By using the business valuation methods that widely adopted in the world , the thesis analyzes the banking valuation theories and methods comparatively , such as the comparative model , discount model of free cash flow ( dcf ) , option pricing model and three - factor pricing model . in view of the real situation of chinese banks , the thesis also discussed the applicability of these models 然后对目前国内外普遍采用的企业价值评估方法对银行价值评估的理论进行了综合比较,具体分析了相对估价法、现金流折现法( dcf ) 、期权定价法和“三要素”定价法的基本模型及其扩展,并结合我国的实际情况,对各种方法的适用性进行了探讨。
And , as a matter of fact , if you buy a group of such securities and you know anything at all about business valuation , there is essentially no risk in buying $ 400 million for $ 80 million , particularly if you do it by buying ten $ 40 million piles of $ 8 million each 事实上，如果你买进一堆这样的证券，而且稍微了解所谓的企业评价，则用8千万美元的价格买进4亿美元的资产，这笔交易基本上没有风险，尤其是分别以800万美元的价格买进10种价值4000万美元的资产，其风险更低。
Moreover , this paper discusses the feasibility of option pricing theory by adopting cases . on the one hand , it admits this method plays a key role in the realization of " debt - in - lieu - of - equity " of state - owned enterprises and appraising the value of potential earning - capacity ; on the other hand , it illustrates the application of option pricing theory in appraisal is still immature . for it can not meet the prerequisite of the theory ; its result will not be generally accepted and the quality of appraisal staff are relatively lower , this method is not applicable to business valuation aiming at equity alteration . thus it should not be regarded as a brand - new appraisal method to be promot ed in the short run . in the finial the thesis forms its conclusion on method application of superseding cost method gradually . generalizing the use of income method and developing the sense of using option pricing method 由于成本法所固有的局限性，无法评估出资产组配成具有获利能力的整体资产的创造性价值，因此注重企业获利能力的收益法已成为转轨时期中国评估业的现实选择，并进一步对收益法的起源、方法特点和适用性进行了深入的分析；运用理性分析与案例分析相结合的方法对收益法发展的新阶段? ?期权定价法应用于企业价值评估的可行性进行了研究，肯定了这一方法对国企实现“债转股”和评估高新技术企业潜在获利能力价值的重大意义，同时对此方法应用于企业价值评估不满足前提条件、评估结果的可接受性、及评估人员素质等方面说明了这一方法在资产评估领域的应用尚不成熟，尤其不适用于产权变动为目的的企业价值评估，因而短期内不宜作为一种全新的评估方法推广。
