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Enterprise value assessment

2018-11-07 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Enterprise value assessment,供大家参考学习,这篇论文讨论了企业价值评估。在企业价值评估中,企业的价值及其决定要从企业评估的目的来考虑。企业评估从根本上讲是服从或服务于企业的产权转让或产权交易。在企业产权转让或产权交易中需要的是企业的交换价值或市场上的公允价值。企业作为一种特殊的商品这所以能在市场中进行转让的交易,不仅因为企业也是劳动产品,有社会必要劳动时间在其中,更重要的是企业具有持续获得能力,这种持续获得能力是企业具有交换价值的根本所在。

Enterprise value assessment,企业价值评估,essay代写,paper代写,作业代写

Enterprise value can be defined from different perspectives. From the perspective of political economy, the value of enterprise refers to the necessary labor time in the society. From the perspective of accounting, the value of an enterprise refers to the total expenditure or total expenditure of the enterprise. From the perspective of financial management, the value of an enterprise is the discounted present value of its future cash flow, which is the so-called intrinsic value of the enterprise. From the perspective of market exchange, the value of an enterprise is its monetary performance in the market. If from the perspective of asset evaluation, the value of the enterprise needs to be considered from two aspects: first, the assets evaluation reveal is evaluating the object in the fair value of the transactions under the premise, the enterprise, as a kind of special property on the assessment of its value and should be in the fair value of the transactions under the premise, namely fair currency performance of the enterprise in the market. Second, as determined by the characteristics of the enterprise, the monetary performance of the enterprise in the market is actually the part of monetization and capitalization that the enterprise is capable of achieving. This is determined not only by the enterprise as the object of asset evaluation, but also by the purpose of enterprise value evaluation. In the enterprise value appraisal, the enterprise value and its decision obviously must consider from the enterprise appraisal goal this big premise. Enterprise evaluation is fundamentally subject to or serve the transfer of property rights or the transaction of property rights. What is needed in the transfer of enterprise property rights or transaction of property rights is the exchange value of the enterprise or fair value in the market. As a special commodity, an enterprise can be transferred in the market, not only because the enterprise is also a labor product, and there is a social necessary labor time in it, but more importantly, the enterprise has the continuous acquisition ability, which is the fundamental place where the enterprise has exchange value. Of course, the value represented by the continuous profitability of the enterprise can only be said as the potential value or intrinsic value of the enterprise, not necessarily the exchange value that the enterprise can realize on the base date of evaluation. Asset appraisal emphasizes the realizable part of enterprise intrinsic value and the realizable part of enterprise intrinsic value under the condition of base date of appraisal. As the enterprise value in asset appraisal is a kind of value under the condition of continuous operation, and its value is determined by the enterprise's profitability, the assessor should grasp the key of enterprise value appraisal in the process of enterprise's continuous operation value appraisal, that is, the enterprise's profitability.

There is no authoritative definition of what is enterprise value assessment. Issued by the China association of asset evaluation of enterprise value evaluation guidelines "of the definition of article 3 of the enterprise value evaluation, namely the certified asset appraiser to evaluate base date under the specific purpose value of whole enterprise, the rights and interests of all shareholders value or equity value analysis, estimate, and provide professional opinions the behavior of the process, the object of the enterprise value evaluation is the overall value of an enterprise, or part of the rights and interests of all shareholders' rights and interests of value.

The enterprise value appraisal scope refers to the specific asset scope and asset boundary of the enterprise to be evaluated. The enterprise value appraisal scope's definition, the situation is relatively complex. Generally includes the following two levels: the first is the enterprise property rights assets scope definition, the second is the enterprise effective assets definition.

From the perspective of property rights, the scope of enterprise value evaluation should be all the assets of the enterprise. It includes the part occupied and operated by the enterprise property owners, the part controlled by the property owners and the investment part, such as the wholly-owned subsidiary, the holding subsidiary and the investment part of the non-holding company. This part of the work can apply for a report from the enterprise value evaluation and the competent department approval documents and the change of enterprise property rights transfer or property agreement, contract and articles of association and other relevant information, in the perspective of appraiser easily done, but whether to define the scope of property assets as the scope of specific assets of the enterprise value evaluation, of course not. The enterprise value is based on the overall profitability of the enterprise. The enterprise is an asset complex composed of various single assets, which have different contributions to the formation of the enterprise profitability. Among them, the asset that contributes to and plays a role in the enterprise profit is the effective asset; otherwise, it is the invalid asset. Therefore, to reveal the enterprise value correctly, it is necessary to distinguish the effective assets and invalid assets within the enterprise asset range. Only the effective assets of the enterprise are the specific asset range of the enterprise.

