基于价值管理的高新技术企业价值评估研究
|
摘要
在价值管理(Value Based Management,VBM)越来越受到重视的今天,以企业价值最大化作为现代企业理财目标已是不争的事实。企业要实现这一理财目标,实施价值管理是最明智的选择。而价值管理流程中第一步就是对企业价值进行评估。通过价值评估,可以对企业价值进行定量描述,根据企业价值变动趋势,判断企业价值在什么条件下可以达到最大化,为企业改进管理提供参考。因此,根据高新技术企业自身的特点和高新技术企业价值评估的特殊性,站在价值管理的角度,重新界定高新技术企业价值的内涵,分析高新技术企业价值驱动因素,建立起基于价值管理的高新技术企业价值评估指标体系,探索高新技术企业价值评估方法就显得尤为必要。
本文以价值管理理论为基础,根据高新技术企业的特点,重新界定了高新技术企业价值的内涵;分析了高新技术企业价值的来源,并在此基础上研究了其价值的形成构面,认为高新技术企业价值是由现有基础上的获利能力创造的价值、高新技术企业潜在的获利能力创造的价值和高新技术企业行业发展机会给企业创造的价值所形成的。并沿价值管理的流程来甄别高新技术企业的价值驱动因素。从价值驱动因素的财务属性纬度出发,针对高新技术企业价值特征来确认高新技术企业价值的关键驱动因素。得出了高新技术企业价值的关键驱动因素不仅包括财务因素,还应包括技术创新能力、人力资源综合效能、风险因素、行业发展的机会价值和公司治理结构等非财务价值驱动因素的结论,为建立高新技术企业价值评估指标体系奠定了理论基础。
本文在高新技术企业价值驱动因素分析的基础上,分析了高新技术企业价值评估的动因和高新技术企业价值评估的特殊性。对现有企业价值评估方法和评估指标体系局限性进行了深入的分析。并构建了基于价值管理的高新技术企业价值评估指标体系。该指标体系与现有评估指标体系有着鲜明的差别,主要体现在以下4个方面:(1)以实现企业价值最大化为目标;(2)体现高新技术企业价值的形成特点;(3)将财务价值驱动因素和非财务价值驱动因素有机结合;(4)评估指标体系的可操作性强。该指标体系由反映财务价值驱动因素和非财务价值驱动因素的两个子指标体系构成,具体包括盈利能力、偿债能力、运营能力、技术创新能力、人力资源综合效能、风险因素、行业发展机会价值、公司治理结构等8个方面24个评估指标。基本能够较全面地反映各关键价值驱动因素对高新技术企业价值的影响。为客观准确评估高新技术企业价值创造了条件。
本文重点研究工作之一,就是用实证分析的方法,运用结构方程模型(Structure Equation Modeling, SEM)对非财务价值驱动因素与高新技术企业价值的相关性进行了研究。本文以我国沪深两市215家上市公司的数据为样本,研究了技术创新能力、风险因素、行业发展的机会价值、人力资源综合效能和公司治理结构等五大非财务价值驱动因素与高新技术企业价值的相关性;各非财务价值驱动因素对高新技术企业价值的贡献度;以及各可观测指标对每个非财务价值驱动因素的解释力。研究发现五大非财务价值驱动因素中,除人力资源综合效能与高新技术企业价值的相关性不明显以外,其余4个因素均与高新技术企业价值具有明显的相关性;而且,5个非财务价值驱动因素中行业发展的机会价值对高新技术企业价值的贡献度最大,公司治理结构的贡献度最小。这些研究结论为建立基于ANP模型的高新技术企业价值综合评估方法提供了实证依据。
本文在探索高新技术企业价值综合评估方法时,主要解决了两个问题:一是,如何将财务价值驱动因素和非财务价值驱动因素对高新技术企业价值的影响同时反映在评估模型中;二是,评估方法不仅能够反映出各价值驱动因素对高新技术企业价值的影响程度,还应该能够反映出各价值驱动因素间的相互影响。因此,本文利用网络分析法(Ana1ytic Network Process ,ANP)的原理,建立了基于ANP模型的高新技术企业价值综合评估模型,很好地解决上述两个难题。
最后,本文筛选了24家制造业和26家信息技术业上市公司,运用基于ANP模型的高新技术企业价值综合评估模型对样本公司的价值进行了评估。并对评估的结果进行了比较分析。分析结果表明:本文建立的基于ANP模型的高新技术企业价值综合评估模型所得到的评估结果比其他评估方法得到的结论更具科学性、客观性和可靠性。为高新技术企业有效实施价值管理、探索高新技术企业价值评估的新方法提供了理论分析和实证分析的依据。
Today, with value based Management has gained more and more attention, it is an indisputable fact that maximizes enterprise value is a modern enterprise financial goal. If enterprises want to realize this financial goal, the most sensible option is the implementation of Value based Management. The first step in the process of Value based Management is the evaluation of enterprises’value. Through value evaluation, the value of enterprises can be described quantitatively, in accordance with movements in the value of enterprises, we can judge under which conditions the value of enterprises can maximize for enterprises to improve the management. Therefore, it is particularly necessary to redefine the meaning of high-tech Enterprises’value, analyze the value drivers of high-tech Enterprises’value, establish value appraisal measure system of high-tech enterprise based on value management and explore the assessment method of high-tech enterprises’value according to the characteristics of high-tech enterprises and the peculiarities of the evaluation of high-tech Enterprises’value.
Based on the theory of value management and according to the characteristics of high-tech enterprises, this paper redefine the connotation of high-tech Enterprises’value and analyze the value sources of high-tech enterprises. Then, we study the formation of its value dimensions that are the value created by current profitability, the value created by high-tech enterprises potential profitability and the value created by high-tech industry development opportunities. Along the process of value management, key value drivers of high-tech enterprises have been discriminated. Starting from the financial latitude and according the characteristics of the value of high-tech enterprises to confirm the key value drivers. Then we got the conclusion of that the key drivers include not only financial factors but also non-financial factors, such as ability in technological innovation, human resources integrated efficiency, risk factors, the growth of the industry value and corporate governance structure, as a basis of value appraisal measure system of high-tech enterprise based on value management.
Based on the analysis of high-tech enterprises’value drivers, this paper analyzes the motives and particularities of the evaluation of high-tech enterprises’value. Take thorough analysis to the existing enterprise value assessment system and the limitations of various methods, and then we construct the value appraisal measure system of high-tech enterprise based on value management. There is significant difference between this index system and the existing evaluation index system, mainly manifested in the following four aspects: (1) in order to achieve the goal of maximizing the value of enterprises; (2) reflects the formation characteristics of high-tech enterprises value, (3) the organic integration of financial and non-financial value drivers, (4) Evaluation Index System is operability. The indicator system constructs by the divers which reflect the financial value and non-financial value, it mainly contains: profitability, financial condition, operating ability, technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure etc. there are 24 assessment indicators in eight aspects. Basic can comprehensively reflect various essential value divers to the high-tech enterprise value. It creates the conditions for evaluate the high-tech enterprises’value objectively and accurately.
