1.方法選擇原則

1. Principle of method selection

收益法：適用于持續經(jīng)營(yíng)、未來(lái)收益可預測的企業(yè)，尤其是成熟期或高成長(cháng)性企業(yè)，能反映企業(yè)未來(lái)盈利潛力。

Income approach: Suitable for enterprises that are continuously operating and have predictable future earnings, especially mature or high growth enterprises, which can reflect the future profit potential of the enterprise.

市場(chǎng)法：適用于有活躍市場(chǎng)、可比公司或交易案例的企業(yè)，能快速反映市場(chǎng)公允價(jià)值，常用于驗證其他方法結果。

Market approach: Suitable for enterprises with active markets, comparable companies, or trading cases, it can quickly reflect the fair value of the market and is commonly used to verify the results of other methods.

資產(chǎn)基礎法：適用于重資產(chǎn)企業(yè)、控股型公司或處于清算狀態(tài)的企業(yè)，側重于資產(chǎn)重置成本，能提供價(jià)值底線(xiàn)。

Asset based approach: applicable to heavy asset enterprises, holding companies, or enterprises in liquidation, focusing on asset replacement costs and providing a bottom line of value.

2.組合使用策略

2. Combination usage strategy

主方法+驗證方法：明確一種主方法（權重50%以上），其他方法作為驗證。例如：

Main method+validation method: Identify one main method (with a weight of 50% or more) and use the other methods as validation. For example:

快速成長(cháng)期企業(yè)：以收益法為主（權重60%-70%），市場(chǎng)法驗證（權重30%-40%），資產(chǎn)基礎法作為底線(xiàn)參考（權重10%）。

Fast growing enterprises: primarily using the income approach (with a weight of 60% -70%), validated using the market approach (with a weight of 30% -40%), and using the asset based approach as a baseline reference (with a weight of 10%).

成熟穩定期企業(yè)：收益法和市場(chǎng)法各占40%-50%權重，資產(chǎn)基礎法占10%-20%權重。

Mature and stable enterprises: The income approach and market approach each account for 40% -50% of the weight, while the asset based approach accounts for 10% -20% of the weight.

衰退期或清算企業(yè)：以資產(chǎn)基礎法為主，收益法在清算情景下輔助驗證。

Decline period or liquidation of enterprises: Asset based approach is the main approach, with income based approach assisting verification in liquidation scenarios.

差異分析：若方法間結果差異超過(guò)30%，需重新檢查假設、數據準確性，判斷哪種方法更適用，避免簡(jiǎn)單平均。

Differential analysis: If the difference in results between methods exceeds 30%, it is necessary to re-examine the assumptions and data accuracy, determine which method is more suitable, and avoid simple averaging.

3.特殊情況處理

3. Handling of special circumstances

數據缺失：若缺乏歷史財務(wù)數據或可比公司，可結合市場(chǎng)法中的可比交易法與收益法，基于商業(yè)計劃書(shū)預測未來(lái)收益。

Data missing: If there is a lack of historical financial data or comparable companies, the comparable transaction method and income method in the market approach can be combined to predict future income based on the business plan.

無(wú)形資產(chǎn)豐富企業(yè)：收益法優(yōu)先，市場(chǎng)法驗證估值倍數，資產(chǎn)基礎法僅作為補充。

Enterprises with rich intangible assets: the income approach takes priority, the market approach verifies valuation multiples, and the asset based approach serves only as a supplement.

非上市公司：若無(wú)法找到可比上市公司，可參考行業(yè)平均倍數或類(lèi)似交易案例，結合收益法進(jìn)行估值

Non listed companies: If comparable listed companies cannot be found, industry average multiples or similar transaction cases can be referred to, combined with the income approach for valuation