基于决策导向的企业内在价值评估与案例研究

针对企业决策信息优化的现实需求,应用企业战略管理和业绩评价的相关理论,在重新定义内在价值的基础上,探讨了其评估的必要性和可行性,并据以设计了评估技术方案。随后以宝钢股份公司为研究对象,对其内在价值进行了模拟评估。研究认为:企业内在价值是企业在要素市场和商品市场规律制约下,受历史惯性、现行结构和演进态势共同影响的现金流量折现的专业判断,是企业行为定位和态势的集合;通过试点企业内在价值评估,可以发挥其检验账面价值和制衡市场价值的决策参考功效。

Enterprise Intrinsic Value Evaluation and Case Study Based on Decision Orientation

Aiming at meeting the practical needs of enterprise for decision information optimization,this paper,based on the theories of enterprise strategic management and performance evaluation,redefines the concept of intrinsic value,discusses the necessity and feasibility of its evaluation,and designs an evaluation technical scheme accordingly.Then the scheme is applied in the case ofBaosteel Corporation.The research results show that the intrinsic value,restricted by rules of factor market and commodity market,can be regarded as a special kind of discounted cash flow affected by previous,current as well as future economic situations,and a combination of enterprises’current and future behaviors.It suggests that pilot projects should be implemented to realize intrinsic value’s function in testing book value and balancing market value.