企业价值评估文献综述英文版
英文版资产评估概述
Value types of asset evaluation
Fair market value: Fair market value is the price that would be agreed upon upon between a selling buyer and a selling seller in the open market It estimates that both parties are informed and acting prudently, with no further pressure or influence
Value Standards for Asset Evaluation
Independent evaluation standards: To ensure objectivity and consistency in asset evaluation, it is essential to use independent evaluation standards These standards should be developed based on market conditions, industry norms, and accepted valuation practices They should also consider relevant legal and regulatory requirements
Inventory assets
Create a list of all assets to be applied
On site inspection
Visit the location of the assets to observe and assess their condition and value
基于EVA的企业绩效评价文献综述(可编辑)
基于EVA的企业绩效评价文献综述（可编辑）基于EVA的企业绩效评价文献综述文献综述基于EVA的企业绩效评价随着中国资本市场的发展和不断完善,上市公司的经营业绩越来越受到其不同利益相关者的关注,这就要求衡量企业价值的指标能准确反映为股东创造的价值。
EVA作为一种新型的企业绩效评价方法,其核心思想是衡量企业业绩时必须考虑企业的权益资本成本机会成本,经营收益只有在补偿了经营成本和权益资本成本之后的余额才是企业真正创造的利润。
它克服了传统评价指标的缺陷,在一定程度上体现了上市公司为股东创造的价值,真正反映了企业的经营业绩,因而在国内外受到了广泛的探讨。
目前EVA在发达国家己经取代利润指标成为最准确的公司绩效衡量标准。
但由于我国尚不完善的资本市场,EVA理论在企业中的实践尚处于探索阶段。
因此,在当前引进EVA理念和相关的运作办法,对于我国的上市公司有着极其重要的现实意义。
1 EVA的定义EVAEconomic Value Added,即经济增加值,是由美国思腾思特公司于1982年提出的管理评价概念。
它是指经过调整后的税后净营业利润扣除企业全部资本成本后的净值。
这里所指的资本成本不仅包括债务资本成本,而且包括股权资本成本。
EVA的计算公式为:EVA税后净营业利润-资本总额×资本加权平均成本EVA与传统利润的企业业绩评价指标的最大区别在于它将股权资本成本也计入资本成本。
EVA的基本思路是:公司所有资本,其来源无论是股权资本还是债务资本,他们都是有机会成本的。
因此,投资者从公司至少应获得其投资的机会成本。
也就是说,从经营利润中扣除按权益的经济价值计算的资本的机会成本后,才是股东从经营活动中得到的增值收益。
由此可见,EVA可以帮助投资者了解目标公司的过去和现在是否创造了真正的价值,实现了对投资者高于资本成本的超额回报,更为重要的是EVA可以帮助投资者了解公司的经营现状并应用EVA分析和管理提高价值创造的能力和水平。
关于公司企业价值观的英语作文
文章标题：The Essence of CorporateValues: Shaping the Core of OurOrganizationIn the intricate tapestry of the corporate world, values serve as the guiding threads that unite diverse individuals, ideas, and strategies into a cohesive enterprise. They are not merely abstract concepts, but rather the concrete principles that govern how an organization functions, interacts with its stakeholders, and pursues its long-term objectives. This essay delvesinto the significance of corporate values, exploring how they shape the identity, culture, and success of a company. Firstly, corporate values are the foundation of a company's identity. They reflect the organization's core beliefs, aspirations, and ethical standards, distinguishing it from its competitors and shaping its unique brand image.A strong set of values helps employees identify with the organization, fostering a sense of belonging and loyalty. This, in turn, enhances employee morale and motivation, leading to improved performance and a more engaged workforce.Moreover, corporate values play a pivotal role in shaping the company culture. A positive and inclusive culture that aligns with the organization's values fosters a collaborative and innovative environment. It encourages employees to share ideas, take risks, and work together to achieve common goals. Such a culture attracts and retains top talent, further strengthening the company's competitive edge.Additionally, corporate values are essential forethical decision-making. In a rapidly changing business environment, companies often face ethical dilemmas