Studies On Valuation Of Vessels And Shipping Enterprise Integral Assets

At present, the international shipping market competes sharply. In order to survive, the shipping enterprise will take action to buy or sell the second ship and make the enterprise annex according to the market environment's variation. The enterprise must make the assets valuation when the above property right change behavior occurs in the enterprise. The assets valuation, as a rising intermediary serve trade, has developed about more than ten years in our country, and it was not used by the shipping enterprise until the last few years.Based on the above background and the appraisers' theory research on vessels valuation at home and abroad, At first, the thesis simply presents the development history, t actuality and theory method of the assets valuation at home and abroad. Secondly, it narrates the characteristic of four kinds of typical ships (bulk Carriers, container ships, tankers and LNG ships). Thirdly, when the three primary valuation methods (sales comparison, replacement cost, and income approach) are applied to the vessels valuation, how to calculate its parameter is expounded in detail, In the course of determining the replacement cost's parameter-trie percentage of depreciation, this thesis adopts the fuzzy overall evaluation method. In the course of determining the income approach's parameter-the net income, this thesis adopts Mentekarlor simulation method and makes program with VB 6.0. At last, the thesis analyzes its applicability to the three primary valuation methods according to four kinds of typical ships'market characteristics.Aiming at the annex phenomenon of the shipping enterprises, we make a specific discussion on how to value the shipping enterprise's value after having analyzed the vessels valuation. (1) Why the income approach is employed to value the enterprise's value is expounded in detail. (2) The thesis offers an actual case using the income approach to assess the value of the shipping enterprises that appear on the market and make profit, hi the course of valuation, the grey system theory is employed to forecast the future income of the shipping enterprises. And the CAPM and the WACC are used to determine the discount rate.(3) It makes some simple analyses of the problem encountered in valuing the shipping enterprises that do not appear on the market.(4) the options pricing model, that is, the Black-Scholes model, is employed in appraising the value of the shipping enterprises that loss profit.The valuation theory and the mathematic methods mentioned in the thesis could be used as references for the shipping enterprise administer and the appraiser.At last, the thesis puts forward some problem encountered in writting the thesis to retain the appraiser's attention.