企业价值评估模型比较分析

对企业价值进行评估有许多评估模型,一般可将价值评估方法分为：现金流贴现模型,即依据预期未来现金流量现值评估一项资产或公司的价值;相对估价模型,即寻找确定可比较资产,根据某个共同变量,如收入、现金流量、账面价值或者销售收入,通过可比资产的价值估计标的资产的价值;期权估价模型,即对具有期权特性的资产进行价值评估;剩余收益估值模型;经济增加值模型（EVA模型）。具体而言：     

基于实物期权法的风力发电企业价值评估研究

作为一种清洁无污染的可再生能源发电形式,中国风力发电装机容量逐年增加,所产生的环境效益显著。因此,科学客观地对风力发电企业价值进行评估显得尤为重要。传统的净现值法未能充分考虑风力发电企业的特点,忽略了其潜在的获利机会,实物期权法能够弥补净现值法的这种缺陷。文章分析了风力发电企业的期权特性,以内蒙古苏尼特左旗风电场为例,基于B-S模型评估其包含实物期权价值的企业整体价值。     

企业现金价值分析的视角创新:基于实物期权的框架

如果排除价值漏损因素,企业的现金持有行为是一种基于未来经营不确定性的理性选择,因而依据净现值法来评估企业的现金价值会产生一定的偏差。鉴于现金持有的预防动机和投资动机,文章指出,采用实物期权法来审视企业的现金价值比净现值法可能更为符合企业的经营实际。     

实物期权在专利权价值评估中的应用研究

专利权价值评估是进行技术投资、技术实施以及转让交易的必不可少的环节。传统的评估方法虽然对专利权价值评估起着至关重要的作用,但这些方法都存在一定的缺陷。专利权具有期权的特征,因而专利权价值应包含买方在被许可时间范围内所拥有的看涨期权价值。文章结合具体的案例,对传统的收益现值法和实物期权B-S定价模型的评估结果进行了比较分析,最后指出实物期权法是对传统评估方法的有益补充,是专利价值评估的一种新的思路。     

组合实物期权在战略性投资价值评估中的应用框架研究

在不确定条件下的价值评估中,实物期权方法突破了传统方法的一些局限性,认为企业价值是由未来资产的贴现值和未来增长机会的贴现值组成。在定性分析双组合实物期权相互之间影响的基础上,提出双实物期权可加性测定模型,从而建立了组合实物期权在战略性投资价值评估中的应用框架;其对多实物期权评估方法的继续研究提供了一定的参考价值。     

公允价值估价收益法探析

公允价值的估价技术主要包括市场法、收益法和成本法,其中收益法以未来预期收益折现来确定公允价值。收益法中具体的估价方法包括期权定价模型、折现率调整法和期望现值法。最常用的期权定价模型是B-S期权定价模型;折现率调整法适用于存在合同约定的现金流或现金流容易确定的情况,如果这一条件不具备,可以采用期望现值法。     

品牌延伸战略价值的实物期权评价新方法——基于语言算子扩展与成功率分析的模糊复合视角北大核心CSCDCSSCI

研究目标:提出一种品牌延伸战略价值评估的实物期权新方法。研究方法:本文采用语言算子刻画未来收益现值,利用基于实物期权二叉树定价思想的正态模糊数扩展法来量化语言算子。在此基础上,提出成功率因子改进实物期权定价公式,构造出蕴含多种机会价值的模糊复合实物期权品牌延伸价值评价模型。研究发现:在实证研究中,选取了一个典型的企业品牌延展案例,通过建立蕴含多种机会价值的模糊复合实物期权品牌延伸价值评价模型,得到了品牌延伸战略价值评估值。进而将不同方法加以对比,分析本文方法合理性。研究创新:将模糊数与复合实物期权相结合、基于期权定价公式的语言算子扩展、运用成功率修正实物期权定价公式。研究价值:模型符合品牌延伸价值评价的现实数据特点,同时将战略设计与战略评价相结合,能够有效地捕捉延伸战略的机会价值。     

并购中企业价值评估方法的探讨

目标企业价值评估的方法与模型有许许多多,每一种方法都有其科学合理性的方面,也有其缺陷与不足。本文首先对资产价值基础法、市场法、收益现值法及实物期权法进行了研究,在对各种方法适用性分析的基础上提出了一种新的的方法即通过评估企业部门的价值最终得到企业的价值。     

