查詢結果分析
來源資料
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題名 | 層次分析法在企業價值評估之運用與實證探討=A Study on the Application of AHP in Enterprise Value Evaluation |
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作者 | 陳世宗; Chen, Zu-chang; |
期刊 | 管理與資訊學報 |
出版日期 | 20050600 |
卷期 | 10 2005.06[民94.06] |
頁次 | 頁87-113 |
分類號 | 494 |
語文 | chi |
關鍵詞 | 企業價值; 評估; 層次分析法; Enterprise value; Evaluation; Analytic hierarchy process; |
中文摘要 | 自從1961年墨頓‧米勒(Merton Miller)教授和佛朗哥‧莫迪格萊尼(Franco Modigliani)教授第一次提出價值評估以來,有關價值評估的文章不斷見諸於世。尤其是近些年來,企業價值評估越來越引起人們的關注。這主要是因為社會的發展,國際經濟的一體化,企業間的兼併、重組等產權交易活動日益頻繁。在產權交易中,交易價格的最終確定雖然是交易雙方博弈的結果,但被購併企業的價值是決定交易價格的主要因素。因而,如何正確地確定被購併企業的價值已成為購併能否成功的關鍵。此外,股票上市價格的確定、投資者進行證券投資等都需要對企業價值進行評估。概而言之,伴隨著價值評估思想的日益成熟,評估方法不斷增多,評估理論也日臻完善。但是,在當前企業價值評估實踐中還存在一些問題,這些問題的出現既有制度方面的原因,也有評估方法方面的原因等等。本文運用多目標決策方法--層次分析法對企業價值進行評估,克服了當前價值評估實踐中在評估方法的選擇方面所存在的弊端。文章首先指出了目前企業價值評估中存在的問題,然後對層次分析法進行了介紹,並對企業價值評估中層次分析法之運用加以探討,及分析層次分析法的優缺點,最後則以具體實例驗證運用層次分析法在企業價值評估中之優越性。 |
英文摘要 | Many papers on value evaluation have appeared increasingly since Professor Merton Miller and Franco Modigliani earliest put forward value evaluation under uncertain conditions in 1961. Especially, In recent years enterprise value evaluation has attracted more and more attention, in the situation of society development, economy globalization and the booming of enterprise M&A, reconstruction. In the transaction of property right, target enterprise's value is a main factor of effecting trading price though the final decision of trading price is a result of bargaining. Therefore, target enterprise's value is always regarded as the key to decide that whether transaction will be successful or not. Besides, when stock is issued openly and investment decision is made on security market, it is necessary to evaluate enterprise value. In a word, with the improvement of the idea of enterprise value evaluation, methods and theories on value evaluation have become more and more perfect. However, some problems, which have come from the limitations of system, technology and other reasons, are still in existence during the course of practical value evaluation. In this paper, the author applies Multi-target judgment method-Analytic Hierarchy Process (AHP) to evaluate enterprise value, which revised the flaws of choosing the evaluation approaches in our practice. Firstly, the author points out the problems which have existed in current value evaluation practice. Secondly, Analytic Hierarchy Process is introduced and its application in enterprise value evaluation is studied through a factual example. Finally, the merits and defects of Analytic Hierarchy Process are analyzed. |
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