One of the main researches in this paper is to use empirical analysis, namely use of structural equation modeling to conduct related research between non-financial value drivers with high-tech enterprises’value. This paper takes 215 companies’data which listed on Shanghai and Shenzhen as sample to study the correlation between high-tech enterprises’value and five non-financial value divers namely technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure, the priorities of the non-financial value divers to high-tech enterprises and the interpretation capacity of each observed indexes to non-financial value divers. The research suggested that five non-financial value drivers, with the exception of integrated human resources, the remaining four factors have obvious relevance to the high-tech enterprises’value. Moreover, among the five non-financial value drivers, the opportunity value of industrial development has the largest contribution to the high-tech enterprises’value but the result is opposite in the corporate governance structure. These conclusions provide empirical basis for establishment of the based on ANP model comprehensive evaluation method of high-tech enterprises’value.
This article when explores the comprehensive method of high-tech enterprises’value, mainly has solved two problems: First, how to reflect the influences of financial and non-financial to high-tech enterprises’value in the evaluation model at the same time; Second, the approach not only to reflect the impact extent of value drivers to high-tech enterprises’value, it should also be able to reflect the value drivers of the mutual influence. Therefore, this article uses the principle of analytic network process, has established based on the ANP comprehensive assessment model of high-tech enterprises’value to solve the above two difficult problems well.
Finally, we selected 24 manufacturing and 26 information technology industry listed companies, based on the use of based on ANP comprehensive evaluation model of high-tech enterprises’value to evaluate sample companies' value. And in article has carried on the comparative analysis to the appraisal result. The research show that: the results get from the based ANP comprehensive evaluation of the high-tech enterprises are more scientific, objectivity and reliability. For the effective implementation of the value management, to explore the new method of assessing the high-tech enterprises’’value provide basis of theoretical analysis and empirical analysis.
本文以价值管理理论为基础,根据高新技术企业的特点,重新界定了高新技术企业价值的内涵;分析了高新技术企业价值的来源,并在此基础上研究了其价值的形成构面,认为高新技术企业价值是由现有基础上的获利能力创造的价值、高新技术企业潜在的获利能力创造的价值和高新技术企业行业发展机会给企业创造的价值所形成的。并沿价值管理的流程来甄别高新技术企业的价值驱动因素。从价值驱动因素的财务属性纬度出发,针对高新技术企业价值特征来确认高新技术企业价值的关键驱动因素。得出了高新技术企业价值的关键驱动因素不仅包括财务因素,还应包括技术创新能力、人力资源综合效能、风险因素、行业发展的机会价值和公司治理结构等非财务价值驱动因素的结论,为建立高新技术企业价值评估指标体系奠定了理论基础。
本文在高新技术企业价值驱动因素分析的基础上,分析了高新技术企业价值评估的动因和高新技术企业价值评估的特殊性。对现有企业价值评估方法和评估指标体系局限性进行了深入的分析。并构建了基于价值管理的高新技术企业价值评估指标体系。该指标体系与现有评估指标体系有着鲜明的差别,主要体现在以下4个方面:(1)以实现企业价值最大化为目标;(2)体现高新技术企业价值的形成特点;(3)将财务价值驱动因素和非财务价值驱动因素有机结合;(4)评估指标体系的可操作性强。该指标体系由反映财务价值驱动因素和非财务价值驱动因素的两个子指标体系构成,具体包括盈利能力、偿债能力、运营能力、技术创新能力、人力资源综合效能、风险因素、行业发展机会价值、公司治理结构等8个方面24个评估指标。基本能够较全面地反映各关键价值驱动因素对高新技术企业价值的影响。为客观准确评估高新技术企业价值创造了条件。
本文重点研究工作之一,就是用实证分析的方法,运用结构方程模型(Structure Equation Modeling, SEM)对非财务价值驱动因素与高新技术企业价值的相关性进行了研究。本文以我国沪深两市215家上市公司的数据为样本,研究了技术创新能力、风险因素、行业发展的机会价值、人力资源综合效能和公司治理结构等五大非财务价值驱动因素与高新技术企业价值的相关性;各非财务价值驱动因素对高新技术企业价值的贡献度;以及各可观测指标对每个非财务价值驱动因素的解释力。研究发现五大非财务价值驱动因素中,除人力资源综合效能与高新技术企业价值的相关性不明显以外,其余4个因素均与高新技术企业价值具有明显的相关性;而且,5个非财务价值驱动因素中行业发展的机会价值对高新技术企业价值的贡献度最大,公司治理结构的贡献度最小。这些研究结论为建立基于ANP模型的高新技术企业价值综合评估方法提供了实证依据。
本文在探索高新技术企业价值综合评估方法时,主要解决了两个问题:一是,如何将财务价值驱动因素和非财务价值驱动因素对高新技术企业价值的影响同时反映在评估模型中;二是,评估方法不仅能够反映出各价值驱动因素对高新技术企业价值的影响程度,还应该能够反映出各价值驱动因素间的相互影响。因此,本文利用网络分析法(Ana1ytic Network Process ,ANP)的原理,建立了基于ANP模型的高新技术企业价值综合评估模型,很好地解决上述两个难题。
最后,本文筛选了24家制造业和26家信息技术业上市公司,运用基于ANP模型的高新技术企业价值综合评估模型对样本公司的价值进行了评估。并对评估的结果进行了比较分析。分析结果表明:本文建立的基于ANP模型的高新技术企业价值综合评估模型所得到的评估结果比其他评估方法得到的结论更具科学性、客观性和可靠性。为高新技术企业有效实施价值管理、探索高新技术企业价值评估的新方法提供了理论分析和实证分析的依据。
Today, with value based Management has gained more and more attention, it is an indisputable fact that maximizes enterprise value is a modern enterprise financial goal. If enterprises want to realize this financial goal, the most sensible option is the implementation of Value based Management. The first step in the process of Value based Management is the evaluation of enterprises’value. Through value evaluation, the value of enterprises can be described quantitatively, in accordance with movements in the value of enterprises, we can judge under which conditions the value of enterprises can maximize for enterprises to improve the management. Therefore, it is particularly necessary to redefine the meaning of high-tech Enterprises’value, analyze the value drivers of high-tech Enterprises’value, establish value appraisal measure system of high-tech enterprise based on value management and explore the assessment method of high-tech enterprises’value according to the characteristics of high-tech enterprises and the peculiarities of the evaluation of high-tech Enterprises’value.
Based on the theory of value management and according to the characteristics of high-tech enterprises, this paper redefine the connotation of high-tech Enterprises’value and analyze the value sources of high-tech enterprises. Then, we study the formation of its value dimensions that are the value created by current profitability, the value created by high-tech enterprises potential profitability and the value created by high-tech industry development opportunities. Along the process of value management, key value drivers of high-tech enterprises have been discriminated. Starting from the financial latitude and according the characteristics of the value of high-tech enterprises to confirm the key value drivers. Then we got the conclusion of that the key drivers include not only financial factors but also non-financial factors, such as ability in technological innovation, human resources integrated efficiency, risk factors, the growth of the industry value and corporate governance structure, as a basis of value appraisal measure system of high-tech enterprise based on value management.
Based on the analysis of high-tech enterprises’value drivers, this paper analyzes the motives and particularities of the evaluation of high-tech enterprises’value. Take thorough analysis to the existing enterprise value assessment system and the limitations of various methods, and then we construct the value appraisal measure system of high-tech enterprise based on value management. There is significant difference between this index system and the existing evaluation index system, mainly manifested in the following four aspects: (1) in order to achieve the goal of maximizing the value of enterprises; (2) reflects the formation characteristics of high-tech enterprises value, (3) the organic integration of financial and non-financial value drivers, (4) Evaluation Index System is operability. The indicator system constructs by the divers which reflect the financial value and non-financial value, it mainly contains: profitability, financial condition, operating ability, technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure etc. there are 24 assessment indicators in eight aspects. Basic can comprehensively reflect various essential value divers to the high-tech enterprise value. It creates the conditions for evaluate the high-tech enterprises’value objectively and accurately.
