy, business valuation will have a broad space for development, business valuation theory and methods will continue to innovate and improve. At present, the enterprise value evaluation theory research is still in a preliminary stage of exploration, the paper drawing on experience in business valuation and abroad on the basis of preliminary exploration on enterprise value, business valuation and business valuation methods of the basic theoretical and practical issues, to lt; WP = 3 gt; able to form a guiding business valuation theory and methodology. Thesis consists of three chapters, each chapter the main contents as follows: Chapter enterprise value theory concepts from the enterprise to start first proposed enterprise is a special asset, namely the enterprise is profit, in accordance with legal established economic entity, as it reflects from the form of the underlying asset at a fixed location orderly combinations. Section from an economic point of view of enterprise value value theory connotation in depth. Enterprise value from Marx's labor theory of value, utility value theory and neoclassical economics theory to explain the equilibrium value. From the perspective of business valuation, business valuation assessment is the company's price, but the pursuit of the business valuation of the fair market value of the enterprise. Section III discusses the field of enterprise value in assessing the meaning. In the areas of assessment, the enterprise value reflects the utility companies to investors - companies expected return to investors, and business returns to investors that the company's future cash flows. Therefore, the enterprise value essentially reflects the company's profitability, as demonstrated by the company's future cash flow values. The company's future cash flows can be broken down to its holder the right to claim benefits in the future cash flows and. Directly affect the value of two factors, one is the future cash flow, the other is the discount rate. Discount rate essentially reflects business investment decisions risk size. Business investment the greater the risk, the higher the discount rate; enterprise risk is smaller, the lower the discount rate. Enterprises cash flows and the discount rate by enterprise external environmental factors, internal factors of influence. Section IV presents an analysis of the various factors that affect the value of the framework, emphasizing in the knowledge economy, human capital in the enterprise, organizational structures, business strategy, corporate culture, innovation, brands and other intangible resources and the sustainable development of enterprises is greatest impact profitability, but also to form an important aspect of enterprise core competence. Therefore, the analysis of the profitability of enterprises, in addition to companies from both external and internal factors to fully investigate and evaluate, examine and evaluate the enterprise should also focus on core competencies; necessary to examine financial indicators, but also to investigate non-financial indicators; both quantitative analysis, but also qualitative analysis. Section V summarizes the enterprise value of the three characteristics, integrity, effectiveness and comprehensiveness. Chapter II of the basic theory of business valuation section of this chapter analyzes the enterprise valuation of the background and motivation. Business Valuation rooted in the modern market economy, property rights, property rights trading market, and the emergence of the need to make business valuation came into being. Corporate mergers and acquisitions, restructuring, sale, equity investments and other activities flourished, and promote the development of enterprise valuation. And maximize enterprise value management to broaden lt; WP = 4 gt; the scope of application of enterprise valuation. Section II discusses the concept of enterprise value evaluation, object, purpose and features. Business Valuation objects is their overall assets. The general purpose enterprise valuation changes in property rights of enterprises and enterprise value management, and there are a variety of specific purposes. Section III discusses the enterprise value evaluation and assessment of individual assets distinction. Section IV describes the enterprise valuation assumptions and principles. Business valuation assumptions are mainly going concern assumption, and the open market assumptions. Business valuation principles are systemic principles, best use of the principle of substitution principle, the principle of contribution, economic and reliable principles and the principle of prudence. Section V discusses enterprise value assessment scoping. Section VI has put forward a general procedure for assessment of enterprise value. Chapter enterprise value assessment methodology chapter three quarters were systematically expounded three business valuation approaches and methods, namely the cost approach and the processing method, market access and market comparison approach, income approach and the income approach. Among them, the income approach is the most theoretical value of an assessment methodology and practice people are more often used as a method, but also the focus of research in this chapter. This approach reflects well the meaning of enterprise value, which is the business enterprise value of future cash flows, discounted?
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