企业创新价值评价模型初探

企业价值评价是现代财务的必要组成部分,是现代财务管理的重要工具,目前评价的方法模型很多。我们主要通过对传统评价方法的基本思路和局限性进行分析,提出用超额净营业利润折现求和的模型。该模型计算出来的价值是企业超过同行业(或社会)平均风险水平的风险价值、企业在技术上创新所创造的价值、以及企业在其它经营管理水平上优于同行业(或社会)平均水平所创造的价值(文中将这三方面的价值统称为创新价值),是企业投资者和管理当局最为关注的指标。

To Study on the Model of Enterprise Innovation Value Appraisal

The enterprise value appraisal is the essential component of the modern finance and the important tool of the modern financial management. At present, there are many models to appraising enterprise value, but they also have limited sides. And then this article analyses limitations of traditional appraisal models, and proposes a new model that sums discounted value of extra net operating profit. The value, calculated by the new model, is the value due to the enterprise surpassing the average level of the same trade(society)in risk, in technique and in other management skills (in this article, these values are called innovation value), which investors and managers should pay most attention to.