企业估值因素
The value of a business interest is generally based on two things:
- What the company owns, which is reflected on the balance sheet, and
- What the company earns, which is reflected in the income statement.
为纳税目的对企业进行估价, the IRS is guided by the factors listed in Revenue Ruling 59-60.1
企业的性质和历史
考虑因素包括:
- 生长速度的大小和一致性.
- 业务的稳定性或缺乏稳定性.
- 产品、服务和公司资产.
- 销售记录.
- 管理——尤其是最近的变化.
- 业务多样化.
经济前景
The general economic outlook and condition of the particular industry in which the business operates will affect how a business is valued. Common questions to be considered include the following:
- 这是一个成长型行业吗?
- How competitive is this company within the industry?
- What would be the economic effect of the loss of a key employee?
股票的账面价值
- Based on assets minus liabilities - to show liquidity position.
- Believed to be unreliable in valuing most businesses.
公司的盈利能力
这也许是最重要的因素:
- Earning capacity is average earnings over a five-year period multiplied by a capitalization rate.
- T在这里 is no standard table of capitalization rates.
- Capitalization rates are usually based on price-earnings ratios of similar, 上市公司.
支付股息的能力
这被认为是一个主要因素:
- This does not mean dividends actually paid, but the capacity to pay.
- The IRS recognizes the need to retain a reasonable portion of the profits for expansion needs.
商誉和其他无形价值
- 商誉是以盈利能力为基础的. It represents an excess of net earnings over and above a fair return on the net tangible assets of the business.
- 其他无形资产包括:
- 对商品或品牌的所有权.
- 企业的声望和知名度.
- Prolonged successful operation in a particular locality.
以前的销售和块的大小
- Prior sales may be meaningful if they were arms-length transactions.
- Small isolated sales or distress sales are not significant.
- Valuation of a controlling interest may carry a premium value.
- Valuation of a minority interest should include a discount.
类似的公司
How the business performs in comparison to its competitors is another consideration. 例如, the valuation may consider the market price of stocks of similar, 上市公司.
- 公司必须具有足够的可比性.
- The comparative appraisal method examines price-earnings, price-book value and price-dividend ratios of each corporation.
给每个因素赋予权重
Some factors will carry more weight than others. 没有精确的数学公式.
标准研究咨询公司的一项研究2 showed that in 74 tax cases, the most frequently used factors were:
- 销售价格,33例;
- Book value, in 24 cases; and
- 赚钱能力,17例.
Earnings will typically have more importance in companies selling products and services, w在这里as net worth will be more important in real estate holding companies.
1 另见税收裁决65-193, 税收裁决77-287, 税收裁定68-609, 税收裁定80-213, 和税收裁决83-120.
2 Study by Standard 研究 Consultants, as quoted in the CLU Journal, Vol. 34, No. 2, 1980年4月,页. 61-70.