| Enterprise value evaluation is the combination of the market economy and modern enterprise system, in recent years, with the deepening reform of our country market economy system, the mixed ownership, great progress has been made in enterprise merger, acquisition and reorganization of property rights transaction activity. The upstream and downstream of industrial chain business enterprise through merger and acquisition, on the one hand, can be the internalization of external trade, reduce transaction costs related to; On the other hand, can be implemented to the upstream production elements, the middle product production, downstream distribution channels of seamless docking, can effectively improve the competitiveness of their business. This is also the capital market is an important means to improve the efficiency of resource utilization.Acquisition of the industrial chain of business valuation is a must. From accurate valuation, yields the most scientific and applicable, widely used in the industry it is analysis by mergers and acquisitions of individual business industry status and disadvantages of themselves reasonable entity to predict the future cash flow and then use the discount cash flow model for the discount. The set of processes usually choose a recent issue of the relevant data as the base period data and combining with correlation analysis to predict the future cash flow, but the problem is for the base period data a few years before, if the fluctuation is not too big, or close to the base period data, then on this basis to predict the future of credibility; However, if the base period before a few years data, even the difference in base data, then on the basis of the combination of qualitative analysis to predict the future related credibility will reduce a lot, an adverse effect on the valuation or.From the above knowable, in enterprise value assessment must as far as possible to these risk factors for the project itself into consideration to arrive at a more practical value,the project risk here specifically to fluctuations in the base period data acquired business to valuation uncertainty, analysis of business conditions and then do a series of assumptions, which calculates single cash flow; Is widely adopted in the discount rate, the capital asset pricing model, the key factor of the model value generally USES uninstall comparable company financial leverage and then load the target leverage model, at the same time, combine the experience of evaluation personnel in the capital asset pricing model to add a risk adjustment coefficient.By above knowable, the traditional approach to do more in terms of cash flow is qualitative analysis, from the Angle of qualitative analysis, it is concluded that the result of the amount not rigorous; In terms of the discount rate despite the fact that compare a number of quantitative analysis, but it is a use of financial leverage to uninstall comparable company load target enterprise in the form of financial leverage to estimate risk, again how is also not a homogenous, risk is sent from the overall, extract more from a comparable overall load to the target on the whole, it makes the risk degree of distortion; In the aspect of risk adjustment coefficient, on the basis of the more is practitioner experience. Based on three aspects to influence the outcome of the valuation.By analyzing the case of A enterprise to use the capital asset pricing model to estimate the value of A corporate takeover individual business. Valuation by the risk of the project itself, general practice: in terms of cash flow, from the perspective of quantitative analysis, obtained several different cash flow, and then use the weighted average of the cash flow in each of the entities as discounted cash flow; In terms of the discount rate, but give up to use the capital asset pricing model to use the risk of the project itself to calculate the discount rate, comprehensive above discount valuation. The valuation and USES the difference between the value of the capital asset pricing model to draw is actually to the project itself has the value of the risk of adjustment, for the value at risk. |
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