By using the business valuation methods that widely adopted in the world , the thesis analyzes the banking valuation theories and methods comparatively , such as the comparative model , discount model of free cash flow ( dcf ) , option pricing model and three - factor pricing model . in view of the real situation of chinese banks , the thesis also discussed the applicability of these models 然后对目前国内外普遍采用的企业价值评估方法对银行价值评估的理论进行了综合比较,具体分析了相对估价法、现金流折现法( dcf ) 、期权定价法和“三要素”定价法的基本模型及其扩展,并结合我国的实际情况,对各种方法的适用性进行了探讨。
The concept of value is the foundation to determine valuation models . by expounding the history of value theory and the development of different value theories , this article elaborates on the concept and the influence of value in m & a , as well as it ’ s meaning , supposition , goal and object . the article also elaborates the four basic models of value appraisal : model of costs , model of relative comparison , model of discounted cash flow and model of option evaluation , and their respective application domain 价值的概念是价值评估方法确定的基础,本文通过对价值理论的历史与发展和各种价值理论的详细阐述,说明了在并购评估中价值的概念与影响,以及价值评估的含义、假设、目的及对象;论述了价值评估的四种基本模型:成本法、相对比较法、折现现金流量法和期权估价法,以及各自的应用领域。
The reasearch purpose of this paper is realizing the value appraisal theoretical model applied in the real - estate industry . at first discussed entire present situation of the real - estate industry , then explored enterprise ' s present situation and character , mainly about the amount of land purchase , the growth scope of capital and profit , the debt situation of trade property . based on these materials we can discover certain problem . then i did some certain statistical survey of some representative listed company , and forecasted the whole industry development tendency . after researched in real - estate industry , i analysised four kind of value appraisal theoretical model , evaluated the property , the cash flows discount , relative evaluate , equity evaluate , and has made the narration to each estimate method in the real - estate ; through the fundamental research , infered intrinsic value appraisal method of the project company which occupies a great proportion in the real - estate : npv and 本文把价值评估理论模型在房地产业的应用研究作为论文课题,首先对房地产业的整个现状做了论述:房地产开发企业的现状特征,主要是土地购置开发、资本金和利润增长幅度、行业资产负债情况,从这些资料可以发现行业存在的某些问题,进而对有一定行业代表性的上市公司做了一定的统计研究,预测行业的发展趋势;其次在房地产行业研究的基础上,系统分析了四种价值评估理论模型:以资产为基础的估价、贴现现金流估价、相对估价和期权估价法,并对每种估价方法在房地产的适用性作出了评述,通过理论研究,推导出占据房地产业大部分数量比例的项目公司内在价值评估方法: npv 、 eva ;三是对在房地产行业具有引领作用的房地产上市公司价值评估方法进行理论上的探索,主要是针对应用广泛、简单便捷的现金流贴现理论模型,并对公司现金流与eva 、 ddm与fcfe 、 fcfe与fcff作出比较研究,确定本文理论应用模型:公司现金流折现;最后选择最具代表性的房地产开发企业? ?万科作实证研究,得出相关结果。
The conventional quotation methods of moulds and dies , such as quotation by experience , decomposing and collecting , already ca n ' t meet the requirement of moulds and dies industry in the new environment because of the shortage of data collecting , difficulty in standardization and normalization 模具行业传统的估价办法，如经验估价法、分解汇总估价法等，由于数据采集不足、对人的经验依赖太大、难以规范化和标准化等缺点，已不能满足新形势下模具工业的发展需要。
This part is the foundation of the whole paper ’ s theories . at first , it introduces various forms of the enterprise ' s value , puts forward the definition of the enterprise ’ s value , namely : enterprise ' s value is the market exchange value based on the enterprise ’ s inherent value , its essence is the earning capacity of the enterprises ; then it explains the characteristics , reasons and the theoretical foundation of enterprise ' s value evaluation ; finally , it reviews the common models of the value evaluation models 本章首先介绍了企业价值的不同形式,对企业价值进行了定位,即:企业价值是以企业的内在价值为基础的市场交换价值,其本质是企业未来的持续获利能力,在市场上则表现为公允市场价值;然后对企业价值评估的特点、动因及理论基础进行了阐述;最后,对企业价值评估的成本法、市场法、收益法以及期权估价法进行了分析与评价。
Lastly checking it through a success case and bring up how to evade the lose of the state - owned property and insure that the state - owned property is worth to increase in value . be sure that this will be the reference and theory guidence to the coming m & a 最后，通过实际案例运用贴现现金流估价法对并购中目标企业的价值评估进行了验证，从而提出在并购重组中如何有效地规避国有资产的流失，确保国有资产的保值增值的，这将对以后一浪胜过一浪的并购具有一定的参考价值和理论指导意义。
The text use the reference of the foreign country ' s financial evaluation theory , discuss four methods of the evaluation , and discuss the advantage and disadvantages of the methods one by one . understand the meanings of the corporation value and maximize it , understand the significance of the maximize the value of corporation which use as the financial aim , and use it to the financial decision - making 本文通过借鉴国外财务估价理论，初步探讨了企业价值评估的四种方法? ?以资产负债表为基础的账面价值估价法、比较估价法、加总公司发行在外的各种证券的市场价值评估法、折现现金流量估价法，并分别讨论其适用性和局限性，真正理解企业价值及其最大化的含义，明确了企业价值最大化作为财务目标函数的学科意义，并运用到企业的财务决策中去。
This paper precedes analysis by examples on investment income in shanghai and shenzhen stock market from 1994 to 2005 by investment strategies with financial ratios as decision basis , inspecting average rate of return of various investment strategies , standard deviation for investment income , sharpe ratio of reward to risk , and analysis on these results . financial ratios in research include : price - to - book ratio , price - to - earnings ratio , price - to - sales ratio 本文主要对以相对估价法为决策依据的投资策略在沪深两地a股市场1994年至2005年的投资收益进行实证分析,考察各种投资策略在这11年间的总收益、年度复合收益率、收益标准差、收益的夏普风险指数,并对结果进行了分析。
Then it expounds and analyzes the researching statu of the enerprise ' s valuation of the world , especially on the discount cash flow valuation . among them it detailed analys how to determine the discount rate , the increase rate and the cash flow . at the same time it introduces the two other means that is the ratio and the option valuation and theirs scope of application , promoting some valuation model fitting for different enerprise and different asset for the especially case of m & a , and it expound how to use the cash flow discount to value the enterprise been placed in the circumstance of periodic company , operating the company in the difficulty , not listed company 本文正文部分首先对企业并购研究的相关知识进行了一下简单的介绍，然后对国内外企业的价值评估方法及研究现状进行了详细和深入的阐述，特别是对贴现现金流估价法的分析比较详细和深入，其中对其贴现率、增长率、现金流等基本参数的确定作了较详细的分析，同时也介绍了另外两种估价法即比率估价法和期权估价法的基本情况及其适用范围。
