企业价值评估中折现率参数的确定

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。

On the Determination of Discount Rate Parameter in Business Valuation Appraisal

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.