One of the main researches in this paper is to use empirical analysis, namely use of structural equation modeling to conduct related research between non-financial value drivers with high-tech enterprises’value. This paper takes 215 companies’data which listed on Shanghai and Shenzhen as sample to study the correlation between high-tech enterprises’value and five non-financial value divers namely technical innovation ability, integrated effectiveness of human resources, risk factors, opportunities value of industry development and corporate governance structure, the priorities of the non-financial value divers to high-tech enterprises and the interpretation capacity of each observed indexes to non-financial value divers. The research suggested that five non-financial value drivers, with the exception of integrated human resources, the remaining four factors have obvious relevance to the high-tech enterprises’value. Moreover, among the five non-financial value drivers, the opportunity value of industrial development has the largest contribution to the high-tech enterprises’value but the result is opposite in the corporate governance structure. These conclusions provide empirical basis for establishment of the based on ANP model comprehensive evaluation method of high-tech enterprises’value.
This article when explores the comprehensive method of high-tech enterprises’value, mainly has solved two problems: First, how to reflect the influences of financial and non-financial to high-tech enterprises’value in the evaluation model at the same time; Second, the approach not only to reflect the impact extent of value drivers to high-tech enterprises’value, it should also be able to reflect the value drivers of the mutual influence. Therefore, this article uses the principle of analytic network process, has established based on the ANP comprehensive assessment model of high-tech enterprises’value to solve the above two difficult problems well.
Finally, we selected 24 manufacturing and 26 information technology industry listed companies, based on the use of based on ANP comprehensive evaluation model of high-tech enterprises’value to evaluate sample companies' value. And in article has carried on the comparative analysis to the appraisal result. The research show that: the results get from the based ANP comprehensive evaluation of the high-tech enterprises are more scientific, objectivity and reliability. For the effective implementation of the value management, to explore the new method of assessing the high-tech enterprises’’value provide basis of theoretical analysis and empirical analysis.
引文
1 晏钢, 董守胜. 公司估价方法与发展战略决策. 经济管理出版社, 2003: 1~6
2 赵国忻.高科技企业投资价值评估.科技管理研究. 2003, (3): 42~45
3 肖翔, 高新技术企业价值评估方法研究. 数量经济与技术经济研究. 2003, (2): 63~68
4 尹祖辉.浅谈高科技企业的价值评估. 企业经济. 2007, (4): 42~44
5 王俊垒. 高新技术企业价值评估探讨. 山西财经大学学报. 2002, (11): 38~41
6 王少豪. 高新技术企业价值评估. 中信出版社, 2002: 7~8
7 左庆乐. 高新技术企业价值评估探微. 财会月刊. 2004, (8): 16~17
8 章雁. 高新技术企业价值评估探讨. 商业研究. 2005, (12): 118~121
9 左庆乐, 首静. 高新技术企业价值评估的创新方法探讨. 经济师. 2004, (7):
151~152
10 Modigliani, F. Miller, M. H. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review. 1963, 53(6): 433~443
11 Modigliani, F. Miller, M. H. Reply to Heins and Sprenkle. American Economic Review. 1969,(12):116-119
12 沈艺峰, 沈洪涛. 公司财务理论主流.东北财经大学出版社, 2004:23~29; 331~336
13 沈洪涛, 资本结构. 公司治理与公司价值. 中国经济问题. 2004, (3): 73~80
14 黄贵海, 宋敏. 中国上市公司的资本结构. 经济学季刊. 2004, (3): 395~415
15 Myers. S. C. Still Searching for Optimal Capital Stucture. Journal of Applied Corporate Finance. 1993, (6): 4~14
16 Longstaff, F. Schwartz, E. Valuing Risky Debt: A New Approach. Working Paper, University of California, Los Angeles. 1992:221-230
17 Leland, H. E., Toft, K. B. Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads. Journal of Finance.1996,60(10): 987~1019
18 Woidtke, T. “Agents Watch Agents?: Evidence from Pension Fund Ownership and Firm Value.” Journal of Financial Economics.2002, (63): 99~131
19 Peter Wright, Mark Kroll.Executive Discretion and Corporate Performance as Determinants of CEO Compensation, Contingent on External MonitoringActivities.Journal of Management and Governance. 2002,(6): 189~214
20 Carol Anne Ho, S. Mitchell Williams. International Comparative Analysis of the Association Between Board Structure and the Efficiency of Value Added By A Firm from its Physical Capital and Intellectual Capital Resources. The International Journal of Accounting. 2003, 38(9): 465~491
21 Anderson, R.,D. Reeb, Founding Family Ownership and Firm Performance. Journal of Finance. 2003, 58 (5): 1301~1328
22 Darryl Reed .Corporate Governance Reforms in Developing Countries.Journal of Business Ethics. 2002,37: 223~247
23 Itman, S., Wessels, R. The Determinants of Capital Structure Choice. Journal of Finance. 2001, 43(10): 1~19
24 Faccio, M., Lang, L..The Ultimate Ownership of Western European Corporations. Journal of Financial Economics. 2002,65(7): 365~395
25 Torben Pedersen,Steen Thomsen. Ownership Structure and Value of the Largest European Firms: The Importance of Owner Identity.Journal of Management and Governance. 2003, (7): 27~55
26 Saltuk Ozerturk, Managerial Risk Reduction, Incentives and firm Value, Economic Theory. 2006,27(6): 523~535
27 Salim Chahine: Corporate Governance and Firm Value for Small and Medium Sized IPOs. Financial Markets and Portfolio Management. 2004, 8(2) : 143~159
