网络公司价值评估研究
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摘要
经济理论界和证券市场对公司价值评估的研究有着悠久的历史，价值评估不仅有一个广泛认同的体系，类似贴现现金流、市场比较法等方法也已经成为国际上广泛使用的对企业进行价值评估的方法。然而，网络经济和网络公司的兴起却对价值评估提出了巨大的挑战。在过去的十年中，不少学者从各个角度探讨了网络公司的价值来源和评估方法，但目前为止，这些研究都分散在各个不同的方面，并没有一个比较完整的体系；对价值评估方法也没有一个较为全面的总结和评价。针对这一情况，本论文从网络公司的特点出发，分析了公司定价的基础，并构造了一个比较完整的价值评估的指标体系。同时通过对主要的网络公司的价值评估模型的详细介绍和评价，本文认为，在尚未出现一个通用的网络公司价值评估模型之前，需要谨慎选择评估模型，并使用这些模型的组合来达到对网络公司价值的较为准确的评价。
本文正文分为六个部分。
第一章绪论总体介绍本文的内容及协作思路和创新之处；第二章介绍了目前西方较为成熟、运用范围较广的几种价值评估方法，以及各种方法的适用性和局限性。首先介绍常规的经典方法，是为了在网络公司价值评估与传统企业价值评估的对比之前先给出一个参照物；第三章论述了网络经济与网络公司的概况，并阐述了网络公司价值评估与传统企业价值评估的不同之处以及由此特殊性而产生的一些特殊的评估原则；第四章分析了网络经济和网络公司的价值源泉，总结了影响网络公司价值的内外部因素，并提出了价值评估的指标体系；第五章主要介绍了目前最主要的几个网络公司价值评估模型，论述了各模型的优点和局限性，最后对实践中的价值评估方法的使用做了小结；第六章则主要阐述了我国网络公司(主要是中国证券市场网络股)的现状及目前我国对网络股的价值评估方法的使用并提出一点看法。
There is a long-term research on corporation value assessment in the field of both economics and securities business, which has become a widely accepted system, what is more, the methods such as the discounted cash flow and marketing comparison have developed into international widely-used means of company value assessment. Nevertheless, the booms of network economics and companies bring forward a huge challenge for the value assessment. In the past decade, several experts and scholars have probed into value sources and appraisal methods from different angles, however, all these researches have kept apart in their own aspects without forming a whole system yet as well as coming into a comprehensive summarize or a considerable appraisal. for this reason, the paper begins with the characteristic of network companies, analyses the basic of making price and frames an integrated appraisal system. Meanwhile, through the particular presentation and analysis for the model of the main network companies' value assessment, the paper comes into a conclusion that before a common value appraisal model appears, we should choose appraisal model cautiously and assess the network companies' value properly by means of combination of these models.
The text is divided into six parts. The first chapter generally introduces the content and the creative ideas of the article; the second chapter starts with introducing some appraisal methods (applicability and weakness included) which are mature and widely used in western countries; the classic method is presented firstly just for the sake of setting forth a criterion prior to the comparison between network company value appraisal and traditional company value appraisal; in the third chapter we discuss the general situation of network economy and network company, and the appraisal distinction between traditional and network companies is also raised, the forth chapter analyses value source of network economy and company ,summarizes inner and outer elements which influence the network company value ,and puts forward value appraisal system. the fifth chapter introduces main value appraisal models for network companies , discusses the advantage and disadvantage of these models, probes into a new approach to option appraisal, and summarize the usage of value appraisal methods in practice; the last chapter describes status quo of network companies in China and suggestion on the usage of value appraisal method.
本文正文分为六个部分。
第一章绪论总体介绍本文的内容及协作思路和创新之处；第二章介绍了目前西方较为成熟、运用范围较广的几种价值评估方法，以及各种方法的适用性和局限性。首先介绍常规的经典方法，是为了在网络公司价值评估与传统企业价值评估的对比之前先给出一个参照物；第三章论述了网络经济与网络公司的概况，并阐述了网络公司价值评估与传统企业价值评估的不同之处以及由此特殊性而产生的一些特殊的评估原则；第四章分析了网络经济和网络公司的价值源泉，总结了影响网络公司价值的内外部因素，并提出了价值评估的指标体系；第五章主要介绍了目前最主要的几个网络公司价值评估模型，论述了各模型的优点和局限性，最后对实践中的价值评估方法的使用做了小结；第六章则主要阐述了我国网络公司(主要是中国证券市场网络股)的现状及目前我国对网络股的价值评估方法的使用并提出一点看法。
There is a long-term research on corporation value assessment in the field of both economics and securities business, which has become a widely accepted system, what is more, the methods such as the discounted cash flow and marketing comparison have developed into international widely-used means of company value assessment. Nevertheless, the booms of network economics and companies bring forward a huge challenge for the value assessment. In the past decade, several experts and scholars have probed into value sources and appraisal methods from different angles, however, all these researches have kept apart in their own aspects without forming a whole system yet as well as coming into a comprehensive summarize or a considerable appraisal. for this reason, the paper begins with the characteristic of network companies, analyses the basic of making price and frames an integrated appraisal system. Meanwhile, through the particular presentation and analysis for the model of the main network companies' value assessment, the paper comes into a conclusion that before a common value appraisal model appears, we should choose appraisal model cautiously and assess the network companies' value properly by means of combination of these models.
