导　　师： 张维佳

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 加权平均资本成本法（WACC法）是目前评估企业价值最常用的方法，但它在计算折现率时要求企业的资本结构保持稳定。因此对于资本结构不断发生改变的企业，WACC法将不适用，必须寻找另外一种合适的方法来评估这类企业的价值。WACC法的主要问题在于其折现率的计算跟企业的资本结构相关。如果能找到一种不用通过企业资本结构便能得到折现率的方法，便可以解决上述问题。 调整现值法（APV法）把企业价值分成全权益价值和税盾价值两部分，并且计算过程中所使用的折现率不受资本结构的影响。因此能够有效地应用于资本结构不断发生改变的企业价值评估。 本文首先提出青岛海尔因去关联交易战略的原因，其资本结构不断发生改变，导致常用的现金流折现法无法很好地估算其价值。接着介绍了企业资本结构改变下的评估方法—APV法（调整现值）以及其各个参数的确定思路，并且比较了其相对WACC法的优势。然后将APV法应用于青岛海尔的实际评估中，通过案例详细介绍APV法在实际评估中各个参数的确定及其应用过程，最终得到青岛海尔在2012年12月31日的评估价值1027.06亿元，参照青岛海尔的实际市场表现，最终得出结论：使用APV方法不仅能够有效地避免因资本结构改变带来的评估难题，而且能够有效地估算出企业的内在价值。最后给出在实际中应用APV法评估企业价值的相关建议。 Cash Flow Discounted Model is the most popular approach in enterpriseappraisement. It requests the enterprise's capital structure remain stable. But mostenterprises can not reach this requirement. So Cash Flow Discounted Model does notsuit to these enterprises and a proper approach is needed. The problem of Cash FlowDiscounted Model lies in that its discounted rate depends on the capital structure. Ifwe can find a approach whose discounted rate is independent to its capital structure,this problem could be solved. The Adjusted Value Model divides the enterprise's value into two parts: One isunlevered equity value，the other is tax shield value. Both the discounted rate it usedis not depended on the capital structure. So this model can be used to appraise thoseenterprises’ value whose capital structures do not remain stable. This thesis firstly raises the question that Qingdao Co,.LTD's capital structurechange every year because of its strategy on reducing the associated trade, and theCash Flow Discounted Model can not be use to appraise its value. Then this thesisintroduce a model, called Adjusted Value Model, which can be use to appraise thevalue of those enterprises whose capital structure change. We also point out how to setall the parameters of Adjusted Value Model, and the advantage of it to the WeightAverage Capital Cost Model. Finally, we use this model to appraise the value ofQingdao Co,.LTD and try to give an example of how to use this model to the real case.We get the result that The Adjusted Value Model not only could avoid the problemsthe WACC Model meets, but also could get the proper value of the enterprise. Finallywe give some advice in using the Adjusted Value Model.

关 键 词： 现金流折现 法 青岛海尔

领　　域： [经济管理] [经济管理]