基于收益法的万科集团企业价值评估研究

本文在梳理企业价值评估的相关理论、评估方法以及常用的评估模型的基础上,采用资本资产定价模型,对万科集团的各项成本进行计算,采用现值模型,对万科集团企业价值进行评估,结果表明,将万科集团未来净收益折现之后,公司的净收益现值之和为3805.36亿元。此评估得到的结果可为投资者在购买万科公司股票时提供参考。     

企业价值评估的现金流量模型分析

笔者认为，现金流量折现模型是目前企业价值评估中较有效的方法，基本思想是计算未来现金流量，再考虑时间价值，将未来流量进行折现，其现值即作为目前企业价值。     

知识管理在中部六省民营科技企业中的推进

知识经济时代知识管理已经成为我国民营科技企业管理创新的新视觉和战略选择,而在中部六省民营科技企业加快推进知识管理的步伐,不仅有助于中部地区民营科技企业更好地迎接知识经济的挑战,也更有利于企业提升核心竞争力。中部六省民营科技企业从重视知识管理、重视知识与人才资本机制建立、和谐的知识管理文化等方面来推进知识管理,为企业发展注入活力和动力。     

How does entrepreneurs’ socialist imprinting shape their opportunity selection in transition economies? Evidence from China’s privately owned enterprises

Drawing on imprinting theory and the attention-based view of strategy, this study extends previous literature on the implications of imprinting for opportunity selection by examining how Chinese entrepreneurs’ socialist imprinting from their formative experiences in the Danwei system guides them to pursue lucrative policy-induced opportunities arising from government deregulation, reform, and incentives in certain industries. Using data from 3803 privately owned enterprises in China, we find that (1) privately owned enterprises with entrepreneurs bearing the socialist imprint are more likely to act on policy-induced opportunities to make a quick profit; (2) the relationship between socialist imprinting and the selection of these opportunities is mediated by the entrepreneurs’ attention to government policies; (3) the positive association between socialist imprinting and the selection of these opportunities is less salient for privately owned enterprises located in regions with higher institutional development.     

试论平衡计分卡对经济责任制的借鉴作用

随着我国经济的发展和企业改革步伐的不断加快,客观形势对国有企业管理水平的要求不断提升熏国有企业现行的经济责任制体系的局限性日益明显。文章以平衡计分卡为基础,分析了我国企业现行经济责任制发展的特点及存在的问题,提出借鉴平衡计分卡的管理思想,对经济责任制体系进行改造,构建适合企业实际的新的经济责任制综合考核体系。     

Environmental regulation,total factor productivity,and enterprise duration: Evidence from China

Environmental regulation has been confirmed to have an important impact on enterprise productivity, which is regarded as a crucial factor of enterprise duration. However, existing studies have paid little attention to how environmental regulation affects enterprise duration. Using firm‐level data from the Chinese Industrial Enterprises Database (2003–2007) and the stochastic frontier analysis method, we estimate enterprise total factor productivity (TFP) and its four decomposed components (scale efficiency change, technological change, factor allocation efficiency change, and technical efficiency change). Meanwhile, we adopt a comprehensive index to measure the environmental regulation intensity. Furthermore, we use the linear probability model and the proportional hazards model to investigate the effect of environmental regulation on enterprise duration through the mediating role of enterprise TFP. The results show that although environmental regulation per se negatively impacts on enterprise duration, environmental regulation can present a synthetic positive effect on enterprise duration due to its positive effect on enterprise TFP. Specifically, environmental regulation significantly mitigates the scale efficiency and technical efficiency of regulated enterprises. It also stimulates regulated enterprises' technological innovation and improves their factor allocation efficiency. In addition, state‐owned and large‐scale enterprises are more malleable when facing environmental regulations. We propose that the government should encourage enterprises to innovate and improve the allocation efficiency of production factors, so as to achieve the purpose of controlling environmental pollution in stages while extending enterprise duration.     