The text is divided into six parts. The first chapter generally introduces the content and the creative ideas of the article; the second chapter starts with introducing some appraisal methods (applicability and weakness included) which are mature and widely used in western countries; the classic method is presented firstly just for the sake of setting forth a criterion prior to the comparison between network company value appraisal and traditional company value appraisal; in the third chapter we discuss the general situation of network economy and network company, and the appraisal distinction between traditional and network companies is also raised, the forth chapter analyses value source of network economy and company ,summarizes inner and outer elements which influence the network company value ,and puts forward value appraisal system. the fifth chapter introduces main value appraisal models for network companies , discusses the advantage and disadvantage of these models, probes into a new approach to option appraisal, and summarize the usage of value appraisal methods in practice; the last chapter describes status quo of network companies in China and suggestion on the usage of value appraisal method.
引文
[1](美)克雷沙·帕利普，维克多·伯纳德，保罗·希利著．经营透视—公司分析与评价．李延钰等译．东北财经大学出版社，2002
[2]杨海明，王燕著．投资学．上海人民出版社，2004
[3]李建良主编．网络股淘金—价值分析与投资建议．中华工商联合出版社，2003
[4]杜胜利著．公司经营业绩评价．经济科学出版社，2005
[5](美)威廉·L·西蒙著．超越数字—成功公司的取胜之道．陆正飞主译．东北财经大学出版社，1998
[6](美)汤姆·科普兰，蒂姆·科勒，杰克·默林著．价值评注—公司价值的衡量与管理．贾辉然等译．中国大百科全书出版社，1998
[7]中国人民大学证券研究所，中国人民大学证券业培训中心．公司并购原理与案例．中国人民大学出版社，2004
[8]殷醒民著．公司井购的金融经济学解释．上海财经大学出版社，2005
[9](美)J·弗雷德·威斯通等著．兼并、重组与公司控制．唐旭等译．经济科学出版社，2003
[10]互联网周刊，财经，资本市场，计算机世界等期刊及各网站
[11](美)约翰·哈洛尔三世等著．网络价值．董清等译．经济科学出版社，1999
[12](美)约翰·哈咯尔三世等著．网络利益—通过虚拟社会扩大市场．王国瑞译．新华出版社，1988
[13]方美琪主编．电子商务概论．清华大学出版社，2005
[14]彭进军编著．股份制公司兼并与收购．中国人民大学出版社，2003
[15]李麟著．公司价值评估理论及其应用研究．北京大学博士论文．1999
[16](美)罗伯特·C·希金斯著．财务管理分析．沈艺峰等译．北京大学出版社，科文(香港)出版有限公司，1998
[17](美)Aswath Damodaran著．投资估价—评估任何资产价值的工具和技术．朱武祥，邓海峰等译．清华大学出版社，John Wiley&Sons，Inc．1999
[18]刘莉莉．纳斯达克质问新经济．互联网周刊．2000(47)
[19]章铮．新经济：一场伟大的争吵．西苑出版社，2002
[20]赵广辉．网络淘金——网络价值评估及实务．广西人民出版社，2003
[21]姜卓成．中国网络公司价值评估标准探讨．中国计算机报．2005．6．1
[22]刘星星．网络股与新经济的价值分析．上市公司．2000(4)
[23]白又戈．公司价值和股票价值的评估方法．申银万国证券研究．1999(2)
[24]彭砚苹，袁建军．公司价值及评估方法．华夏证券研究所商业行业分析．2003(10)
[25]张望，刘英．自由现金流量的计算．上市公司财务分析研究专题报告(七)．华夏证券研究所
[26]赵艳．网路公司价值评估浅析．系统工程．2000(103)
[27]木易．中国网络市场的现状及走势．互联网世界．2005．2．6
