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Study On Enterprise Evaluation Method: Question, Countermeasure And Standards

Posted on:2005-08-05Degree:DoctorType:Dissertation
Country:ChinaCandidate:B H ZhaoFull Text:PDF
GTID:1116360122488905Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
The crux of enterprise evaluation is to look for an applied countermeasure which can attain the following goals: to get the comparative justness and soundness of the appraisal result, adopting proper and different portfolio of assess methods according to concrete enterprise evaluation project; using scientific measure to solve the technological problems in the application of appraisal methods; establishing and complementing valuation standard accord with international assess trade, regulating assess action of assess agencies to promote the healthy development of asset valuation trade in our country. The research try to analyze our country's appraisal agencies' behavior orientation and change trend in the choose of appraisal method and the existing problems so as to find effective and practical countermeasure suitable for social reality.The thesis regards valuation intermediary agencies as research basis. It begins its theoretic analysis with the restriction on the valuation method from valuation theory and correlative elements angles. And then it analyzes respectively the technological problems, restricted factors, treating methods, and calculation of assessment coefficient in valuation. The analysis on current situation of enterprise valuation method and appraiser's difference bases on a large number of questionnaire which divided the data of thematic questionnaire into groups repeatedly and carried on independent character inspection.The conclusion of the thesis is following:Firstly from the perspective of enterprise valuation theory and econometric models, cost, income and market methods are all suitable for enterprise valuation theory. And the differences in the valuation purpose, valuation type, valuation hypothesis and restrict actors determine the level of degree in which different valuation method are suitable. With the national stock market's maturity and increasing standardization of listed companies information disclosure, more and more assessment agencies and register appraisers adopt income and market method. They test portfolio of different valuation methods to raise the justness and soundness of valuation result.Secondly in enterprise valuation cost method should proceed with book value of the financial statement, regard market value as adjusting orientation and reduce application range of cost method.When income method is adopted, four principles should be paid attention to: A: stage-by-stage income model should be used which is made by early stage income current value added by later stage income increase. B: net profit and net cash flow should be the majority of income volume. C: income prediction should base on sale income prediction .The latter takes analysis on future development potentiality of enterprises management as prerequisite. D: discount rate should not be less than no-risk rate of returns.As far as market method is concerned, the same trade enterprise should be taken as reference enterprise. In addition the expansion of relevant datum, dependability test of valuation rate, adjustment of relevant datum and the use of different cooperation index are of great importance to market method. In conclusion, these are practical countermeasures to improve the rationality and fairness of valuation at current social and economic system.Last, national appraisal department should coordinate relevant accounting standard and concrete valuation standard, take the differences among appraisal agencies into consideration to make simple and practical valuation standards.
Keywords/Search Tags:enterprise valuation method, appraisal, valuation standards
PDF Full Text Request
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