that require careful consideration and responsible action. A robust set of values provides a framework for ethical decision-making, guiding employees to choose the right course of action even when faced with challenging situations. This ethical approach not only safeguards the company's reputation but also builds trust with its stakeholders, including customers, investors, and the wider community.Furthermore, corporate values are crucial for long-term success. They serve as the compass that guides theorganization through changing market landscapes and economic cycles. By staying true to its values, a company can maintain its focus on its mission and vision, ensuring that its strategies and actions are aligned with its long-term goals. This consistency and clarity of purpose help the company navigate through challenges and seize opportunities, ultimately leading to sustained growth and prosperity.In conclusion, corporate values are the essence of an organization, shaping its identity, culture, ethical decision-making, and long-term success. By fostering a strong set of values that are aligned with the organization's mission and vision, companies can create a resilient and vibrant enterprise that stands out in the competitive landscape. It is, therefore, imperative for organizations to continuously nurture and uphold their values, ensuring that they remain at the heart of everything they do.**文章标题：企业价值观的本质：塑造组织的核心** 在错综复杂的企业世界中，价值观就像一条条指引的线索，将不同的个体、思想和策略联结成一个和谐统一的整体。
西方企业价值评估方法研究综述
*++* 年思特 (.%"/0&% $ 提出了经济附加值 (123 $ 概念 ! 由总部设在纽约的思腾思特 (4%"&5 6 4%"/7&% $ 咨 询 公 司 将
该方法引入价值评估领域 (123 商标由 4%"&5 6 4%"/7&% 公 司注册持有 $% 根据思腾思特咨询公司的解释 ! 经济附加值 表示 的 是 一 个 公 司 扣 除 资本 成 本 后 的 资 本 收 益 % 也就 是 说 ! 一个公司的经济附加值是该公司的资本收益和资本成 本之间的差 % 123 的方法是以股东利益最大化经营目标为 基础 ! 在欧美国家风靡一时 !一度成为像高盛 ’89 摩根等著 名投资银行分析企业价值的基本工具之一 % 但是 ! 经济附 加值概念至今没有成形的理论体系 ! 也没有一套公认的可 供操作的方法体系 ! 因此它的应用和发展也受到了一定的 制约 % 二 ! 西方企业价值评估方法研究现状 至今 ! 企 业 价 值 评 估 方 法 已发 展 得 相 当 丰 富 ! 仅 美 国 官方推荐 投 资 者 分 析 上市 公 司 所 采 用 的 评 估 方 法就 至 少 有 *: 种 (3;"<75=&7 >""= ?7@AB< 6 .%75;"C DA$%"& >""= ! *+++ $% 这些方法大致上可以分为两大类模型 &(* $ 基于收 入和资产的模型 )(E $ 基于现金流的模型 % 这两类模型在实 践操作中各有千秋 % 普遍的认识是 & 基于收入和资产的模 型比基于现金流模型所需的信息量少 ! 但同时存在理论上 不够严谨的问题 (4B=7&$757FG *+,: $% 总的起来 ! 这些方法 又可以大 致 归 结 为 三 种 基本 方 法 & 加 和 法 ’ 比 较 法 和现 金 流贴现法 % 其他各式各样的价值评估方法都是由这三种基 本方法组合变换而来 % 加和 法 是 将 构 成 企 业 的 各种 要 素 资 产 的 评 估 值 加 总 求得企业整体价值的方法 % 它的优势在于采用了较客观的 价值类型 ! 但由于严重缺乏对资产未来收益的前瞻性 ! 无 法准确把握一个持续经营企业价值的整合效应 ! 一般只适 合于清算企业的价值评估 % 现金流贴现法和比较法均是以 企业 持 续 经 营 为 假 设 前 提 ! 强 调 被 估 对 象 的 未 来 获利 能 力 % 其中 ! 比较法运用现有会计利润与相关的各种会计指 标之间的比率 ( 常见的指标如市盈率 $! 通过与同类企业对 比来确定企业价值 % 这种方法在一些英联邦国家应用比较 普遍 % 现金流贴现法最符合经济学原理 ! 是理论上最为成 熟的评估方 法 ! 它 采用 现 金 流 量 而 非 利 润 指 标 ! 排 除 了 会 计利润易受会计方法 ’ 会计政策等人为因素干扰的不利影 响 ! 因此成 为 企 业 价 值 评 估 的 一种 基 本 方 法 ! 受 到 欧 美 等 国价值评估人员的青睐 % 34; 世纪 1" 年代以来 " 理论界对折现率的认识和计算 取得了 重 大 突 破 " 资 本 市 场 理论 # 资 产 组 合 理 论 有 了 突 飞
英文版资产评估概述课件
（二）The characteristics of the assets
1. property rights obtained according to law.
2. Expected to generate economic benefits to the enterprise
英文版资产评估概述
assets and asset appraisal’s meaning 一、Assets and its classification
（一）The meaning of assets
Assets refers to economic resources which are owned or controlled by the specific subjects of rights , are measurable by money value and can generate future economic benefits for them.
