农业企业论文我国农业企业价值评估探究.doc

农业企业论文：我国农业企业价值评估探究【中文摘要】随着企业间并购活动的日益频繁,企业财务管理理论界掀起了研究企业价值及其评估的浪潮,研究者发现当今经济社会里不仅仅通过企业资源的优化配置就能实现企业快速发展,而且还可以采取另外一些方式,比如企业的兼并、重组、出售和股权资产投资等,实践证明:后者比前者更为有效。目前我国农业企业发展处于比较尴尬的境地,规模小,缺乏竞争力,管理水平低,企业运作水平不高;然而我国农业企业又面临着激烈的市场竞争,同时承载着相当大的社会责任。经济环境和社会责任迫使农业企业不得不谋求发展出路,除了考虑科技创新之外,还需要先进的管理理念,正是基于此,本文探究农业企业价值及其评估理论,以认识和丰富农业企业管理理论,最终寄希望推动农业企业的发展。本文第一部分对企业价值评估方法进行文献综述,发现目前企业价值评估体系还不够完善,尤其是农业企业价值评估理论还需要更深入的研究和发展。第二部分对农业企业价值评估基础理论进行阐述,主要是对企业价值进行界定;阐述了成本法、市场法和收益法等企业价值评估方法主要内容;详细分析了本文所认同的企业生命周期理论的四个阶段,即初创期、成长期、成熟期和多样化期;对农业企业价值进行分析,在分析农业企业特征和范畴的基础上,阐述了影响农业企业价值的三个特殊因素,即特有的自然资源禀赋、土地等政策和其他政策,并讨论了这些因素是如何对企业价值产生影响的;第三部分对农业企业价值评估体系进行探索性的研究,在分析影响农业企业价值因素的基础上,利用销售收入趋势分析和现金流分类组合法对农业企业生命周期进行识别分析,讨论了农业企业各个生命周期所适用的企业价值评估方法,并对其进行了修正,一般来说初创适合使用成本法或期权定价法,成长期适合使用经济增加值法和期权定价法,成熟期适合使用现金流量贴现法和市价法,而多元化期需要根据企业发展情况而定,或许是成本法或许是期权定价法,但二者不可同时存在;随后探讨农业企业价值评估效果评定的办法。第四部分按照第三部分构建的农业企业价值评估体系对隆平高科进行了案例分析,评估结果显示隆平高科的股票市场价值偏低,而且隆平高科公司价值受到政策性因素影响特别大,主要体现在税收优惠方面。第五部分是农业企业价值评估主要结论。具体来说,农业企业价值受到政策性因素影响较大,一方面农业企业将会也必将长期受到政策扶持,从资本市场层面说将提升了农业企业价值,另一方面农业企业价值受到国家政策性因素影响较大,从企业自身发展的角度来说,无疑虚高了农业企业价值,影响企业及其单位或个人对此形势的判断,妨碍了企业经营决策,阻碍企业内生性发展,不利于企业价值持续提升。【英文摘要】With Mergers and Acquisitions activities occurring in the enterprises more frequently, study on the theorists of enterprise value and its assessment sets off waves constantly during corporate financial management. And the researchers found achieving rapid development of enterprises not only depends on the optimal allocation of corporate resources in todays society, but also can take some other way, for example corporate mergers, restructuring, asset sales and equity investment. And the fact proves that the latter is more effective than the former. At present the development of agricultural enterprises is in a relatively awkward position, manifested in small size, lack of competitiveness, low management level and low capacity of enterprises operation, and Chinas agricultural enterprises bearing considerable social responsibility are also facing fierce market competition. So economic pressures and social responsibility force the enterprises to have to seek a way out, which needs advanced management besides science and technology innovation. Based on this purpose, the paper explores the enterprise value and its assessment in order to understand and rich agricultural enterprise management theory, and ultimately hopes to promote the development of agricultural enterprises.This article reviews the literature on enterprise valuation method firstly, which founds the current system of enterprise value evaluation is not perfect, and the theory on agricultural enterprise valuation is still needed to further research and development. Secondly the basic theory of enterprise valuation is elaborated, mainly including defining the enterprise value; describing the main content of enterprise valuation method involved with Cost Approach, Market Approach and Income Approach; detailed analyzing the four stages of the theory of Enterprise Lifecycle recognized in this paper, namely start-up, growth, maturity and diversification; analyzing agricultural enterprises and the influencing factors of their value, mainly including analysis of characteristics and scope of the agricultural enterprises, and elaborating three special factors of enterprise value, namely the unique natural resource endowments, land and other policies, which is how to impact on enterprise value. Thirdly exploring the construction of agricultural enterprise valuation system, on the basis of analyzing the affecting factors of agricultural enterprise value, and using sales trend analysis and classification combination method of cash flow to identify the life cycle of agricultural enterprise, analyzing the enterprise evaluation methods applicable to various life cycle of agricultural enterprise, and modified it; generally speaking, start-up stage is suitable for using Option Pricing and Cost Approach, growth stage is suitable for using Economic Value Added and Option Pricing, maturity stage is suitable for using Discounted Cash Flow and Market Approach, and diversified stage is suitable for using what depends on the development situation of enterprises, which is Cost Approach or Option Pricing but they can not coexist. Then the evaluation effect of the agricultural enterprise value is discussed. Fourthly according the above discussed construction of agricultural enterprise valuation system, Long Ping High-Tech is conducted as a case study, which results show Long Ping High-Techs stock market price is low and its value is affected seriously by policy factors mainly reflected in terms of tax incentives. Fifthly the main conclusions of agricultural enterprise valuation system is elaborated, and specifically, the value of agricultural enterprises is affected by policy factors; specifically on the one hand agricultural enterprises will be subject to the policy support in long-term, on the other hand the value of agricultural enterprises is affected seriously by policy factors; and from the perspective of their own development, the value of agricultural enterprises is inflated undoubtedly, which affects enterprises, othersunits and individuals to judge this situation, prevents enterprise decisions, chokes of enterprise endogenous development, and is not conducive to continuing to enhance enterprise value.【关键词】农业企业 企业价值评估方法 企业生命周期 经济增加值法【英文关键词】agricultural enterprises enterprise evaluation method Enterprise Lifecycle Economic Value Added【目录】我国农业企业价值评估探究摘要5-7ABSTRACT7-8第一章 导论11-181.1 研究背景11-121.2 研究目的和意义12-131.2.1 研究目的121.2.2 研究意义12-131.3 国内外研究动态13-151.3.1 国外研究动态13-141.3.2 国内研究现状14-151.3.3 国内外研究动态评述151.4 研究思路与方法15-161.4.1 研究思路151.4.2 研究方法15-161.5 论文创新16-18第二章 农业企业价值评估基础理论18-282.1 企业价值的界定18-192.1.1 企业价值的概念182.1.2 企业价值的来源18-192.1.3 企业价值的影响因素192.2 企业价值评估基本方法19-232.2.1 成本法202.2.2 市场法20-212.2.3 收益法21-232.3 企业生命周期理论23-242.4 农业企业及其价值影响因素24-282.4.1 农业企业界定24-252.4.2 农业企业基本情况25-262.4.3 农业企业价值影响因素26-28第三章 农业企业价值评估体系构建28-363.1 构建农业企