28 Carl R. Chen, Weiyu Guo, Vivek Mande. Managerial ownership and firm Valuation:Evidence from Japanese firms. Pacific~Basin Finance Journal. 2003, (11): 267~283
29 Benjamin Maury, Anete Pajuste. Multiple Large Shareholders and firm Value. Journal of Banking & Finance.2005, (29): 1813~1834
30 David Yermack,Board Members and Company Value, Financial Markets and Portfolio Management. 2006, (20): 33~47
31 Bing Han. Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts. Real Estate Financial Economy. 2006 ,(32): 471~493
32 Choong Tze Chua, Cheol S. Eun and Sandy Lai .Corporate Valuation Around the World: The Effects of Governance, Growth, and Openness.Journal of Banking & Finance. 2007, 31 (1): 35~56
33 中评协标准部. 境外企业价值评估准则概览之一——美国专业评估职业统一准则. 中国资产评估. 2004, (8): 22~25
34 中评协标准部. 境外企业价值评估准则概览之三——国际评估准则.中国资产评估. 2005, (1): 39~41
35 俞明轩. 企业价值评估. 中国人民大学出版社, 2004: 59~62 63~122
36 中评协标准部. 境外企业价值评估准则概览之二——欧洲评估准则. 中国资产评估. 2004, (19): 22~25
37 Henri Philippe.Corporate Governance: A New Limit to Real Options Valuation?.Journal of Management and Governance. 2005, (9): 129~149
38 Ross, S.A.. Compensation Incentives, and the Duality of Risk Aversion and Riskiness.Journal of Finance. 2004, 59 (12): 207~225
39 Birge, J., & Zhang, R.. Risk-neutral Option Pricing Methods for Adjusting Constrained Cash Flows. The Engineering Economist. 1999, 44(8): 36~49
40 Kamrad, B., & Ernst, R. An Economic Model for Evaluating Mining and Manufacturing Ventures With Output Yield Uncertainty. Operations Research, 2001,(49): 690~699
41 Luke Miller, Mark Bertus. License Valuation in the Aerospace Industry:A Real Options Approach. Review of Financial Economics 2005, (14): 225~239
42 Zhao, R.. Relative Value Relevance of R&D Reporting: An international Comparison. Journal of International Financial Management and Accounting, 2002,(13): 153~174
43 Ballester, M., Garcia~Ayuso, M., & Livnat, J. Estimating the R&D intangible. European Accounting Review. 2003, (12): 605~633
44 Ashenfelter, O., Ashmore, D.,Baker, J. B., Gleason, S., & Hosken, D. S.. Econometric Methods in Staples.Working Paper. 2004,(9), Princeton University
45 Jeffrey L. Callen, Mindy Morel.The Valuation Relevance of R&D Expenditures: Time Series Evidence. International Review of Financial Analysis. 2005, 14: 304~325
46 汪平.财务理论. 经济管理出版社, 2003: 48~59
47 单炳亮. 公司价值评估理论的发展. 当代经济科学. 2004, (1): 56~60
48 郭春丽. 资本结构与公司价值: 理论演变及启示. 经济专论. 2005, (3): 44~49
49 孔平果. 浅谈资本结构与企业价值的关系. 煤炭经济研究. 2005, (7): 66~68
50 刘星. 中国上市公司融资策略影响因素的实证分析. 重庆大学学报. (自然科学版). 2001, 24 (1): 108~113
51 沈艺峰, 陈雪颖. 我国首次公开发行股票的实证研究. 厦门大学学报(哲学社会科学版). 2002, (2): 79~81
52 李梦军, 陆静. 上市公司增发新股信息与股票价格波动的实证研究.经理论与实践. 2001, 22 (112): 52~55
53 胡乃武, 阎衍, 张海峰. 增发融资的股价效应与市场前景. 金融研究. 2002, (5): 32~38
54 刘力, 王汀汀, 王震. 中国 A 股上市公司增发公告的负价格效应及其二元股权结构解释. 金融研究. 2003, (8): 60~71
55 肖作平. 股权结构、资本结构于公司价值的实证研究.证券市场导报. 2003, (1): 72~79
56 王皓, 赵俊.资本结构动态调整模型——沪深股市的实证分析.经济科学. 2004, (3):12~17
57 胡援成. 中国企业资本结构与企业价值研究. 金融研究. 2002, (3): 114~122
58 胡竹枝. 融资结构与企业价值——基于武汉市中小企业的研究. 统计与决策. 2005, (18): 65~66
59 王新新, 徐丽娜. 资本结构、股权结构与企业价值之实证分析.广西经济管理干部学院学报. 2005, (10): 46~48
60 何卫东, 张嘉颖.所有权结构、资本结构、董事会治理与公司价值.南开管理评论. 2002, (2): 17~20
61 皮毅. 公司治理、资本结构与公司价值的实证研究. 当代经济科学. 2004, 26 (5): 65~70
62 潘福样. 公司治理与企业价值的实证研究. 中国工业经济. 2004, (4): 107~112
63 郑军. 企业价值报告理论研究(五)——财务信息的价值相关性分析, 会计评论. 2006,(6): 22~23
64 魏素艳, 张红.高新技术企业价值影响因素的实证分析—来自沪深两市电子信息技术行业的经验数据. 北京理工大学学报. 2006, (10): 62~64
65 李银珠. 我国高新技术企业价值评估初探.统计与决测. 2003, (1): 9~12
66 文静. 高新技术企业价值评估的研究. 商业研究. 2004, (21): 12~14
67 宁文昕, 于明涛. 实物期权理论在高新技术企业价值评估中的应用. 工业技术经济. 2006, 25 (1): 90~93
68 杨双鸽. 高新技术企业价值评估方法探析. 集团经济研究. 2007, (1):225~229
69 王飞航,徐迪. 实物期权法在网络企业价值评估的应用.技术经济与管理研究. 2004, (6): 43~44
70 傅毓维, 姜钰. 期权理论在高新技术企业价值评估中的应用. 北方贸易. 2005, (1): 104~105
71 刘志刚, 银路. 实物期权思维在高新技术企业价值评估中的应用. 高科技产业技术与创新管理. 2005, 26 (4): 64~67
72 杨清清, 李金林. 高新技术企业增长机会价值评估. 北京工商大学学报(自然科学版). 2006, 24 (6): 56~59
73 王海粟. 企业价值评估. 复旦大学出版社, 2005: 268~269
74 李 真. 经济增加值在 VBM 中的应用.技术经济与管理研究. 2007, (4):50~51
75 Phillip R. Daves, Michael C.Ehrhardt. 公司价值评估——管理者、投资者指南. 清华大学出版社, 2005: 19~25
76 丁君凤, 翟俊生. “企业价值管理: 企业管理模式的一种新探索”. 经济师. 2004, (4): 17~18
77 曲向军, 杨紫燕. “价值管理的方法”. 中国企业家. 2003, (8): 11~118
78 罗杰·莫林 谢丽·杰瑞尔. 公司价值. 企业管理出版社, 2002: 5~9;79~103
79 汤姆·科普兰. 价值评估—公司价值的衡量与管理. 中国大百科全书出版社, 1998: 25~56 ; 6~19
80 Saltuk Ozerturk, Managerial Risk Reduction, Incentives and Firm Value, Economic Theory. 2006, 72 (7): 523~535
81 Botosan C, PlumleeM. Assessing Alternative Proxies for the Expected Risk Premium. The Accounting Review. 2005, 80 (1): 21~53
82 李春瑜, 许进. 基于价值管理的财务分析体系. 财会通讯. 2006, (6): 70~71
83 张国华, 陈方正. 价值管理:后股权分置时代上市公司的生存发展之道. 上海企业. 2006, (2):26~29
84 唐勇军.价值管理研究综述与评价. 财会通讯. 2007,(5):77~79
85 周江. 高新技术企业定价研究.四川大学博士学位论文.2004:11~14
86 国家高新技术产业开发区高新技术企业认定条件和办法. 科技部 2000. 7. 23
87 肖翔.实物期权法在高新技术价值评估中的应用.北京交通大学学报(社会科学版). 2007, 6(2):28~31
88 牛彦绍, 投资者对高新技术企业价值评估的探讨. 数量经济技术经济研究. 2005, (11):345~346
89 韦勇钢. 高新技术企业投资机会价值评估研究. 国家图书馆. 2003:21~56
90 郑军. 企业价值内涵之新论. 科学学与科学技术管理. 2006: 164~165
91 Modiliani, F. and Miller, M. H. The Cost of Capital, Corporate Finance, and the Theory of Investment. American Economic Review. 1958,7(1):89~92
92 程廷福. 价值评估中企业价值的理论界定.财会月刊. 2004, (6):56~58
93 俞明轩. 企业价值评估. 中国人民大学出版社, 2005: 10~11
94 高印朝. 企业价值内涵及其评估方法. 商场现代化. 2004,(12): 159~160
95 张晓昊. 关于企业价值的若干理论问题研究. 科技进步与对策. 2002, (6):23~ 26
96 王少豪, 李博. 网络公司价值分析及评估方法. 中国资产评估. 2000,(6): 21~ 25