Indirect Reciprocity and Corporate Philanthropic Giving: How Visiting Officials Influence Investment in Privately Owned Chinese Firms

This study examines how privately owned firms that are listed on Chinese stock exchanges and often surrounded by Buddhist or Taoist temples use money to bind themselves to officials who can mitigate their underinvestment problems. Philanthropic giving is a traditional way of achieving this task. Based on social‐exchange theory, we consider the potential for indirect reciprocity, in which visiting officials do favours for local businesses that do favours for other social actors. We analyse whether China’s Buddhist and Taoist cultures influence how philanthropic giving induces visiting officials to do favors. We also examine temple locations and the behaviours of privately owned firms listed on Chinese stock exchanges from 2001 to 2012 in an empirical study that provides strong support for our arguments. Results show that philanthropic giving initiates and amplifies indirect reciprocity between visiting officials and local businesses, thereby increasing corporate investment. The magnitudes of these effects depend on the magnitude of religious norms. Our study thus illuminates the influence of visiting officials on corporate investment.     

苏州民营经济转型升级的对策

作为市场经济主体的民营经济,在经济结构调整和产业转型升级中都担当着主要角色,并成为发展服务外包和信息技术等新兴产业的主体。苏州市民营经济体在取得显著成就的同时,自身的问题和缺陷也正在逐步暴露,民营经济发展已进入了转型升级的关键时期。本文着重探讨了在产业结构优化升级和长三角一体化的宏观背景下,苏州民营经济的现状、转型升级的对策以及如何突出重点突破难点等问题。     

Ownership Types and Strategic Groups in an Emerging Economy*

ABSTRACT Existing strategic group studies have rarely examined ownership type as a variable to classify firms in an industry. Using Chinese firms of different ownership types, we suggest that ownership type can be a parsimonious and important variable that managers use to cognitively classify firms into different strategic groups. While ownership itself is an objective variable, we contend that different ownership types lead to different managerial outlook and mentality due to a number of macro and micro foundations giving rise to various managerial cognitions. Employing the Miles and Snow typology, we find that state‐owned enterprises (SOEs) and privately‐owned enterprises (POEs) tend to adopt defender and prospector strategies, respectively, while collectively‐owned enterprises (COEs) and foreign‐invested enterprises (FIEs) exhibit an analyser orientation that falls between defenders and prospectors on the strategy continuum. Three statistical tests suggest that ownership types can be used to successfully predict strategic group memberships in China's emerging economy.     

Insider trading in a two-tier real market structure model

This paper investigates the real and financial effects of insider trading in the spirit of Jain and Mirman (2000). Unlike the existing literature, the production of one real good is costly and depends mainly on the price of an intermediate good produced locally by a privately owned firm. The results show that the output level of the final good chosen by the insider as well as the price of the intermediate good set by the privately owned firm are both higher than it would be in the absence of insider trading. Furthermore, the parameters of both real markets affect the stock price. Next, a second insider, operating in the firm producing the final good, is added to the benchmark model. Competition among insiders decreases the production of the final good by the publicly owned firm and the price of the intermediate good with respect to the benchmark model. Moreover, it affects the insiders’ trades and increases the amount of information revealed in the stock price.     

非国有股东治理与企业风险承担水平——来自国有企业混合所有制改革的经验证据

以A股国有上市企业为样本,考察非国有股东治理对企业风险承担水平的影响。研究发现,非国有股东治理能够显著提升国有企业的风险承担水平,这种影响在2013年底国有企业混合所有制改革强化之后更加明显,在地方国有企业和竞争性国有企业中更加突出。进一步研究发现,非国有股东治理对企业风险承担水平的影响机制在于提高高管薪酬和降低代理成本,提高股权混合制衡度和超额委派董事均能提高企业风险承担水平。研究结论从企业风险承担的视角证实了混合所有制改革的效果,为进一步推进混合所有制改革提供了经验证据和借鉴。     

Impact of Ownership Type on Environment–Strategy Linkage and Performance: Evidence from a Transitional Economy

In this study I contend that the ownership type has a significant impact on the environment–strategy configurations amongst different firms in a transitional economy. The influence of ownership type on the environment–strategy configuration is tested, based on an analysis of surveys of 201 managers from four types of companies in China: state‐owned, collectively‐owned, privately‐owned, and foreign joint ventures. Results support the central notion that each ownership type exhibits a distinct environment–strategy configuration, which in turn has important performance implications for the firms.