Research On Enterprise Valuation

With gradually globalization of economy and capital flow widely, firm cooperation, joint venture, merger enterprise restructure etc, all the activities are involved in enterprise valuation. Enterprise finical objective has transferred from maximization of profit to maximization of enterprise value, business valuation has become core issue of the enterprise management. Enterprise valuation also called corporation valuation, taking the enterprise as a whole, evaluates its value for exchanging in the future. It is abided by the principle of maximization of enterprise value, business strategy selection, and asset appraisal will develop toward it. In China, from the beginning of 90s in 20th Century, the industry of assets evaluation has made huge achievement. But enterprise valuation is an emerging business and has not still get formed its complete theoretical system. For lack of theoretical support, many appraisers just know the essence of enterprise value vaguely, consider the factors affecting enterprise value incompletely and understand various appraisal models and its parameter shallowly, which leads to lack of objectivity, fairness and scientific quality of appraisal result. This thesis begins with enterprise, value, meaning of enterprise value, explains several main kinds of approaches and methods for enterprise valuation, and makes an effort to construct a bridge between international appraisal theory and our existing theory. This thesis consists of four chapters: Chapter 1: The introduction, which beginning with the demands of enterprise valuation from enterprises inside and outside, puts up the meaning and approach of enterprise valuation. Chapter 2: The basic research of enterprise value. Firstly, the concept of enterprise is discussed. The author holds that enterprise is a kind of special asset. Then, the author explains the connotation of enterprise value and points out what the appraisers pursue is market fair value of an enterprise; in appraisal field,...