投资价值类型下的市场法评估创新研究  

Innovative Research on Market Method Evaluation under the Type of Investment Value

作　　者：胡晓明[1] 周锴 Hu Xiaoming;Zhou Kai

机构地区：[1]南京财经大学会计学院,江苏南京210023

出　　处：《中国资产评估》2022年第9期25-35,共11页Appraisal Journal of China

基　　金：江苏省资产评估行业重大课题(苏评协(2020)49号)“基于行业异质的控制权溢价研究”的阶段性成果。

摘　　要：投资价值作为特定投资者价值在评估价值类型的选择中越来越重要,相关估值理论亟需得到完善。本文基于主并购方协同视角,从应用前景、基本思路和适用范围等方面对投资价值类型下市场法的运用进行探讨,结合整合情况使用熵权-TOPSIS法进行可比公司的选择,并用AHP-VIKOR算法得到协同效应的调整依据。研究表明:相较于市场价值,投资价值类型下市场法的运用突出特定投资者的相关特征,着重考虑可比公司的选择标准的差异、价值比率对预期协同效应的有效反映;投资价值类型下的企业价值评估要着重关注主并方的整合效率与战略构想切实性,以及流动性折扣等注意事项。As a specific investor value, investment value is becoming more and more important in the selection of valuation value types, and the relevant valuation theory needs to be improved. Based on the perspective of synergy of acquirers, this paper discusses the application of market method under the type of investment value from the aspects of application prospect, basic ideas and scope of application. Combined with the integration, entropy weight and TOPSIS method are used to select comparable companies, and ahp-vikor algorithm is used to obtain the adjustment basis of synergy.The research shows that compared with market value, the application of market method under the type of investment value highlights the relevant characteristics of specific investors, and focuses on the difference of selection criteria of comparable companies and the effective reflection of value ratio on expected synergy;The enterprise value evaluation under the type of investment value should focus on the integration efficiency and the practicability of strategic conception of the main and combined parties, as well as the matters needing attention such as control right and liquidity discount.

关 键 词：投资价值 协同效应 市场法 企业并购 主并购方 

分 类 号：F275[经济管理—企业管理] F830.59[经济管理—国民经济]