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企业管理英文文献综述范文
企业管理英文文献综述范文When it comes to corporate management, a diverse range of strategies and practices have been explored in the academic world. From the traditional hierarchical models to the more modern flat structures, organizations have adapted to changing business landscapes in pursuit of efficiency and growth.One significant trend in recent years has been the rise of lean management. This approach emphasizes minimizing waste in all areas of business operations, from production lines to administrative processes. By focusing on value-adding activities and eliminating inefficiencies, companies are able to streamline their operations and improve profitability.On the other hand, the concept of agile management has gained traction in the face of the ever-evolving business environment. Agile organizations are flexible and adaptive, able to quickly respond to market changes and capitalize onemerging opportunities. This approach values collaboration, iteration, and continuous improvement, enabling businesses to stay ahead of the competition.In the realm of leadership, there's a growing recognition of the importance of emotional intelligence. Leaders who are able to understand and manage their own emotions, as well as those of their team members, are more effective in fostering a positive work environment and promoting employee engagement. Emotional intelligence also plays a crucial role in conflict resolution and decision-making.Technology has.。
关于企业投资的外文参考文献
关于企业投资的外文参考文献[1] harry markowitz. portfolio selection [j]. the journal of finance, 1952，7:77-91[2] william f. sharpe. capital asset prices: a theory of market equilibrium under conditions of risk [j]. the journal of finance, 1964，19:425?442[3] j. lintner. the valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets [j]. review of economics and statistics, 1965，47:13?37[4] e. fama, k. french. the cross-section of expected stock returns [j]. journal of finance, 1992，47:427?465[5] e. fama, k. french. xxmon risk factors in the returns on stocks and bonds [j], jounal of financial economics, 1993，33:3?56[6] e. fama，k. french. dissecting anomalies [j]. journal of finance, XX:1653?1678[7] j. berk, r. green, v. naik. optimal investment, growth options，and security returns [j]. journal offinanc，1999，54:1553?1607[8] j. gomes, l. kogan, l. zhang. equilibrium cross section of returns [j]. journal of political economy, XX:693?732[9] m. carlson, a. fisher, r. giammarino. corporate investment and asset price dynamics: implications for the cross-section of returns [j]. journal of finance, XX, 59:2577?2603[10] i. cooper. asset pricing implications of nonconvex adjustment costs and irreversibility of investment [j], journal of finance, XX，61:139?170[11] c. polk, p. sapienza. the stock market and corporate investment: a test of catering theory [j]. review of financial studies, XX, 22:187?217[12] i. cooper, r. priestley. real investment and risk dynamics [j]. journal of financial economics, XX, 101:182?205[13]辞海[m].上海：上海辞书出版社，1999:815[14]不列颠百科全书(第八卷)[m].北京：中国大百科全书出版社，XX:413[15] samuelson, nordhaus. economics [m]. 19th ed. new york: mcgraw-hill, XX[16] dougall, corrigan [m]. 10th ed. :prentice-hall, cl978[17] r. ibbotson. price performance of xxmon stock new issues [j]. journal of financial economics, 1975，3:235?272[18] t. loughran, j. ritter. the new issues puzzle [j]. journal of finance, 1995, 50:23? 52[19] k. spiess, j. affleck-graves. the long-run performance of stock returns following debt offerings [j]. journal of financial economics, 1999. 54:45?73[20] m. billet, m. flannery, j. garfmkel. are bank loans special? evidence on the post-announcement performance of bank borrowers[j]. journal of financial and quantitative analysis，XX，41:733?752[21] j. lakonishok，a. shleifer, r. vishny. contrarian investment, extrapolation，and risk [j]. journal of finance, 1994，49:1541 ?1578[22] d. ikenberry, j. lakonishok, t. vermaelen. market underreaction to open market share repurchases [j]. journal of financial economics，1995，39:181 ?208[23] r. michaely，r. thaler, k. womack. price reactions to dividend initiations and omissions: overreaction or drift? [j]. journal of finance，1995，50:573?608[24] c. anderson，l. garcia-feijoo. empirical evidence on capital investment, growth options, and security returns [j]. journal of finance, XX，61:171 ?194[25] p. m. fairfield, j. s. whisenant, t. l. yohn. accrued earnings and growth: implications for future profitability and market mispricing[j]. the accounting review, XX, 78:353?371[26] zhang. accruals，investment, and the accrual anomaly [j]. accounting review, XX， 82:1333?1363[27] m. t. bradshaw, s. a. richardson, r. g. sloan. the relation between corporate financing activities, analysts' forecasts and stock returns [j]. journal of accounting and economics, XX, 42:53?85[28] j. pontiff, a. woodgate. share issuance and cross-sectional returns [j]. journal of finance, XX, 63:921 ?945[29] m. cooper, h. gulen, m. schill. asset growth and the cross-section of stock returns [j]. journal of finance, XX, 68:1609?1651[30] p. gray, j. johnson. the relationship betweenasset growth and the cross-section of stock returns [j]. journal of banking &finance, XX，35:670-680。
