[雙語(yǔ)翻譯]清算方法外文翻譯--企業(yè)估價(jià)清算方法的基礎(chǔ)（英文）

1、 Procedia Economics and Finance 25 ( 2015 ) 386 – 393 2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/license

2、s/by-nc-nd/4.0/). Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting doi: 10.1016/S2212-5671(15)00749-2 ScienceDirectAvailable online at www.sciencedirect.com16th Annu

3、al Conference on Finance and Accounting, ACFA Prague 2015, 29th May 2015 Fundamentals of the Liquidation Method of Business Valuation Franti?ek Poborskýa* aUniversity of Economics, Prague; Department of Corporate F

4、inance, W. Churchill Sq. 4, Prague 130 67, Czech Republic Abstract Fundamentals of the liquidation method of business valuation are introduced in this paper. It contains findings from the main business valuation literat

5、ure. Problematic areas of the liquidation method are also identified. Proposed solutions, if available, are provided. Furthermore problematic areas including possible direction for further research are discussed. ©

6、 2015 The Authors. Published by Elsevier B.V. Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting. Keywords: Liquidation; Valuation; Problematic areas 1. Main text The

7、re is lack of references to the liquidation method in the business valuation literature and economic papers. The business valuation methodology mainly deals with income approach, particularly with the discounted cash-fl

8、ow method (DCF) that has been widely theoretically analysed and discussed. The empirical evidence reveals the grounds to this phenomena – the major method used for valuation of the going-concern business is DCF method

9、(for the Czech environment see Pod?kubka (2012)). However, in some cases there are doubts whether the going-concern principle is attainable or valued business faces serious problems (economic or financial). In such ca

10、ses valuer should consider alternative approaches to asses a value of the business. Then, liquidation method of valuation is among the favourites. As I have observed in the literature and in expert reports, liquidation

11、 valuation is often performed simply, without reflecting basic economic rules which affect the valuation result (time value of money, corresponding costs etc.). Too simple liquidation valuations are distorted significa

12、ntly. * Corresponding author. E-mail address: Frantisek.poborsky@vse.cz © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licen

13、ses/by-nc-nd/4.0/). Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting388 Franti?ek Poborský / Procedia Economics and Finance 25 ( 2015 ) 386 – 393 2.3. M

14、andl – Rabel (1997) Mandl – Rabel (1997) deals with liquidation method within one page. They highlight that sale costs must be deducted when individual property items are valued. If liquidation lasts for a long time, th

15、e revenues and costs must be discounted. Debts must be subtracted within all side costs (early repayment fees, settlement costs, etc.). The role of valuation assumptions is stressed in the book, primarily the decision

16、if the valuation is under time pressure or it is not time constrained. The level of income from liquidation will be highly affected by conditions of the sale. Within the scope of assumptions a wide range of property ac

17、tions can be considered – from selling individual property items to the sale of whole businesses without time constraint. 2.4. Wollny (2010) Wollny (2010) contains a chapter that focuses on liquidation valuation method.

18、 First of all, Wollny introduces general applications of liquidation value: ? If the liquidation value is above income approach valuation (based on going-concern principle) and liquidation comes into consideration, liq

19、uidation value should be used. ? If the nature of the business implies limited lifetime (e.g. a quarry, gravel, fixed-term company etc.), the terminal value must be based on liquidation. ? Non-operating assets should be

20、 valued by liquidation method as the market value reduced by costs of sale and taxes. If such result is higher than net present value of cash-flows from operating the asset, the liquidation value should be used. ? Unde

21、r the standard of objectified value Liquidation valuation must be used if the business continuity is dependent on contemporary management that will not stay. The liquidation valuation process is described in the followi

22、ng part of Wollny (2010). If there is a need to make a decision whether the business should be continued or terminated, liquidation valuation serves as the lower limit of valuation. It is true when the entrepreneur fol

23、lows maximisation of value criterion and he is free to decide. Following rules must be used in liquidation valuation: ? Some accounting items are not valued (accruals, reserves, adjustments). ? The sequence of repaymen

24、t of the debt items must be handled. ? Valuation of some property items must be reduced by costs of sale. ? The liquidation balance is subject to tax under the tax law. ? The length of the liquidation process must be

25、assessed and discount factor cannot be based on the CAPM model, because the risk concerning business in liquidation is different to the ongoing business. ? The sale of assets should be considered at the moment when net

26、present value is the highest. Wollny (2010) introduces German jurisprudence concerning the use of liquidation valuation in the following part. German praxis is in conflict with US and Czech literature and papers2, where

27、 liquidation valuation is preferred when it is higher than income approach valuation as the market value highest-and-best principle demands. This also follows economic rationality. On the contrary, in Germany prevails

28、 the requirement that liquidation valuation can be used only if the business is in deep financial distress or entrepreneur intends to liquidate. If an entrepreneur intends to operate the business, liquidation value can