Present situation of enterprise value evaluation in China

China's asset appraisal began in the late 1980s. Because China is still in the period of economic system transition and the market economy is not developed enough, the appraisal theory system suitable for China's national conditions has not yet formed. In terms of evaluation methods, the evaluation of individual assets has entered a mature stage after imitation and exploration, but the evaluation of enterprise value has just started. The exploration of related theories and methods is mostly scattered in the textbooks of asset evaluation, and there is little systematic discussion on enterprise value evaluation. Most of them transplant the theories and methods of asset evaluation to enterprise value evaluation.

Western developed countries such as Europe and America have relatively mature research on enterprise value evaluation theory and have been widely used in practice. However, in our country, the theory and method of single asset evaluation have begun to mature, and enterprise value evaluation is still a new evaluation field, and a complete theory and method system of enterprise value evaluation has not yet been formed. In China, the definition of enterprise is obtained by the method of genus plus species difference. It is generally believed that an enterprise is an independent accounting economic organization established according to law for the purpose of making profits and engaged in production and business activities. This enterprise definition makes it clear that an enterprise is essentially a social and economic organization established according to law, and also reveals the main aspects that distinguish the social and economic organization of an enterprise from other social and economic organizations, that is, the fundamental purpose of an enterprise is to make profits, the enterprise should conduct independent accounting, live within its means, be responsible for its own profits and losses under the condition of resource constraints, and the conditions and procedures for establishing an enterprise should comply with the law.

Theoretical circles have different views on the definition of enterprise connotation and essence. Neoclassical economics takes the market as the research object, and mainly studies the role of market prices in transactions. Therefore, the enterprise is regarded as a "black box" in pursuit of profit maximization, that is, the enterprise is a microeconomic subject, and only under the conditions of established technology, sufficient information and no transaction cost can it pursue profit maximization. Enterprise value evaluation is a comprehensive evaluation of the fair market value of an enterprise as an organic whole based on all the assets owned or occupied by the enterprise and its overall profitability, and fully considering the factors affecting its profitability. It can be said that it is the product of the combination of market economy and modern enterprise system.

With regard to enterprise value evaluation, western developed countries have become increasingly mature after long-term development.

China is in the transition period of economic system, and the nature of enterprises is diversified, so it is impossible to completely apply the western model to evaluate the value of enterprises. What kind of enterprise values are adopted has a decisive influence on enterprise value evaluation.

Up to now, the economy has experienced four eras: agricultural economy, manufacturing economy, service economy and experience economy. In different times, the mechanism of wealth creation has changed greatly, and the subject of value creation has also changed accordingly. Accordingly, enterprise value theories such as labor value theory, capital value theory, customer value theory and utility value theory have emerged. Enterprises can be divided into three types according to the different subjects of value sources. First, enterprises that mainly rely on labor to create value, second, enterprises that mainly rely on capital to create value, and third, enterprises that mainly rely on customers to create value (including reflecting the effectiveness of value). For enterprise value evaluation, the concept of labor theory of value is mainly that labor creates value. On the one hand, for the enterprise itself, because of its emergence and existence, there is no difference in human labor, and it can produce all kinds of goods with use value, which can be listed and traded. The enterprise itself can also be merged, acquired, reorganized, reorganized and bankrupt, and its own value can be reflected through market transactions. Enterprise value = enterprise cost, price and profit; On the other hand, the value of an enterprise is created by labor, and labor will create value accordingly. The value of an enterprise is reflected in the goods it produces. Enterprise value = the present value of the goods produced by the enterprise in the future-the present value of the production cost of the enterprise. The theory of capital value is one of the mainstream theories of modern western economics, and its core content is that not only living labor creates value, but also dead labor creates value. The so-called dead labor is actually capital, including material capital, intangible capital, human capital, resource capital and so on. It can be said that in the eyes of entrepreneurs, everything is capital and everything can generate value. Capital tends to be hidden, humanized, intelligent and natural. According to the theory of capital value, enterprise value = the value of material capital (or its creation)+intangible capital (or its creation)+human capital (or its creation)+resource capital (or its creation). Customer value theory holds that value is determined by customers. For customers, what they buy is not the product and service itself, but more importantly, a feeling, and this feeling is very personalized. Recognition is valuable, and recognition is valuable. Customers recognize your product, which is valuable; If customers don't approve of your products, they are worthless. The more customers buy, the higher the value; The less customers buy, the lower the value. It can be seen that the customer value theory is that enterprises look at the value of products from the customer's point of view, which is not determined by enterprises, but perceived by customers, that is, the focus of enterprise value sources has shifted from the inside to the outside. When customers perceive value, they should not only pay attention to the products and services provided by enterprises themselves, but also pay attention to the overall relationship between them. Customer value not only comes from core products and additional services, but also includes efforts to maintain relationships and create enterprise value through developing good and continuous customer relationships. According to the customer value theory: enterprise value = customer's recognition of enterprise products and services. The core of utility theory of value is that the value of all commodities depends on their uses and people's subjective evaluation of commodities. The value of a commodity is determined by its utility, that is, by its use value. The so-called value here is actually people's subjective feelings about goods. People usually experience life from four levels: physiology, emotion, intelligence and spirit, which affects people's subjective judgment of product value and forms complex and multi-level values. According to the utility theory of value: enterprise value = the utility brought by enterprise goods to consumers.

China is in the transition stage of economic system, not only three types of enterprises coexist at the same time, but also some new characteristics have emerged. Because of its abundant labor resources, China has become a world processing factory. At the same time, China's economy began to integrate into the torrent of the world economy, and the sales of products were restricted by the changes in the world political and economic situation. Many enterprises, especially many state-owned enterprises, have shown the characteristics of diversification, invisibility and intelligence, while many state-owned enterprises are not fully market-oriented and bear many government functions and social responsibilities. The influence of these characteristics and factors determines that our enterprise value theory cannot simply adhere to the labor value theory, nor can it simply apply the capital value theory. Although many enterprises are suitable for customer value theory or utility value theory, our enterprises are still rooted in the market economy environment with less developed economy. Most of us have only reached a well-off living standard, and the conservative life tradition for thousands of years has no universality.