英语文献综述最新版
The Literature Review ofThe Creation of Apple Company’s Business Model Study on the business model must be clear the concept and connotation of business model, on the basis of this to analysis and design the enterprise business mode.Peter Drucker said:The competition between enterprises is not the competition of products, but the business models.” The business model is becoming more and more popular in the world’s enterprises. So, what is the business model? The academic circles on the definition of business models is not uniform. The scholars have all variety of theoretical explanations based on the system theory, the mode of value creation and profit model.In foreign academic circles, Amit & Zott from the perspective of value chain put forward that business model is the focus of enterprise innovation, is the enterprise’s decisive source of value creation for their own, suppliers, partners and customers.[1]In the "Harvard Business Review" published on " how to reshape the business model" in the text, whose writer gave the following definition of business model: business model system is how to create and deliver customer value and corporate value [2] Thomas thought that the business model is the overall structure of start a profitable business process that involved the customers, suppliers,channels, resources and capabilities.The academic community recognized the concept of the business model defined by Thomas using system method: a business model is a complete product, service and information flow system, including every participant in the role and function they made, and the potential benefits and the corresponding revenue sources and methods. [3]The world of enterprise recognized that having representative theory is Rappa, it thought that the business model is a method of doing business and a company's survival mode from the most basic sense.In the domestic academic circles, [4]Yuan xin long and Wu Qing lie put forward that the business model is a system that composed by different parts, interconnected part consists of an interactive mechanism.Apple’s success has attracted wide attention. As a leader in consumer electronic products, Apple’s competitive advantage is not only reflected in the entrepreneurship of Steve Jobs, industry integration, product innovation and so on, the more important is its unique business model. The existing research literature on Apple’s competitive advantage based on the resource ability theory and industry structure theory cannot fully reveal the source of Apple’s competitive advantage. Our study of Apple’s business model is focused on broking the traditional value chain, and studyingbusiness model base s on value network can combine enterprise internal resources with external environment, which creates Apple’s unique competitiveness. Internal resources include the Technology, product, enterprise culture, structure of industry and so on, external environment includes the expectations of customers, suppliers’ offer, competitors’ pressure, and some unknown factors. Thus making a value net between corporate and consumers, corporate and Supplier to manage the relationship of them.Conclusion: I n order to gain profit, improve the ability of the enterprise to overcome the difficulties it may meet and sustain rapid development in t he fierce market competition,. the enterprise must create value for customers, the core of business model innovation is to create competitiveness for the enterprise, the business model innovation over the technology innovation and product innovation, has become the focus of enterprise innovation.Despite the researches already done and achievements already made on the subject, many frontiers are still waiting to be explored. On the basis of the previous researches by forerunners and adopting new approaches we are to make a deeper and more comprehensive understanding of this subject. One of the things that is so great about business model of Apple corporate is that Apple Corp launched three products on the basis of value net to form thecultural idea of Apple Corp. Perhaps most people begin to pay attention to the performance of Apple Corp's products, like its products, as well as Apple Corp. Apple Corp innovative business model concept: the company should see farther than consumers, more advanced thinking, tell what consumers need. A company to transfer the concept of corporate culture through the sale of products, when people began to accept this concept of culture, then queuing up to buy Apple Corp products, which are no wander to understand in this phenomenon, so the business model is successful.