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本文结合实践中的评估操作,对目前国内应用收益现值法评估发电企业中评估参数的确定、操作的注意事项以及存在的主要问题,提出了自己的观点。可选择的企业价值评估方法有资产基础法、收益现值法和市场法三种,其中收益现值法常常是企业整体资产评估必须选择的方法。但目前国内对于发电企业的整体价值评估,几乎千篇一律地采用成本加和法。即使有些评估机构和评估人员采用了收益现值法,也只是对成本加和法评估结果进行辅助性的验证。这种状况的形成既有历史原因,又有现阶段企业价值评估的客观条件的原因。总之,收益现值法在国内企业整体价值的评估中还没有得到普遍准确地应用。本文结合了近年的评估工作实践,讨论了收益现值法在国内发电企业的整体价值操作中存在的问题与处理方法。
Based on the evaluation operation in practice, this paper puts forward my own views on the current domestic application of the present value method to assess the evaluation parameters of power generation enterprises, the precautions of the operation and the main problems. There are three options for the evaluation of enterprise value: asset-based approach, income-present value approach, and market approach. The present value-at-value approach is often the method by which an enterprise’s overall asset valuation must be selected. However, at present, the assessment of the overall value of power generation enterprises in China takes almost the same cost plus method. Even if some assessment agencies and assessors use the present value method of return, they only assist the verification of the cost plus method assessment results. The formation of this situation has both historical reasons and the objective conditions of the enterprise value assessment at the present stage. In short, the present value of income approach has not been universally and accurately applied in the assessment of the overall value of domestic enterprises. In this paper, we combine the evaluation practice in recent years, and discuss the problems and solutions in the overall value operation of domestic power generation enterprises with the present value method of income.