非财务信息在上市公司比较法中应用的难点与解决方案  

Difficulties and Solutions for the Application of Non-financial Information in the Comparative Method of Listed Companies

作　　者：田文韬 Tian Wentao

机构地区：[1]大连财经学院会计学院,辽宁大连116622

出　　处：《中国资产评估》2024年第1期40-47,共8页Appraisal Journal of China

摘　　要：传统的财务价值比率在企业价值评估中扮演着重要的角色,但是对于企业的全面发展而言,它们并不能完全反映企业的整体情况。然而,当前实务中上市公司比较法仍然主要使用财务价值比率,相关理论研究发展也不充分,根本原因在于相当多的非财务信息天然不是以定量形式呈现。基于此背景,本文首先分析了上市公司比较法第一步可比公司选择及可比性评价、第二步价值比率比较体系构建和第三步非财务价值比率量化中应用非财务信息的具体困难,并结合区间灰数模糊聚类、离散灰数灰靶决策和区间灰数白化三种定量分析方法探讨如何处理这三步中的指标选择及权重确定问题,以期为该方向的进一步研究提供参考。Traditional financial value ratio plays an important role in the enterprise value evaluation,but for the overall development of the enterprise,they do not fully reflect the overall situation of the enterprise.However,in the current practice,the comparative method of listed companies still mainly uses the financial value ratio,and the relevant theoretical research is not sufficient.The fundamental reason is that quite a lot of non-financial information is naturally not presented in quantitative form.Based on this background,this paper first analyzes the first step of the listed company comparison method and comparable evaluation,the second step value ratio comparison system construction and the third step of the application of financial information,and combined with the interval gray number fuzzy clustering,discrete gray number target decision and whitenization method of interval grey number sequence to discuss how to deal with the index selection and weight determination,in order to provide reference for further research in this direction.

关 键 词：财务信息 非财务信息 市场法 模糊聚类 灰靶决策 

分 类 号：F271[经济管理—企业管理] F275[经济管理—国民经济]