CAJ | 학술논문

收益法是企业价值评估应用中最为广泛的一种方法,其难点是折现率的计算。折现率由无风险报酬率、行业平均风险报酬率、企业特定风险调整系数三部分组成,其中无风险报酬率和行业平均风险报酬率的研究较多,但对非上市公司企业特定风险调整系数的研究较少,还没有一个较为完善、公认的计算方法,所以在实际工作中都是由评估师根据经验主观判断。文章着重探讨了企业特定风险调整系数的计算,并给出了沃尔打分法在确定企业特定风险调整系数的计算过程,较好地解决了评估机构在实际应用中确定企业特定风险调整系数的问题。
수익법시기업개치평고응용중최위엄범적일충방법,기난점시절현솔적계산。절현솔유무풍험보수솔、행업평균풍험보수솔、기업특정풍험조정계수삼부분조성,기중무풍험보수솔화행업평균풍험보수솔적연구교다,단대비상시공사기업특정풍험조정계수적연구교소,환몰유일개교위완선、공인적계산방법,소이재실제공작중도시유평고사근거경험주관판단。문장착중탐토료기업특정풍험조정계수적계산,병급출료옥이타분법재학정기업특정풍험조정계수적계산과정,교호지해결료평고궤구재실제응용중학정기업특정풍험조정계수적문제。
Income approach is the most widely used method,but difficult to calculate the discount rate,in business valuation appraisal.The discount rate is composed of three parts：risk-free return rate,industry average risk return rate and enterprise-specific risk-adjusted factor.The existing studies are mostly on the risk-free return rate and industry average risk return rate,but the enterprise-specific risk-adjusted factor in non-listed companies is scarcely touched,and thus there is no more comprehensive,scientific,unified,proven method of calculation,forcing the appraisers to depend on subjective judgment in real work.The Wall method can solve the problem in the calculation of enterprise-specific risk adjustment factor and hence,in a sense,offers a solution to appraisers in determining the enterprise-specific risk adjustment factor.