非上市公司股权价值评估研究——以jh公司为例-research on stock right value evaluation of unlisted companies - taking jh company as an example.docxVIP

摘要摘要近年来，随着资本市场的不断变化，对资产评估也提出了新的要求。尤其是企业价 值评估中的股权评估，对企业资本的运营以及股权重组起着重要的指导意义。客观、全 面地对资产进行评估，在股权估值中显现企业价值已经成为中国资产评估业界和学界的 重大课题。作为一种商品，股权交易在市场上有着强烈的需求。并且股权价值作为非上 市公司股权交易的重要因素，其准确性关系着交易市场的良好运行和市场秩序的规范。 目前国内针对非上市公司股权价值评估的研究并不多。在股权评估方面，我们目前使用 的还是西方的方法理论，并没有根据我国的具体情况，形成我们自己的标准及模型。立足于此，本文选取非上市公司作为研究对象，采用规范分析与实证分析的研究方 法，对非上市公司股权价值的评估进行探究。第一章说明本文的研究目的、研究思路， 采用的研究方法以及目前该领域的研究现状，第二章将文章论述所需的基本概念进行界 定，并概述资产评估收益法；第三章论述了非上市公司整体股权价值的评估方法，分为 间接法与直接法，并分别进行具体说明，考虑到流动性折价的影响，对评估结果进行调 整，以及非上市公司部分股权评估中所需注意的问题，尤其是控制权溢价与折价；第四 章以 JH 硅业科技发展有限公司为例，通过具体的案例，应用前面的研究结果，说明对 我国非上市公司股权价值进行评估的基本过程。最后得出结论，并希望在大家的共同努 力下，关于非上市公司股权评估能够继续推进，形成符合我国实际情况的评估体系，并 与国际接轨。关键词非上市公司股权价值评估控制性流动性IAbstractAbstractRecently years, a transition has taken place in the capital market, which is mainly from assets reorganization in the early time to the capital operation and equity restructuring. New requirements have been put forward in the area of assets evaluation, especially enterprise equity value evaluation for the series of changes. Whether it can be justice, objective and comprehensive in assessments and highlight enterprise value in equity valuations has become a major issue in Chinese assets appraisal industry and academic. As a kind of commodity in marker economy, the buyers and sellers of the private company equity have strong trade demand. And the value of equity as an important factor in private company equity transactions, its accuracy is in relation to the good operation and specifications in the market. Now, there is not much research in equity value evaluation in private company in domestic. The basic theory and method of the west are still used in the asset appraisal equity evaluation area, and there doesnt form any stand ard, theory and model.According to the above mentioned, this article selects the private company as the research object, using the normative analysis and empirical analysis methods to research the equity value assessment of inquiry in private company. The first chapter in this paper is about