97 张耘. 非上市高技术企业产权交易于价值评估. 中国经济出版社, 2006, (1): 1~2 38~55 55~56
98 李艳莉, 肖淑芳.浅谈高新技术企业的价值来源. 中国企业家. 2005, (5): 175~176
99 周迎, 任利成. 高新技术企业的价值形成与评估特性. 生产力研究. 2005, (4): 91~92
100 徐竞, 赵松松.基于 EVA 的价值驱动因素分析. 山东轻工业学院学报. 2005, (12): 53~57
101 戴维·弗利克曼. 公司价值评估. 中国人民大学出版社, 2006: 226~257
102 罗菲.实施基于价值管理(VBM)的关键要素分析.会 计 之 友. 2007,(4): 58~59
103 Gompers, P., Ishii, J., Metrick, A.. Corporate Governance and Equity Prices. Quarterly Journal of Economics. 2003, (118): 107~155
104 潘飞, 文东华. 实证管理会计研究现状及中国未来的研究方向——基于价值管理视角.会计研究.2006, (2) :81~86
105 朱武祥, 戚熠漩. 高科技企业法律所有权与价值驱动因素控制权分离及公司治理问题. 管理世界. 2002,(2): 115~118
106 Bernard S. Black, Inessa Love and Andrei Rachinsky. Corporate Governance Indices and firms' Market Values: Time Series Evidence from Russia.Emerging Markets Review. 2006,7(4): 361~379
107 John Condon, Jamie Goldstein. Value Based Management-the Only Way to Manage for Value .Accountancy Ireland. 1998, 30(5) :10~12
108 Felis J. Lopez~Iturriaga, Juan Antnoio Rodriguez~Sanz, Ownership Structure, Corporate Value and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies, Journal of Management and Governance. 2001, 28(5): 179~204
109 KPMG consulting. Value Based Management:The growing importance of share holder value in Europe. Journal of Management and Governance.2003, (7): 27~55
110 Brealey R., Myers S.. Principles of Corporate Finance. New York, McGraw- Hill, 6th edition, 1996:99~115
111 Christopher Casey. Corporate Valuation, Capital Structure and Risk Management: A Stochastic DCF Approach. European Journal of Operational Research. 2001,135(2): 311~325
112 Ruth Seow Kuan Tan, Pheng Lui Chng.CEO Share Ownership and Firm Value.Asia Pacific. Journal of Management.2001, (18): 355~371
113 Lawrence D. Brown and Marcus L. Caylor .Corporate Governance and Firm Valuation.Journal of Accounting and Public Policy. 2006, 25(4): 409~434
114 Kwon SS, Yin J. Executive Compensation, Investment Opportunities and Earnings Management: High-tech Versus Low-tech firms. Journal of Accounting, Auditing and Finance. 2006, (21): 119~148
115 Anne Ameels. Value Based Management Control Processed to Create Value Through Integration: A Literature Review. Vlerick Leuven Gent Management School.working paper. 2002:64~82
116 Anderson, R., S. Mansi and D. Reeb, “Founding Family Ownership and the Agency Cost of Debt.” Journal of Financial Economics. 2003, 68(1): 263~285
117 Sung S. Kwon , Qin Jennifer Yin. The Effect of Differential Accounting Conservatism on the “Over~valuation” of High~tech firms Relative to Low~tech Firms. Review of Quantitative Finance and Accounting.2006, (27): 143~173
118 张家伦. 企业价值评估与创造. 立信会计出版社, 2005:40~47 80~90
119 徐淑.对企业价值评估的几点认识. 中国资产评估(专业版). 2005, (2):5~8
120 方芳, 周道传, 李由. 资本市场中企业价值评估方法.经济理论与经济管理. 2003, (6):36~39
121 Chiung-Ju Liang.The Value-Relevance of Financial and Nonfinancial Information—Evidence from Taiwan’s Information Electronics Industry.Review of Quantitative Finance and Accounting, 2005, (24): 135~157
122 王广斌. 上市公司财务指标分析与投资价值判断. 经济问题. 2004, (7): 76~ 80
123 刘淑莲. 企业价值评估与价值创造战略研究—两种价值模式与六大驱动因素. 会计研究. 2004, (9): 67~71
124 侯梅, 李文. 公司评价创新—从绩效评估到基于战略聚焦的价值管理.价值工程. 2004, (4): 16~18
125 卢锐. 价值基础的管理层业绩评价体系初探. 财会通讯. 2004, (4): 38~41
126 肖翔, 权忠光. 企业价值评估指标体系的构建. 中国软科学. 2004, (10): 83~87
127 唐广. 论企业价值评估指标体系. 商业研究. 2006, (24): 45~46
128 龚光梅, 王小宁. 高新技术企业财务管理特点分析. 财税管理. 2005, (10): 56~57
129 赵秀芳. 价值管理背景下企业价值评估体系的整合. 当代财经. 2006, (10): 115~120
130 曹小磊, 仇向洋. 公司价值. 资本结构与公司治理研究. 现代管理科学. 2005, (7): 82~83
131 王庆芳. 价值管理时代的核心财务指标特征解析. 财会通讯. 2004, (9):41~45
132 王小荣. R&D 资本化下高新技术企业价值评估研究. 科研管理. 2005,(9): 42~43
133 李春萍. 企业价值创造的驱动因素探析. 企业管理. 2005,(11): 61~65
134 Defond, M., Hann, R., Hu, X.. Does the Market value Financial Expertise on Audit Committees of Boards of Directors? Journal of Accounting Research. 2005, (43): 153~193
135 Bai Chong~En, Liu Qiao, Lu Joe, Song Frank M..An Empirical Study on Corporate Governance and Market Valuation in China. Front Economic China. 2006, (1): 83~111
136 和春军, 侯文莉, 赵黎明. 上市公司价值评价模型的构建与实证结果. 现代财经. 2006, 26 (4): 43~54
137 陆正飞, 施瑜. 从财务评价体系看上市公司价值决定. 会计研究. 2002, (5): 55~59
138 Allan Ashley, Jayen B. Patel.The Impact of Leadership Characteristics on Corporate Performance.International Journal of Value-Based Management. 2003,(16): 211~222
139 Swee-Sum Lam, Bey-Fen Chng.Do Executive Stock Option Grants have Value Implications for Firm Performance? Review of Quantitative Finance and Accounting .2006, (26): 249~274
140 方定宝. 证券内的价值评估模型研究综述.技术经济与管理研究. 2002, (8): 62~68
141 林嵩, 姜彦福. 结构方程模型理论及其在管理研究中的应用.科学学与科学技术管理.2006,(2):38~41
142 方平, 熊端琴, 蔡红. 结构方程在心理学研究中的应用. 心理科学, 2001, 24 (4): 406~408
143 刘晓波, 张俊荣. 基于 ANP 的企业可持续发展评价指标体系与方法. 桂林电子工业学院学报. 2006, 26 (6): 221~225
144 Satty T.L. Decision Making~The Analytic Hierarchy and Network Processes (AHP/ANP). Journal of Systems Science and System Engineering. 2004, 10 (1): 25~33
145 Saaty T.L. Decision-making With Dependence and Feedback: The Analytic Network Processes. Pittsburgh: RWS Publications. 1996: 10~65
146 王举颖, 汪波, 赵全超. 基于 BCS 和 ANP 的企业综合绩效评价应用研究.工业工程. 2006, 9 (4): 60~64
147 Saaty T.L.Fundamentals of the Analytic Network Process Dependence and Feedback in Decision-making With A Single Network. Journal of System Science and System Engineering. 2004, 12 (2): 129~157
148 刘睿, 余建星.基于 ANP 的超级决策软件介绍及其应用. 系统工程理论和实践. 2003. 21 (8): 141
149 王莲芬. 网络分析法(ANP)的理论与算法. 系统工程理论与实践.2001, (3): 44~50.
