企业价值评估最终版11.25资料.pptx

Is the state-led industrial restructuring effective in transition China? Evidence from the steel sector Pei Sun During the reform era, the Chinese government has been carrying out strategic industrial policies modelled on those in post-war Japan and South Korea, in the hope of transforming its highly fragmented manufacturing sector into one that comprises a small number of internationally competitive big businesses. Using the evolution of the Chinese steel industry structure from the late 1980s to the early 2000s as a case in point, this paper finds that the Chinese governments consolidation attempts have not been very successful. The disappointing policy outcome is interpreted by a detailed examination of the industry policy mechanism in China. Among these, the fragmented and uncoordinated Chinese bureaucracy contributes significantly to the inefficacy of policy implementation. Introduction More than two decades of enterprise and industrial restructuring aimed at transforming the traditional fossilised state-owned enterprises (SOEs) into modern business corporations, have constantly occupied the central position in China’s economic transition.Despite the ambitions shown by the central government, an increasing body of studies examining the competitiveness of the Chinese ‘national champions’ in the face of increasing global competition suggests the opposite. This paper aims to complement that strand of research by examining the state-led industry-level restructuring in general, and the efficacy of the government’s consolidation policies in particular, over the last two decades. The reason for choicing the iron and steel sector PART TWO 企业价值评估理论发展 目录 CATALOG 国外文献综述 国内文献综述 企业价值评估理论创新 总述 国外文献综述 公司价值评估理论的发展从属于西方主流经济思想的发展脉络,直到布莱克一斯科尔斯期权定价公式的提出和实物期权理论的发展,公司价值评估理论才脱颖而出。 1 国外文献综述 1 艾尔文.费雪于1906年在《资本与收入的性质》中完整论述了资本与收入的关系以及价值的源泉问题,为现代企业价值评估理论奠定了基石。 4 1962年，在威廉姆斯的股利折现模型的基础之上，假设股利按固定增长率连续增长，从而推导出了固定股利增长率的企业股票价值模型，即广为熟知的戈登模型。 1938年,威廉姆斯(John Burr William