企业价值评估——以软控股份为例.docVIP

下载本文档

8
0
约1.58万字
约 17页
2019-08-20 发布于江苏
举报
版权申诉

企业价值评估——以软控股份为例.doc

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

MACROBUTTON MTEditEquationSection2 SEQ MTEqn \r \h SEQ MTSec \r 1 \h SEQ MTChap \r 1 \h 目录 1引言·························································1 2企业价值评估理论·························································2 2.1企业价值································································2 2.2企业价值评估及其方法····················································2 2.3 现金流折现法···························································3 2.4 相对价值法························································4 3企业价值评估——以软控股份为例············································6 3.1 案例公司概况···························································6 3.2现金流折现法评估························································7 3.2.1 分析历史绩效·························································7 3.2.2预测未来绩效·························································9 3.2.3 估计资本成本·························································9 3.2.4 计算企业价值························································10 3.3相对价值法·····························································12 3.3.1可比公司的选择·······················································12 3.3.2相对价值法下的价值计算···············································13 3.3.3其他加分因素·························································13 4 两种估值结果的比较及结论················································14 4.1 两种估值结果的比较····················································14 4.2总结···································································14 参考文献··································································15 案例分析第 PAGE 1 页共 15 页案例分析第页共页 1引言自20世纪90年代以来，商业界发生了两点令人瞩目的变化，其中之一就是基于价值的管理理念得到广泛的认同，公司经营决策的基准点就是为股东创造价值，企业价值评估是基于价值的管理的根本基础。此外，人们日益清楚地认识到，在市场经济条件下，作为商品生产者的企业本身也是一种商品，可以在市场上进行估价和买卖。现代资本市场的迅速发展，极大地促进了企业资源在不同所有者之间流动。近年来，企业并购、重组、股权交易、风险投资等产权交易活动蓬勃开展，而企业估价是产权交易能否实现的核心问题之一。当前企业价值评估的方法中，资产基础法、市场法和收益法是被评估界广泛接受的三种基本评估方法。在评估实践中，欧美发达国家在实务中使用频率最高的是市场法，而我国的评估师在进行企业价值评估时是以资产基础法为主收益法