150 方芳, 秦天保. 商业银行操作风险评估——使用网络分析法.管理科学. 2005, 18 (5): 43~50
151 黄本笑, 彭玉梅.运用网络分析法选择 R&D 项目. 科学学与科学技术管理. 2003, (2): 5~7
2 赵国忻.高科技企业投资价值评估.科技管理研究. 2003, (3): 42~45
3 肖翔, 高新技术企业价值评估方法研究. 数量经济与技术经济研究. 2003, (2): 63~68
4 尹祖辉.浅谈高科技企业的价值评估. 企业经济. 2007, (4): 42~44
5 王俊垒. 高新技术企业价值评估探讨. 山西财经大学学报. 2002, (11): 38~41
6 王少豪. 高新技术企业价值评估. 中信出版社, 2002: 7~8
7 左庆乐. 高新技术企业价值评估探微. 财会月刊. 2004, (8): 16~17
8 章雁. 高新技术企业价值评估探讨. 商业研究. 2005, (12): 118~121
9 左庆乐, 首静. 高新技术企业价值评估的创新方法探讨. 经济师. 2004, (7):
151~152
10 Modigliani, F. Miller, M. H. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review. 1963, 53(6): 433~443
11 Modigliani, F. Miller, M. H. Reply to Heins and Sprenkle. American Economic Review. 1969,(12):116-119
12 沈艺峰, 沈洪涛. 公司财务理论主流.东北财经大学出版社, 2004:23~29; 331~336
13 沈洪涛, 资本结构. 公司治理与公司价值. 中国经济问题. 2004, (3): 73~80
14 黄贵海, 宋敏. 中国上市公司的资本结构. 经济学季刊. 2004, (3): 395~415
15 Myers. S. C. Still Searching for Optimal Capital Stucture. Journal of Applied Corporate Finance. 1993, (6): 4~14
16 Longstaff, F. Schwartz, E. Valuing Risky Debt: A New Approach. Working Paper, University of California, Los Angeles. 1992:221-230
17 Leland, H. E., Toft, K. B. Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads. Journal of Finance.1996,60(10): 987~1019
18 Woidtke, T. “Agents Watch Agents?: Evidence from Pension Fund Ownership and Firm Value.” Journal of Financial Economics.2002, (63): 99~131
19 Peter Wright, Mark Kroll.Executive Discretion and Corporate Performance as Determinants of CEO Compensation, Contingent on External MonitoringActivities.Journal of Management and Governance. 2002,(6): 189~214
20 Carol Anne Ho, S. Mitchell Williams. International Comparative Analysis of the Association Between Board Structure and the Efficiency of Value Added By A Firm from its Physical Capital and Intellectual Capital Resources. The International Journal of Accounting. 2003, 38(9): 465~491
21 Anderson, R.,D. Reeb, Founding Family Ownership and Firm Performance. Journal of Finance. 2003, 58 (5): 1301~1328
22 Darryl Reed .Corporate Governance Reforms in Developing Countries.Journal of Business Ethics. 2002,37: 223~247
23 Itman, S., Wessels, R. The Determinants of Capital Structure Choice. Journal of Finance. 2001, 43(10): 1~19
24 Faccio, M., Lang, L..The Ultimate Ownership of Western European Corporations. Journal of Financial Economics. 2002,65(7): 365~395
25 Torben Pedersen,Steen Thomsen. Ownership Structure and Value of the Largest European Firms: The Importance of Owner Identity.Journal of Management and Governance. 2003, (7): 27~55
26 Saltuk Ozerturk, Managerial Risk Reduction, Incentives and firm Value, Economic Theory. 2006,27(6): 523~535
27 Salim Chahine: Corporate Governance and Firm Value for Small and Medium Sized IPOs. Financial Markets and Portfolio Management. 2004, 8(2) : 143~159
28 Carl R. Chen, Weiyu Guo, Vivek Mande. Managerial ownership and firm Valuation:Evidence from Japanese firms. Pacific~Basin Finance Journal. 2003, (11): 267~283
29 Benjamin Maury, Anete Pajuste. Multiple Large Shareholders and firm Value. Journal of Banking & Finance.2005, (29): 1813~1834
30 David Yermack,Board Members and Company Value, Financial Markets and Portfolio Management. 2006, (20): 33~47
31 Bing Han. Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts. Real Estate Financial Economy. 2006 ,(32): 471~493
32 Choong Tze Chua, Cheol S. Eun and Sandy Lai .Corporate Valuation Around the World: The Effects of Governance, Growth, and Openness.Journal of Banking & Finance. 2007, 31 (1): 35~56
33 中评协标准部. 境外企业价值评估准则概览之一——美国专业评估职业统一准则. 中国资产评估. 2004, (8): 22~25
34 中评协标准部. 境外企业价值评估准则概览之三——国际评估准则.中国资产评估. 2005, (1): 39~41
35 俞明轩. 企业价值评估. 中国人民大学出版社, 2004: 59~62 63~122
36 中评协标准部. 境外企业价值评估准则概览之二——欧洲评估准则. 中国资产评估. 2004, (19): 22~25
37 Henri Philippe.Corporate Governance: A New Limit to Real Options Valuation?.Journal of Management and Governance. 2005, (9): 129~149
38 Ross, S.A.. Compensation Incentives, and the Duality of Risk Aversion and Riskiness.Journal of Finance. 2004, 59 (12): 207~225
39 Birge, J., & Zhang, R.. Risk-neutral Option Pricing Methods for Adjusting Constrained Cash Flows. The Engineering Economist. 1999, 44(8): 36~49
40 Kamrad, B., & Ernst, R. An Economic Model for Evaluating Mining and Manufacturing Ventures With Output Yield Uncertainty. Operations Research, 2001,(49): 690~699
41 Luke Miller, Mark Bertus. License Valuation in the Aerospace Industry:A Real Options Approach. Review of Financial Economics 2005, (14): 225~239
