增值税对收益法下企业价值评估的影响——理论视角
The Impact of VAT on the Valuation of Enterprises under the Income Approach:A Theoretical Perspective
赵晗宇 1谢宇涵 2翟进步1
作者信息
- 1. 中央财经大学资产评估系,北京 100027
- 2. 东北财经大学会计学院,辽宁省大连市 116000
- 折叠
摘要
增值税是企业一项举足轻重的现金流"占用"大户,它构成了企业现金流循环的重要部分,其所涉及的现金流入或流出是否影响企业价值,理论和实务界至今存在对此理解不清、模糊处理或错用的问题,因此,本文基于理论逻辑对此问题进行了深入的思考和探究.具体地,本文从企业价值评估的经典方法——收益法出发,在依次分析增值税内涵和本质、增值税与净利润之间关系、净利润与股权(企业)自由现金流量之间关系、增值税与股权(企业)自由现金流量之间关系的基础上,最终研究了增值税征收是否会影响企业价值.研究发现,增值税征收不会影响企业价值的评估过程及其结果,这主要归因于"增值税最终由消费者而非由企业来承担"这一典型特征.本文研究结论将对企业价值评估过程中如何考虑税负的影响有重要启示意义.
Abstract
Value-added tax(VAT)is an important cash fiow"occupation"of enterprises.It forms an important part of the cash flow cycle of enterprises.Will the cash inflow or outflow affect the value of enterprises?There are some problems in theory and practice,such as unclear understanding,fuzzy treatment or misapplication.Therefore,this paper will base on theoretical logic to carry out in-depth thinking and exploration on this problem.Specifically,starting from the classical method of enterprise value assessment-income method,this paper analyzes the connotation and essence of VAT,the relationship between VAT and net income,the relationship between net income and equity(enterprise)free cash flow,and the relationship between VAT and equity(enterprise)free cash flow,and finally studies whether VAT collection will affect enterprise value.The study finds that VAT collection does not affect the assessment process and results of enterprise value,which is mainly due to the typical characteristic that"VAT is ultimately undertaken by consumers rather than enterprises".The conclusion will have an important implication on how to consider the impact of tax burden in the process of enterprise value assessment.
关键词
增值税/收益法/企业价值评估Key words
Value-added tax/Income method/Enterprise value assessment引用本文复制引用
出版年
2023
NETL
NSTL
万方数据