国际破产司法估值的最新发展  

Recent Development in International Bankruptcy Valuation

作　　者：杨小强[1] 何烨盈 张宇扬 Yang Xiaoqiang;He Yeying;Zhang Yuyang(Sun Yat-sen University,School of Law,Guangzhou 510275)

机构地区：[1]中山大学法学院,广州510275

出　　处：《中国资产评估》2024年第7期20-28,共9页Appraisal Journal of China

摘　　要：以美国法院司法估值为代表,国际评估破产企业的估值方法正在从传统的现金流量贴现法转变为崭新的市场基础法。当市场基础法在破产司法估值中面临适用困境时,应当考虑以下三点对策:其一,采用信用利差而非证券价格作为市场证据;其二,利用现金流量贴现法和市场基础法的互补优势;其三,审慎考虑对不同估值方法的加权与对专家意见的取舍。梳理破产案件中司法估值技术的转变,不仅为我国司法估值提供启发,更揭示着国际破产估值的最新发展。The valuation method of bankrupt enterprises in U.S.courts is changing from the traditional discounted cash flow method to the new market-based method.When the market-based method faces the dilemma of application in bankruptcy judicial valuation,the following three countermeasures should be considered:Firstly,credit spreads rather than stock price should be used as market evidence.Secondly,utilize the complementary advantages of the discounted cash flow method and the market-based method.Thirdly,carefully consider the weighting of different valuation methods and the trade-offs between expert opinions.The transformation of judicial valuation technology in bankruptcy cases not only provides inspiration for judicial valuation in China,but also reveals the latest development of international bankruptcy valuation.

关 键 词：破产估值 司法估值 现金流量贴现法 市场基础法 

分 类 号：DF411.92[政治法律—经济法学]