42 Zhao, R.. Relative Value Relevance of R&D Reporting: An international Comparison. Journal of International Financial Management and Accounting, 2002,(13): 153~174
43 Ballester, M., Garcia~Ayuso, M., & Livnat, J. Estimating the R&D intangible. European Accounting Review. 2003, (12): 605~633
44 Ashenfelter, O., Ashmore, D.,Baker, J. B., Gleason, S., & Hosken, D. S.. Econometric Methods in Staples.Working Paper. 2004,(9), Princeton University
45 Jeffrey L. Callen, Mindy Morel.The Valuation Relevance of R&D Expenditures: Time Series Evidence. International Review of Financial Analysis. 2005, 14: 304~325
46 汪平.财务理论. 经济管理出版社, 2003: 48~59
47 单炳亮. 公司价值评估理论的发展. 当代经济科学. 2004, (1): 56~60
48 郭春丽. 资本结构与公司价值: 理论演变及启示. 经济专论. 2005, (3): 44~49
49 孔平果. 浅谈资本结构与企业价值的关系. 煤炭经济研究. 2005, (7): 66~68
50 刘星. 中国上市公司融资策略影响因素的实证分析. 重庆大学学报. (自然科学版). 2001, 24 (1): 108~113
51 沈艺峰, 陈雪颖. 我国首次公开发行股票的实证研究. 厦门大学学报(哲学社会科学版). 2002, (2): 79~81
52 李梦军, 陆静. 上市公司增发新股信息与股票价格波动的实证研究.经理论与实践. 2001, 22 (112): 52~55
53 胡乃武, 阎衍, 张海峰. 增发融资的股价效应与市场前景. 金融研究. 2002, (5): 32~38
54 刘力, 王汀汀, 王震. 中国 A 股上市公司增发公告的负价格效应及其二元股权结构解释. 金融研究. 2003, (8): 60~71
55 肖作平. 股权结构、资本结构于公司价值的实证研究.证券市场导报. 2003, (1): 72~79
56 王皓, 赵俊.资本结构动态调整模型——沪深股市的实证分析.经济科学. 2004, (3):12~17
57 胡援成. 中国企业资本结构与企业价值研究. 金融研究. 2002, (3): 114~122
58 胡竹枝. 融资结构与企业价值——基于武汉市中小企业的研究. 统计与决策. 2005, (18): 65~66
59 王新新, 徐丽娜. 资本结构、股权结构与企业价值之实证分析.广西经济管理干部学院学报. 2005, (10): 46~48
60 何卫东, 张嘉颖.所有权结构、资本结构、董事会治理与公司价值.南开管理评论. 2002, (2): 17~20
61 皮毅. 公司治理、资本结构与公司价值的实证研究. 当代经济科学. 2004, 26 (5): 65~70
62 潘福样. 公司治理与企业价值的实证研究. 中国工业经济. 2004, (4): 107~112
63 郑军. 企业价值报告理论研究(五)——财务信息的价值相关性分析, 会计评论. 2006,(6): 22~23
64 魏素艳, 张红.高新技术企业价值影响因素的实证分析—来自沪深两市电子信息技术行业的经验数据. 北京理工大学学报. 2006, (10): 62~64
65 李银珠. 我国高新技术企业价值评估初探.统计与决测. 2003, (1): 9~12
66 文静. 高新技术企业价值评估的研究. 商业研究. 2004, (21): 12~14
67 宁文昕, 于明涛. 实物期权理论在高新技术企业价值评估中的应用. 工业技术经济. 2006, 25 (1): 90~93
68 杨双鸽. 高新技术企业价值评估方法探析. 集团经济研究. 2007, (1):225~229
69 王飞航,徐迪. 实物期权法在网络企业价值评估的应用.技术经济与管理研究. 2004, (6): 43~44
70 傅毓维, 姜钰. 期权理论在高新技术企业价值评估中的应用. 北方贸易. 2005, (1): 104~105
71 刘志刚, 银路. 实物期权思维在高新技术企业价值评估中的应用. 高科技产业技术与创新管理. 2005, 26 (4): 64~67
72 杨清清, 李金林. 高新技术企业增长机会价值评估. 北京工商大学学报(自然科学版). 2006, 24 (6): 56~59
73 王海粟. 企业价值评估. 复旦大学出版社, 2005: 268~269
74 李 真. 经济增加值在 VBM 中的应用.技术经济与管理研究. 2007, (4):50~51
75 Phillip R. Daves, Michael C.Ehrhardt. 公司价值评估——管理者、投资者指南. 清华大学出版社, 2005: 19~25
76 丁君凤, 翟俊生. “企业价值管理: 企业管理模式的一种新探索”. 经济师. 2004, (4): 17~18
77 曲向军, 杨紫燕. “价值管理的方法”. 中国企业家. 2003, (8): 11~118
78 罗杰·莫林 谢丽·杰瑞尔. 公司价值. 企业管理出版社, 2002: 5~9;79~103
79 汤姆·科普兰. 价值评估—公司价值的衡量与管理. 中国大百科全书出版社, 1998: 25~56 ; 6~19
80 Saltuk Ozerturk, Managerial Risk Reduction, Incentives and Firm Value, Economic Theory. 2006, 72 (7): 523~535
81 Botosan C, PlumleeM. Assessing Alternative Proxies for the Expected Risk Premium. The Accounting Review. 2005, 80 (1): 21~53
82 李春瑜, 许进. 基于价值管理的财务分析体系. 财会通讯. 2006, (6): 70~71
83 张国华, 陈方正. 价值管理:后股权分置时代上市公司的生存发展之道. 上海企业. 2006, (2):26~29
84 唐勇军.价值管理研究综述与评价. 财会通讯. 2007,(5):77~79
85 周江. 高新技术企业定价研究.四川大学博士学位论文.2004:11~14
86 国家高新技术产业开发区高新技术企业认定条件和办法. 科技部 2000. 7. 23
87 肖翔.实物期权法在高新技术价值评估中的应用.北京交通大学学报(社会科学版). 2007, 6(2):28~31
88 牛彦绍, 投资者对高新技术企业价值评估的探讨. 数量经济技术经济研究. 2005, (11):345~346
89 韦勇钢. 高新技术企业投资机会价值评估研究. 国家图书馆. 2003:21~56
90 郑军. 企业价值内涵之新论. 科学学与科学技术管理. 2006: 164~165
91 Modiliani, F. and Miller, M. H. The Cost of Capital, Corporate Finance, and the Theory of Investment. American Economic Review. 1958,7(1):89~92
92 程廷福. 价值评估中企业价值的理论界定.财会月刊. 2004, (6):56~58
93 俞明轩. 企业价值评估. 中国人民大学出版社, 2005: 10~11
94 高印朝. 企业价值内涵及其评估方法. 商场现代化. 2004,(12): 159~160
95 张晓昊. 关于企业价值的若干理论问题研究. 科技进步与对策. 2002, (6):23~ 26
96 王少豪, 李博. 网络公司价值分析及评估方法. 中国资产评估. 2000,(6): 21~ 25
97 张耘. 非上市高技术企业产权交易于价值评估. 中国经济出版社, 2006, (1): 1~2 38~55 55~56
98 李艳莉, 肖淑芳.浅谈高新技术企业的价值来源. 中国企业家. 2005, (5): 175~176
99 周迎, 任利成. 高新技术企业的价值形成与评估特性. 生产力研究. 2005, (4): 91~92
100 徐竞, 赵松松.基于 EVA 的价值驱动因素分析. 山东轻工业学院学报. 2005, (12): 53~57
101 戴维·弗利克曼. 公司价值评估. 中国人民大学出版社, 2006: 226~257
102 罗菲.实施基于价值管理(VBM)的关键要素分析.会 计 之 友. 2007,(4): 58~59
103 Gompers, P., Ishii, J., Metrick, A.. Corporate Governance and Equity Prices. Quarterly Journal of Economics. 2003, (118): 107~155
104 潘飞, 文东华. 实证管理会计研究现状及中国未来的研究方向——基于价值管理视角.会计研究.2006, (2) :81~86
105 朱武祥, 戚熠漩. 高科技企业法律所有权与价值驱动因素控制权分离及公司治理问题. 管理世界. 2002,(2): 115~118
106 Bernard S. Black, Inessa Love and Andrei Rachinsky. Corporate Governance Indices and firms' Market Values: Time Series Evidence from Russia.Emerging Markets Review. 2006,7(4): 361~379
107 John Condon, Jamie Goldstein. Value Based Management-the Only Way to Manage for Value .Accountancy Ireland. 1998, 30(5) :10~12