[1]In the "Harvard Business Review" published on "how to reshape the business model" written by Mark. Johnson, Clayton and Kong Hanning Christensen[2].Thomas, Russel.Bussiness Value Analysis: Coping with Unrully Uncertainty. Strategy&Leadership, 2001,2:8-14 [3].Michael Rappa, The Utility Business model and the Future of Computing Services, IBM System Journal, 2004,3.1[4].Yuan Xinlong, Wu Qinglie. Analysis of business model innovation of customer value under the market modernization. 2005.30:20-25The secret of success—Analysis Of The Applecompany’s CreationMethod:The method employed in this explorative study is based on a Case study, mainly due to the strong pertinence and explorative aspects of this study. In the initial stage of instrument development, We made clear the research objective which is the apple company’s creation. We have carried out a deep research on the innovation of the company. First, the definition and principle of innovation , to understand what is innovation by referring to information. We study what innovation products about the Apple company. Second, the features of innovation. We use survey method. Analysis of the large amount of data collected and Comprehensive comparison to get a clear conclusion. Through the analysis of the innovation mode of Apple Corp, we understand the important factor of a company to succeed.。
企业价值再造英语作文
企业价值再造英语作文Title: Business Value Reconstruction。
In today's dynamic business environment, the concept of value creation and reconstruction has become increasingly significant. Companies are continuously striving to innovate, adapt, and transform to stay competitive and relevant in the market. Business value reconstruction entails reevaluating existing strategies, processes, and operations to enhance efficiency, effectiveness, and ultimately, profitability.First and foremost, business value reconstruction involves a comprehensive analysis of the company's current state, including its strengths, weaknesses, opportunities, and threats (SWOT analysis). This evaluation provides valuable insights into areas that require improvement and opportunities for growth. By identifying internal inefficiencies and external market trends, companies can develop strategies to realign their operations andresources to maximize value creation.One of the key aspects of value reconstruction is innovation. Companies must foster a culture of innovation that encourages employees to generate and implement new ideas. Whether it's through product innovation, process optimization, or business model redesign, innovation drives growth and differentiation in today's competitive landscape. Embracing emerging technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) can also play a pivotal role in transforming business processes and delivering value to customers.Moreover, business value reconstruction necessitates a customer-centric approach. Understanding customer needs, preferences, and pain points is essential for delivering products and services that resonate with the target market. Companies must leverage data analytics and market researchto gain actionable insights into consumer behavior and trends. By tailoring offerings to meet customer demands and expectations, businesses can enhance customer satisfaction, loyalty, and ultimately, profitability.In addition to focusing on external stakeholders, companies must also prioritize internal optimization. This includes streamlining processes, enhancing productivity, and fostering a culture of collaboration and continuous improvement. By empowering employees with the necessary tools, training, and support, organizations can unlocktheir full potential and drive sustainable growth.Furthermore, business value reconstruction often involves strategic partnerships and alliances. Collaborating with other companies, suppliers, or even competitors can create synergies and unlock new opportunities for growth. Strategic partnerships enable companies to leverage complementary strengths, resources, and capabilities to achieve common objectives. Whether it's expanding into new markets, accessing new technologies, or sharing risks and costs, partnerships can accelerate innovation and value creation.It's important to note that business value reconstruction is an ongoing process rather than a one-timeinitiative. In today's rapidly evolving business landscape, companies must continuously adapt and evolve to stay ahead of the curve. This requires a proactive mindset, agility, and a willingness to embrace change. By fostering a culture of continuous learning and adaptation, organizations can future-proof their businesses and remain competitive in an increasingly uncertain world.In conclusion, business value reconstruction is imperative for companies seeking to thrive in today's dynamic and competitive environment. By embracing innovation, prioritizing customer needs, optimizinginternal operations, and forging strategic partnerships, organizations can unlock new opportunities for growth and create sustainable value in the long run. Embracing change and continuously evolving are key tenets of successful business value reconstruction.。
资产评估报告英文范文
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企业价值评估文献综述英文版 Literature Review for the Theory of Business Value measurement ABSTRACT Business value measurement depends on expectations for the future earnings, there are many ways to assess earnings, and the mainly methods are DCF method, Residual Income valuation theory, Economic Value Added valuation method and Real Options Valuation method. This article bases on the development of domestic and foreign business value theory, and gives a brief summary of the latest research, then compares the different valuation theory at home and abroad.Finally, combining with practical features of Chinese enterprise value assessment concluded that assessments of the latest theories in Chinese enterprises. KEY WORDS : Business Value, Measurement Theory, Literature Review 1、 Introduction Business value measurement theory rose in the United States in the early th1960 of the 20th century. With the 50 years ' development and application , Western developed countries have been greatly applied in practice. At present, the theory and method of enterprise value evaluation in Western developed countries have been more and more mature ，and it has been used to assess in practice. In China, the application of business value measurement theory is later than western countries which is now
relatively slowly. Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to form a tight,coherent theory system. On the guidance of the business valuation practice it can establish new methods of business valuation in China, and it is essential to promote the development of theoretical study. 2、 Studies Abroad Business value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years, many scholars in Western countries on business valuation have done a large number of theoretical studies. Shiller (1981) used the discounted cash flow model to describe stock prices fluctuating boundaries, and the research shows that real stock prices change significantly beyond this range. Because these uncertain information is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution [1] hypothesis In 1995, Ohlson use the conception of clean surplus in residual income valuation model based on the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model [2]. Felthan and Ohlson (1995) further developed this theory, that extraordinary income sources are twofold: first, monopoly rents, second, accounting for sound doctrine. Their most prominent contribution is presented for the evaluation of linear information models (1inear information model) [3]. Evaluation of applying the residual income model, relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult. 1995年， Ohlson 在剩余收益定价模型的基础上利用干净盈余 (clean
[2] surplus) 的概念构建并完善了剩余收益估值模型。 Felthan 和 Ohlson(1995) 进一步发展了这一理论，认为非常收益的来源有两个方面 : 其一，垄断租金 ;其二， 会计的稳健主义。他们最突出的贡献在于提出了用以价值评估的线性信息模型 [3] (1inear information model) 。运用剩余收益模型进行价值评估，涉及到 对没有包含在当期非常收益中的未来非常收益的时间序列估计，难度较大。 Jacks。n(1997)认为，计算EVA能够使现金流量折现模型计算，更能反映企业 [4] 真实经营状况并且容易评价企业历年的经营业绩。 JohnA(Compbell(2002) 应用实物期权分析方法讨论了 IS(information [5] System) 的投资时机决策问题。
2000年,Copeland等几位专家合著《价值评估：公司价值的衡量与管理(第三 版)》中, 把价值评估方法分为现金流量法与非现金流量法两大类别。由于 Copeland 推崇现金 , 因而他将现金作为价值评估方法的分类标准。他主要论述了 [6] 现金流量法 , 对于非现金流量法仅点到为止。
2003年,David Fryman和Jakob Tolleryd 在合著的《公司价值评估》专著中, 将价值评估方法分为四大类 ：? 基于现金流量的估值——股利折现模型、折现现金流 量模型与投资的现金流收益 ;? 基于收益的估值——经济增加值 (EVA);? [7] 基于资产的估值——净资产估值 ;?期权估值——实物期权法 3、 Domestic Research
我国企业价值评估理论及技术的运用比较晚，而且发展较为缓慢。在我国的价 值评估研究体系中，主要以 DCF及其衍生模型为主。早期提出的现金流与股利贴现 模型随着我国市场经济的发展，已很难适应现代快速发展中的企业的价值评估。为 解决未来不确定性因素对现代企业的影响，我国学术界引进了以期权理念为基础的 价值评估理论。更加完善了我国企业价值评估的理论体系。 李姚矿、童昱 (2006) 回顾了期权定价理论在企业不确定性资产评估中的研究成 果，根据科技型中小企业的特点对期权定价模型进行了修正，并以合肥市高新 [8] 区内的一家科技型中小企业为案例，说明了具体的评估计算过程。
肖留华(2007)提出的企业价值评估体系是：P=NV+AV+sV其中NV即净资产价 值是目标企业的实际账面价值，在总额上等于所有者权益 ；?V即资产溢价是指由无 形资产带来的企业潜在的价值， ?V=NV*d， d 是溢价系数，由企业成长性、 [9] 管理能力、创新能力三个方面来衡量；SV是协同溢价。
白登顺与贺强(2009)对比了 EVA估价法与自由现金流量折现法，发现 EVA估价 法优于自由现金流量折现法。与 FCFF估价法相比EVA估价法具有双重优势：一方面 EVA与企业价值相关联，便于了解企业每年的经营情况，对价值实效计算 考核；另一方面EVA克服了自由现金流量波动较大的缺点，不受前后年度资本 随 [10] 意投资额的影响。
黄朔，赵银川 (2010) 指出由剩余收益模型计算出的企业价值并不能完全代表股 票的实际价格。其原因主要表现在以下四个方面 ： 首先，股票的实际价格往往与其 内在的价值不一致，股票的内在价值由上市公司的财务数据分析而来，具有一定的 稳定性 ； 而影响股票实际价格的市场因素有很多，二者很难完全一致。其次，“清 洁盈余关系”是EBO莫型的一个重要前提假设。再次，股票非流通会影响剩余收益 模型的价值评估能力。最后，从剩余收益模型的公式可以看出，企业