[28]殷逸健．网络股定价：基于新增长模式的深入分析．证券市场导报．2003．2
[29]何光辉，杨威月．高科技概念股价值评估的几种新方法．www.cs.com.cn．2000
[30]王少豪，李博．网络公司价值评估及其评估方法．www.cs.com.cn．2003
[31]J.M.Samuels, F.M.wilkes and R.E.Brayshaw: Financial Management & Decision Making, International Thomson Business Press 1999
[32]Stephen A.Ross, Randolph W.Westerfield and Bradford D.Jorda: Fundamentals of Corporate Finance, Richard D.Erwin,Inc.1995
[33]Simon Partner：Mergers and Acquisitions Manual，华夏出版社，西蒙与舒斯特出版公司．999
[34]J．Fred Weston，Kwang S．Chung Juan A．Siu：Takeovers，Restructuring，and Corporate Governance，华夏出版社，西蒙与舒斯特出版公司．1999
[35]Robert C.Radcliffe: Investment-Concepts·Analysis·Strategy.1989
[2]杨海明，王燕著．投资学．上海人民出版社，2004
[3]李建良主编．网络股淘金—价值分析与投资建议．中华工商联合出版社，2003
[4]杜胜利著．公司经营业绩评价．经济科学出版社，2005
[5](美)威廉·L·西蒙著．超越数字—成功公司的取胜之道．陆正飞主译．东北财经大学出版社，1998
[6](美)汤姆·科普兰，蒂姆·科勒，杰克·默林著．价值评注—公司价值的衡量与管理．贾辉然等译．中国大百科全书出版社，1998
[7]中国人民大学证券研究所，中国人民大学证券业培训中心．公司并购原理与案例．中国人民大学出版社，2004
[8]殷醒民著．公司井购的金融经济学解释．上海财经大学出版社，2005
[9](美)J·弗雷德·威斯通等著．兼并、重组与公司控制．唐旭等译．经济科学出版社，2003
[10]互联网周刊，财经，资本市场，计算机世界等期刊及各网站
[11](美)约翰·哈洛尔三世等著．网络价值．董清等译．经济科学出版社，1999
[12](美)约翰·哈咯尔三世等著．网络利益—通过虚拟社会扩大市场．王国瑞译．新华出版社，1988
[13]方美琪主编．电子商务概论．清华大学出版社，2005
[14]彭进军编著．股份制公司兼并与收购．中国人民大学出版社，2003
[15]李麟著．公司价值评估理论及其应用研究．北京大学博士论文．1999
[16](美)罗伯特·C·希金斯著．财务管理分析．沈艺峰等译．北京大学出版社，科文(香港)出版有限公司，1998
[17](美)Aswath Damodaran著．投资估价—评估任何资产价值的工具和技术．朱武祥，邓海峰等译．清华大学出版社，John Wiley&Sons，Inc．1999
[18]刘莉莉．纳斯达克质问新经济．互联网周刊．2000(47)
[19]章铮．新经济：一场伟大的争吵．西苑出版社，2002
[20]赵广辉．网络淘金——网络价值评估及实务．广西人民出版社，2003
[21]姜卓成．中国网络公司价值评估标准探讨．中国计算机报．2005．6．1
[22]刘星星．网络股与新经济的价值分析．上市公司．2000(4)
[23]白又戈．公司价值和股票价值的评估方法．申银万国证券研究．1999(2)
[24]彭砚苹，袁建军．公司价值及评估方法．华夏证券研究所商业行业分析．2003(10)
[25]张望，刘英．自由现金流量的计算．上市公司财务分析研究专题报告(七)．华夏证券研究所
[26]赵艳．网路公司价值评估浅析．系统工程．2000(103)
[27]木易．中国网络市场的现状及走势．互联网世界．2005．2．6
[28]殷逸健．网络股定价：基于新增长模式的深入分析．证券市场导报．2003．2
[29]何光辉，杨威月．高科技概念股价值评估的几种新方法．www.cs.com.cn．2000
[30]王少豪，李博．网络公司价值评估及其评估方法．www.cs.com.cn．2003
[31]J.M.Samuels, F.M.wilkes and R.E.Brayshaw: Financial Management & Decision Making, International Thomson Business Press 1999
[32]Stephen A.Ross, Randolph W.Westerfield and Bradford D.Jorda: Fundamentals of Corporate Finance, Richard D.Erwin,Inc.1995
[33]Simon Partner：Mergers and Acquisitions Manual，华夏出版社，西蒙与舒斯特出版公司．999
[34]J．Fred Weston，Kwang S．Chung Juan A．Siu：Takeovers，Restructuring，and Corporate Governance，华夏出版社，西蒙与舒斯特出版公司．1999
[35]Robert C.Radcliffe: Investment-Concepts·Analysis·Strategy.1989