108 Felis J. Lopez~Iturriaga, Juan Antnoio Rodriguez~Sanz, Ownership Structure, Corporate Value and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies, Journal of Management and Governance. 2001, 28(5): 179~204
109 KPMG consulting. Value Based Management:The growing importance of share holder value in Europe. Journal of Management and Governance.2003, (7): 27~55
110 Brealey R., Myers S.. Principles of Corporate Finance. New York, McGraw- Hill, 6th edition, 1996:99~115
111 Christopher Casey. Corporate Valuation, Capital Structure and Risk Management: A Stochastic DCF Approach. European Journal of Operational Research. 2001,135(2): 311~325
112 Ruth Seow Kuan Tan, Pheng Lui Chng.CEO Share Ownership and Firm Value.Asia Pacific. Journal of Management.2001, (18): 355~371
113 Lawrence D. Brown and Marcus L. Caylor .Corporate Governance and Firm Valuation.Journal of Accounting and Public Policy. 2006, 25(4): 409~434
114 Kwon SS, Yin J. Executive Compensation, Investment Opportunities and Earnings Management: High-tech Versus Low-tech firms. Journal of Accounting, Auditing and Finance. 2006, (21): 119~148
115 Anne Ameels. Value Based Management Control Processed to Create Value Through Integration: A Literature Review. Vlerick Leuven Gent Management School.working paper. 2002:64~82
116 Anderson, R., S. Mansi and D. Reeb, “Founding Family Ownership and the Agency Cost of Debt.” Journal of Financial Economics. 2003, 68(1): 263~285
117 Sung S. Kwon , Qin Jennifer Yin. The Effect of Differential Accounting Conservatism on the “Over~valuation” of High~tech firms Relative to Low~tech Firms. Review of Quantitative Finance and Accounting.2006, (27): 143~173
118 张家伦. 企业价值评估与创造. 立信会计出版社, 2005:40~47 80~90
119 徐淑.对企业价值评估的几点认识. 中国资产评估(专业版). 2005, (2):5~8
120 方芳, 周道传, 李由. 资本市场中企业价值评估方法.经济理论与经济管理. 2003, (6):36~39
121 Chiung-Ju Liang.The Value-Relevance of Financial and Nonfinancial Information—Evidence from Taiwan’s Information Electronics Industry.Review of Quantitative Finance and Accounting, 2005, (24): 135~157
122 王广斌. 上市公司财务指标分析与投资价值判断. 经济问题. 2004, (7): 76~ 80
123 刘淑莲. 企业价值评估与价值创造战略研究—两种价值模式与六大驱动因素. 会计研究. 2004, (9): 67~71
124 侯梅, 李文. 公司评价创新—从绩效评估到基于战略聚焦的价值管理.价值工程. 2004, (4): 16~18
125 卢锐. 价值基础的管理层业绩评价体系初探. 财会通讯. 2004, (4): 38~41
126 肖翔, 权忠光. 企业价值评估指标体系的构建. 中国软科学. 2004, (10): 83~87
127 唐广. 论企业价值评估指标体系. 商业研究. 2006, (24): 45~46
128 龚光梅, 王小宁. 高新技术企业财务管理特点分析. 财税管理. 2005, (10): 56~57
129 赵秀芳. 价值管理背景下企业价值评估体系的整合. 当代财经. 2006, (10): 115~120
130 曹小磊, 仇向洋. 公司价值. 资本结构与公司治理研究. 现代管理科学. 2005, (7): 82~83
131 王庆芳. 价值管理时代的核心财务指标特征解析. 财会通讯. 2004, (9):41~45
132 王小荣. R&D 资本化下高新技术企业价值评估研究. 科研管理. 2005,(9): 42~43
133 李春萍. 企业价值创造的驱动因素探析. 企业管理. 2005,(11): 61~65
134 Defond, M., Hann, R., Hu, X.. Does the Market value Financial Expertise on Audit Committees of Boards of Directors? Journal of Accounting Research. 2005, (43): 153~193
135 Bai Chong~En, Liu Qiao, Lu Joe, Song Frank M..An Empirical Study on Corporate Governance and Market Valuation in China. Front Economic China. 2006, (1): 83~111
136 和春军, 侯文莉, 赵黎明. 上市公司价值评价模型的构建与实证结果. 现代财经. 2006, 26 (4): 43~54
137 陆正飞, 施瑜. 从财务评价体系看上市公司价值决定. 会计研究. 2002, (5): 55~59
138 Allan Ashley, Jayen B. Patel.The Impact of Leadership Characteristics on Corporate Performance.International Journal of Value-Based Management. 2003,(16): 211~222
139 Swee-Sum Lam, Bey-Fen Chng.Do Executive Stock Option Grants have Value Implications for Firm Performance? Review of Quantitative Finance and Accounting .2006, (26): 249~274
140 方定宝. 证券内的价值评估模型研究综述.技术经济与管理研究. 2002, (8): 62~68
141 林嵩, 姜彦福. 结构方程模型理论及其在管理研究中的应用.科学学与科学技术管理.2006,(2):38~41
142 方平, 熊端琴, 蔡红. 结构方程在心理学研究中的应用. 心理科学, 2001, 24 (4): 406~408
143 刘晓波, 张俊荣. 基于 ANP 的企业可持续发展评价指标体系与方法. 桂林电子工业学院学报. 2006, 26 (6): 221~225
144 Satty T.L. Decision Making~The Analytic Hierarchy and Network Processes (AHP/ANP). Journal of Systems Science and System Engineering. 2004, 10 (1): 25~33
145 Saaty T.L. Decision-making With Dependence and Feedback: The Analytic Network Processes. Pittsburgh: RWS Publications. 1996: 10~65
146 王举颖, 汪波, 赵全超. 基于 BCS 和 ANP 的企业综合绩效评价应用研究.工业工程. 2006, 9 (4): 60~64
147 Saaty T.L.Fundamentals of the Analytic Network Process Dependence and Feedback in Decision-making With A Single Network. Journal of System Science and System Engineering. 2004, 12 (2): 129~157
148 刘睿, 余建星.基于 ANP 的超级决策软件介绍及其应用. 系统工程理论和实践. 2003. 21 (8): 141
149 王莲芬. 网络分析法(ANP)的理论与算法. 系统工程理论与实践.2001, (3): 44~50.
150 方芳, 秦天保. 商业银行操作风险评估——使用网络分析法.管理科学. 2005, 18 (5): 43~50
151 黄本笑, 彭玉梅.运用网络分析法选择 R&D 项目. 科学学与科学技术管理. 2003, (2): 5~7
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |