ACCAglobal Accountant杂志-2012年2月刊第一讲

ACCAglobal Accountant杂志-2012年2月刊第一讲


ACCA Student Accountant magazine archive  February 2012


有关国际会计师资格acca F9 业绩目标15和16章节


RELEVANT TO ACCA QUALIFICATION PAPER F9 AND

PERFORMANCE OBJECTIVES 15 AND 16

© 2012 ACCA

业务估值


Business valuations


企业需要重视的一些原因，作为他们的购买和销售，获得上市，遗产税和资本利得税的计算。一般，估值的困难，限制未上市公司因为股票上市公司有一个报价价格。然而，即使股票上市公司目前估值挑战，例如当一个人试图预测的影响，收购了股票价格。


每当一个公司购买了什么新业主有权取决于


他们所持有的股份：


Businesses need to be valued for a number of reasons such as their purchase andsale, obtaining a listing, inheritance tax and capital gains tax computations. Generally,valuation difficulties are restricted to unlisted companies because listed companies have a quoted share price. However, even listed companies can present valuation challenges for example when one is trying to predict the effect of a takeover on the share price.


Whenever a company is bought what the new owners have a right to depends on the

stake they hold:


Majority holders: have access to their share of earnings and, because they can opt for a winding up, their share of net assets of the company.


Minority holders: have access to the dividends the majority decide to pay and a share of the net assets if the majority decides to wind the company up.


Therefore, because minority holders have little power and no control, a 20% share of a company should be less than 20% of its total value. Conversely, an 80% share should be worth more than 80% of the full value of the company. Majority holders should beprepared to pay a premium for control. There are three broad approaches to share valuation:

1. Assets-based.

2. Income-based.

3. Cash flow-based.

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