标的企业历史交易案例比较法的运用案例与分析  

Application Cases and Analysis of the Comparative Method of Historical Transaction Cases of Target Enterprises

作　　者：赵德勇 王政 鲍泓瑾 江恺姣 纪益成[2] 丘开浪 Zhao Deyong;Wang Zheng;Bao Hongjin;Jiang Kaijiao;Ji Yicheng;Qiu Kailang(Xiamen Academic Practice Valuer Co.,Ltd.,Xiamen 361012;Xiamen University,Xiamen 361005)

机构地区：[1]厦门市大学资产评估土地房地产估价有限责任公司,福建厦门361016 [2]厦门大学,福建厦门361005

出　　处：《中国资产评估》2022年第4期73-80,共8页Appraisal Journal of China

摘　　要：标的企业历史交易案例比较法具有十分广泛的运用场景,具备“就地取材”和案例数据详实的双重优势,但同样面临着价值比率修正难关。本案例较为完整地介绍了标的企业历史交易案例比较法的运用过程,并聚焦于交易范畴修正,将历史交易价格所包含的业绩补偿承诺视为一项实物期权,运用期权定价模型量化业绩补偿承诺价值并将其从交易价格中进行剥离,使调整后历史案例价格中交易范畴与评估对象相适应。对于历经多轮次股权融资的标的企业而言,能否识别和量化其各轮次股权交易价格中可能包括的承诺价值,是标的企业历史交易案例比较法能否发挥其双重优势的关键所在。The historical transaction case comparison method of the target company has a very wide range of application scenarios, and has the dual advantages of “collecting materials locally” and detailed case data, but it also faces the difficulty of correcting the value ratio. This case relatively completely introduces the application process of the historical transaction case comparison method of the target company, and focuses on the correction of the transaction scope. The performance compensation commitment included in the historical transaction price is regarded as a real option, and the option pricing model is used to quantify the performance compensation commitment. value and strip it from the transaction price, so that the transaction category in the adjusted historical case price is adapted to the evaluation object. For a target company that has undergone multiple rounds of equity financing, the ability to identify and quantify the commitment value that may be included in the price of each round of equity transactions is the key to whether the comparison method of historical transaction cases of the target company can exert its dual advantages.

关 键 词：历史交易案例比较法 价值比率修正 业绩补偿承诺 

分 类 号：F123.7[经济管理—世界经济]