The definition of effective assets of an enterprise should be based on the principle of contribution of assets to the profitability of the enterprise. Effective, of course, the profitability of assets contribution form, should be normal the profitability of the enterprises, objectively speaking, for corporate earnings forecasts, should take the enterprise as a starting point, effective asset can be considered a reasonable improvement and reasonable for effective asset restructuring, any new superior behavior on the subject of the impact of corporate earnings should not be considered. In enterprise appraisal, the treatment of invalid assets is one kind of "asset stripping", that is, the asset is not included in the range of assets before enterprise value appraisal. The other is to make a separate assessment on the premise that the profitability of the enterprise is not affected, and finally add up to the results.

Different from the single asset appraisal, the object of the enterprise value appraisal is the asset complex composed of multiple or multiple single assets, and the factor that determines the enterprise value is the overall profitability of the enterprise.

Enterprise assessment is a holistic assessment, with a simple assessment of each single asset value of the enterprise and there is a difference between: the object of the enterprise value evaluation is according to the specific production technology or management goal of the organic combination of assets, and will form the evaluation of enterprise of each single item assets and, is the first single item assets as an independent appraisal object, and then sum. Enterprise value assessment is based on the profitability of the enterprise, comprehensive consideration of various factors affecting the enterprise's acquisition ability and various risks faced by the enterprise to evaluate. The evaluation value of a single asset of an enterprise is added to sum up in the evaluation of various factors affecting the value of each single asset. Due to the difference between the evaluation of enterprise value and the evaluation of the single asset of an enterprise, the result of the two assessments will also be different. The differences are mainly reflected in the appraisal value of enterprise value, which contains intangible assets that cannot be identified -- the value of goodwill or the economic depreciation of the overall assets of the enterprise.

The cost method in enterprise value assessment is also called asset base method and cost addition method, which refers to the general term of the specific technical methods for determining enterprise value on the basis of reasonable assessment of enterprise assets and liabilities. The theoretical basis of the cost method is the "principle of substitution", which means that any smart potential investor is willing to pay no more than the cost of building a substitute that has the same use as the asset purchased.

The basic idea of cost method is to sum up the assessed value of all elements of an enterprise to obtain the enterprise value. Enterprise reconstruction is not a simple copy of the enterprise being evaluated, but a reconstruction of the enterprise's production capacity and profitability. Therefore, the cost method of enterprise value assessment is carried out tightly around the enterprise's profitability, and the enterprise value obtained is the sum of tangible and intangible assets minus liabilities. However, the cost method starts from the recompletion of a single asset of an enterprise, and has the possibility of ignoring the profitability of the enterprise. It is difficult to consider the projects that do not appear in the financial statements in the evaluation. Therefore, the cost method is applicable to the evaluation of non-profit organizations that are not profitable.

Before carrying out cost method evaluation, enterprises should be identified for their profitability and matching single assets, so as to further define the boundaries of assets and idle assets that are included in the range of enterprise profitability on the basis of the appraisal scope entrusted by the entrusting party, and clarify the role space of the appraisal object and the appraisal premise. As a principle, the assessor should first make clear the precondition for the assessment of each asset, namely the precondition for the assumption of continuous operation and the precondition for the assumption of non-sustainable operation, when evaluating each asset of the enterprise. Under different assumptions, the enterprise value assessed by cost method is different. The value of each individual asset should be evaluated according to the principle of contribution. The appraisal of a single asset under the assumption of non-sustainable operation is conducted on the basis of realization principle.

Under the assumption of continuous operation, it is generally not appropriate to use cost method to evaluate enterprise value. Because the cost method is used to evaluate the enterprise value, it is formed by separately estimating all the identifiable assets of the enterprise. This method is not able to grasp the integrity of the value of a sustainable business enterprise and the contribution of each individual asset to the enterprise. The integration effect of the process matching and organic combination of the individual assets of the enterprise is unascertained intangible assets and cannot be measured effectively. Therefore, in general, it is not appropriate to use the rising cost method alone to evaluate the value of an enterprise under the assumption of continuous operation. Under special circumstances, the appraisal personnel should give sufficient explanation to assess the value of the sustainable enterprise by using the cost method.

