基于CRITIC-VIKOR模型的可比公司选择——锂电企业并购估值研究  

Selection of Comparable Companies Based on the CRITIC-VIKOR Model:Lithium-ion Battery Industry Merger and Acquisition Valuation Research

作　　者：胡晓明[1] 方枞海 黄昊晨 Hu Xiaoming;Fang Zonghai;Huang Haochen(School of accounting,Nanjing University of Finance and Economics,Nanjing 210023)

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》2024年第12期31-43,共13页Appraisal Journal of China

基　　金：江苏省资产评估行业研究课题“基于三叉树模型的交通行业数据资产评估研究”(项目编号:苏评协2024156号);江苏省研究生科研创新计划项目“CEO复合型职业经历、审计定价与内部控制”(项目编号:KYCX23_1828);江苏高校哲学社会科学研究项目“企业IT控制的治理结构及其作用机制研究”(项目编号:2023SJYB0608);江苏省研究生科研与实践创新计划项目“基于三叉树模型对交通数据资产的价值评估研究”(项目编号:SICX24_0725)。

摘　　要：市场法作为三大基本评估方法之一,对于企业整体价值的评估具有较好的适用性,但在实际运用中,认可度相对较低。其主要原因之一在于可比公司的选择具有主观性,导致评价结果缺乏一定的客观性和合理性。因此,尝试改进CRITIC赋权法和其他领域中曾涉及的VIKOR法创新可比公司选择模型,提高对可比公司的客观选择和评价。同时,选择典型锂电企业并购案例——索通发展并购欣源股份,验证CRITIC-VIKOR模型应用在锂电企业并购估值中可比公司选择的合理性。最终结果表明,改进后的模型可以有效地选取与被评估企业较为相近的可比公司。Market value appraisal method,as one of the three basic appraisal methods,has good applicability in evaluating the overall value of enterprises,but its recognition level is relatively low in practical application.One of the main reasons for this is that the selection of comparable companies is subjective,which leads to the lack of objective and rational evaluation results.Therefore,it is attempted to improve the CRITIC weighting method and the VIKOR method used in other fields to innovate the comparable company selection model,and improve the objective selection and evaluation of comparable companies.At the same time,the typical lithium-ion battery enterprise merger and acquisition case-the acquisition of Xintong Development of Xinyuan shares is used to verify the rationality of the CRITIC-VIKOR model in selecting comparable companies for the valuation of lithium-ion battery enterprise mergers and acquisitions.The final results show that the improved model can effectively select comparable companies that are relatively similar to the evaluated enterprise.

关 键 词：并购价值 市场法 CRITIC-VIKOR模型 锂电企业 

分 类 号：F275[经济管理—企业管理]