导　　师： 邵希娟

学科专业： 1253

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 对于首次发行股票的公司，金融机构大多运用乘数法对公司进行定价。目前市场低迷，若用乘数法对公司进行定价，公司的价值将会被低估。SG公司即将上市，董事会和管理者需要知道公司的内在价值是多少，以对公司有更好的了解。因此，如何科学有效并正确地评估企业的内在价值对SG公司是非常有必要的。 本文正是对SG公司进行内在价值评估的研究。在结合SG公司的自身特点后，选取剩余收益模型中的剩余经营收益模型作为对SG公司的内在价值进行评估的方法。首先，本文对该模型的理论及评估思路进行了详细分析与阐述，梳理出该模型的应用步骤，接着，按照应用步骤对SG公司进行内在价值评估。 第一步，对SG公司进行业务分析，结合行业状况、公司资源及财务情况对公司内外部环境进行剖析，得出SG公司的发展潜力好，为第四章的经营预测和参数确定提供有力支撑。第二步，对SG公司2008年至2012年的财务报表进行调整，使之符合剩余经营收益模型的应用前提，并对SG公司历史财务比率进行分析，为第四章未来的财务预测提供依据。第三步，结合业务分析和调整后的财务报表分析，对SG公司未来的经营情况给出预测，得到必需参数的预测值。第四步，将确定好的参数估计值代入剩余经营收益两阶段模型公式中，经过计算得到SG公司在估测时点2012年12月31日的实体价值为203,046.08万元，该时点SG公司的净金融负债为1000万元，因此SG公司股权价值为202,046.08万元。第五步，对SG公司评估结果进行对比分析发现，估值结果高于账面价值和乘数法计算的结果，说明进行内在价值评估是有必要的。第六步，对SG公司评估的结果进行敏感性分析，发现SG公司估值结果对经营资本成本k、税后经营收益率PMt、营业收入St和高速增长期n比较敏感，并且得到最保守的内在价值为66,163.81万元，最乐观的内在价值为454,538.30万元。 本文的研究主要为SG公司上市定价提供参考，当然也对管理者进行价值管理、公司制定商业融资计划以及投资者进行投资决策具有参考价值，同时对评估其它装饰企业甚至其它行业企业的内在价值也具有一定借鉴意义。 For the IPO of the company, people generally use the Multiplier Method to pricing. If weuse the Multiplier Method to pricing companies in a market downturn, the company's valuewill be underestimated. For SG Company which is coming soon, the board of directors andmanagers need to know the real value of the company so that they have a betterunderstanding of the company. Therefore, it is very necessary to assess the intrinsic value ofthe SG scientifically and properly. This dissertation is a study on assessment of intrinsic value of the SG Company.Combined with its own characteristics of the SG Company, we select the Residual OperatingIncome Model /(ROIM/) as the enterprise valuation method of the SG Company. The First，Wedetailed analyzed the theory and valuation’s solutions. Then we summed up the applicationsteps of this Model. On this basis, the intrinsic value of the SG Company has been evaluated. The first step, the SG Company’s business analysis has been conducted to analyze theinternal and external by combined with industry conditions, company resources and financialsituation. The conclusion is that the SG Company’s development potential is good. It providesstrong support for the financial estimation and parameter determination in the third step. Thesecond step, the financial statements of the SG Company from2008to2012has beenadjusted in order to meet the ROIM’s application premise. And we analyze the financial ratioin order to provide reference for the financial estimation and parameters determination in thethird step. The third step, combined with business analysis and financial statement analysis,we reasonable estimated the future operating performances and predict value of the requiredparameters. The forth step, on the predictive value of required parameters basis, we cancalculated that the firm’s intrinsic value in the certain point of time was203,046.08millionYuan. The equity’s intrinsic value was202,046.08million Yuan. The fifth step, we found thatthe result of the valuation is higher than the Book Value and the result of multiplier method bycomparative analysis of the valuation result. So, it is necessary that assessment the intrinsicvalue. The sixth step, according to the sensitivity analysis of the valuation result, we couldknow the valuation result is sensitive to the k, PMt, St and n. And we also understand themost conservative intrinsic value is66,163.81million Yuan, the most optimistic intrinsic value is454,538.30million Yuan. According to the study by this dissertation, it could provide reference for the pricing of theSG Company. Of course, it could also provide reference for the value management, thecommercial financing plan and the decision making by the investors. Meanwhile, it could providea certain help for the valuation of other decoration company or even other listed company.

关 键 词： 公司价值评估 剩余收益模型 内在价值

分 类 号： [F275 F276.6 F224]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]