Income method, also known as income present value method, refers to an evaluation method to obtain the assessed value of the assessed asset by estimating the expected return of the assessed asset in the future serviceable life, adopting appropriate discount rate to discount the ready-made present value, and then summing them up. When using the income method to evaluate the enterprise value, a necessary precondition is to judge whether the enterprise has the continuous profitability. Only when the enterprise has the continuous profitability, it is meaningful to use the income method to evaluate the enterprise value. The key to value evaluation of an enterprise with the income method is to solve the following three problems:

First of all, the enterprise's earnings should be defined. The earnings of an enterprise can come in various forms, including net profit, net cash flow, net profit before interest and net cash flow before interest. Choosing which form of income as the enterprise income in the income method directly affects the final judgment of enterprise value.

Second, the enterprise's earnings should be reasonably predicted. It is unrealistic to ask appraisers to make accurate predictions of a firm's future earnings. However, as the prediction of enterprise income directly affects the judgment of enterprise profitability and is the key factor to determine the final evaluation value of the enterprise, the factors affecting enterprise profitability should be taken into full account in the assessment and reasonable prediction of enterprise income should be made objectively and impartially.

Finally, after making a reasonable prediction of the enterprise's earnings, the appropriate discount rate should be selected. The choice of appropriate discount rate is directly related to the judgment of enterprise's future earnings risk. Due to the objective existence of uncertainty, it is crucial to judge the risk of enterprise's future earnings. Whether an enterprise can make an appropriate judgment on the risk of its future earnings and choose an appropriate discount rate has a great impact on the final evaluation value of the enterprise.

The income method is generally considered to be more applicable to enterprise value assessment than the cost method and the market method, especially when it involves the services of enterprise merger and acquisition. The acquirer's investment in the target enterprise is expected to obtain future earnings, but the expected future earnings contain risks due to uncertainty. The income method provides a path for quantifying these key variables that affect enterprise value. However, not all enterprise value assessments apply the income method. When using the income method to evaluate the enterprise value, the necessary precondition is to judge whether the enterprise has the continuous profitability and can be reasonably measured. Only when the enterprise has sustained profitability and can be reasonably measured and can be reasonably measured, it is meaningful to use the income method to evaluate the enterprise value.

The market method of enterprise value assessment is to find out one or several reference enterprises that are the same or similar with the evaluated enterprise in the market, analyze and compare the important indexes of the assessed enterprise and reference enterprise, and on this basis, revise and adjust the market value of reference enterprise, and finally determine the value of the assessed enterprise. The theoretical basis is the substitution principle. Economic theory and common sense tell us that similar assets should have similar prices, that a rational investor, in an open and transparent market, would buy an asset at a price that would not be higher than the price of an alternative with the same utility. We evaluate the value of an enterprise by comparing the fair trading price of similar or similar comparable enterprises in the market, and obtain the value of the target enterprise through the analogy analysis and appropriate modification. This is the market method. In countries with a developed market economy, the trading market of enterprises is active, and people more trust in the judgment of enterprise value. The price of the market transaction is more convincing. It is the intrinsic economic value of the transaction enterprise to the buyer. Investors buy it, indicating that it can bring cash flow to the buyer. With discount cash flow method to calculate the value of enterprise, when the enterprise has been losing money, cannot predict cash flow, but if the enterprise has great potential for modification, or its own existence for many years has a certain reputation, has certain customer resources and sales markets, investors buy after the enterprise restructuring, can make it into a profitable enterprise, bring the bonanza for investors. Therefore, the real intrinsic value of the enterprise can be assessed by using the market method, which is easy to be accepted and understood by all parties due to its market orientation and close to reality. But using market method to evaluate enterprise value needs to satisfy two basic preconditions: first, must have an active open market. The open market is a market where there are multiple voluntary buyers and sellers who trade on an equal basis. The transaction price in this market basically reflects the market prices of buyers and sellers, so the contingency of individual transactions can be excluded. Second, there should be comparable enterprises and trading activities in this open market. Comparability of enterprises and their transactions means that the selected comparable enterprises and their trading activities have taken place in the recent public market, and are similar to the target enterprises to be evaluated and the business activities to be taken place. The following problems should be noted when applying the market method: first, the market method of enterprise value assessment is based on the theoretical inference that similar assets should have similar transaction prices; Secondly, there are two obstacles to using the market method to evaluate enterprise value. Thirdly, there are two key points to evaluate enterprise value through indirect comparison of related factors: selection of comparable enterprises and selection of comparable indicators.

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