摘要
战略性新兴产业代表新一轮科技革命和产业变革的方向,是培育新发展动能、赢得未来竞争新优势的关键领域,也是新质生产力发展的核心载体和主要阵地。由于战略性新兴产业具有战略引领性、高成长性、高风险性等特征,在开展股权投资时,采用传统估值方法进行估值时会遇到企业经营亏损、自由现金流为负数、历史经营数据缺乏、难以找到可比公司等问题,导致估值存在较大挑战。本文结合实践案例,系统分析战略性新兴产业企业估值中存在的实际问题,并提出若干改进建议,以期为相关企业的估值实践提供参考。
Strategic emerging industries represent the direction of the new round of scientific and technological revolution and industrial transformation.They are key areas for fostering new development drivers and gaining new competitive advantages in the future.They are also the core carriers and main battlefields for the development of new quality productive forces.Strategic emerging industries possess characteristics such as strategic guidance,high growth potential,and high risk.Traditional valuation methods face significant challenges when valuing them,such as business operating losses,negative free cash flow,lack of historical operating data,difficulty in finding comparable companies.This article,based on practical cases,systematically analyzes the actual problems existing in the valuation of strategic emerging industr y enterprises and puts for ward several improvement suggestions,with the aim of providing references for the v aluation practices of r elated enterprises.
作者
贺小滔
汪利林
He Xiaotao;Wang Lilin
出处
《管理会计研究》
2025年第6期52-64,共13页
MANAGEMENT ACCOUNTING STUDIES
关键词
战略性新兴产业
企业估值
VM指数法
PEG估值法
Strategic Emerging Industr y
Enterprise Valuation
VM Index Method
PEG Valuation Method
