[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)

1、3800 英文單詞， 英文單詞，2.1 萬(wàn)英文字符，中文 萬(wàn)英文字符，中文 6400 字文獻(xiàn)出處： 文獻(xiàn)出處：Poborsky, Franti?ek. Fundamentals of the Liquidation Method of Business Valuation[J]. Procedia Economics and Finance, 2015, 25:386-393.Fundamentals of the Liquidatio

2、n Method of Business ValuationFranti?ek PoborskýAbstractFundamentals of the liquidation method of business valuation are introduced in this paper. It contains findings from the main business valuation literature. Pr

3、oblematic 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.Keywords: Liqui

4、dation; Valuation; Problematic areas1. Main textThere is lack of references to the liquidation method in the business valuation literature and economic papers. The business valuation methodology mainly deals with income

5、approach, particularly with the discounted cash-flow method (DCF) that has been widely theoretically analysed and discussed. The empirical evidence reveals the grounds to this phenomena – the major method used for valuat

6、ion of the going-concern business is DCF method (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

7、problems (economic or financial). In such cases 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 lite

8、rature and in expert reports, liquidation valuation is often performed simply, without reflecting basic economic rules which affect the valuation result (time value of money, corresponding costs etc.). Too simple liquida

9、tion valuations are distorted significantly.We can quite easily compile problematic areas of liquidation method, but many of them have not been solved yet, some problems related to the liquidation method have not been me

10、ntioned yet and some very important problems are not highlighted sufficiently.In this paper I first present the content of contemporary business valuation literature that relates to the liquidation method of valuation. I

11、n subsequent section I introduce the problematic areas that must be considered when the liquidation method is used. Further I will introduce solutions of some problematic areas. In the penultimate section the problems fo

12、r following research are highlighted. The last section summarizes.2. Business valuation literatureIn this section I present major content of main business valuation literature related to the liquidation method. First of

13、all I have focused on US, German and Czech business valuation books, which are main sources of knowledge used in the expert reports in the Czech Republic.I have also searched among economic papers, but none of them has d

14、ealt with fundamentals of liquidation method as the fundamental topic. I consider only a few of approx. 50 papers I have studied useful for the concept of liquidation valuation. For that reason I omit economic papers in

15、this part, because they are not helpful1.2.1. Damodaran: Damodaran on Valuation (2006)operating the asset, the liquidation value should be used.· Under the standard of objectified value Liquidation valuation must be

16、 used if the business continuity is dependent on contemporary management that will not stay.The liquidation valuation process is described in the following part of Wollny (2010). If there is a need to make a decision whe

17、ther the business should be continued or terminated, liquidation valuation serves as the lower limit of valuation. It is true when the entrepreneur follows maximisation of value criterion and he is free to decide.Followi

18、ng rules must be used in liquidation valuation:· Some accounting items are not valued (accruals, reserves, adjustments).· The sequence of repayment of the debt items must be handled.· Valuation of some pro

19、perty 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 assessed and discount factor cannot be based on the CA

20、PM 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 present value is the highest.Wollny (2010) introdu

21、ces German jurisprudence concerning the use of liquidation valuation in the following part. German praxis is in conflict with US and Czech literature and papers, where liquidation valuation is preferred when it is higher

22、 than income approach valuation as the market value highest-and-best principle demands. This also follows economic rationality.On the contrary, in Germany prevails the requirement that liquidation valuation can be used o

23、nly if the business is in deep financial distress or entrepreneur intends to liquidate. If an entrepreneur intends to operate the business, liquidation value cannot be (generally) used. It is the consequence of objectifi

24、ed value that is widely used in Germany and differs from market value in some substantial presumptions.2.5. Ma?ík et al.In publications of Ma?ík (2003, 2007, 2011, 2011_II) liquidation method is mentioned just

25、briefly. Important comments are:1. The analysis of the market capability to absorb the assets sold must be substantial part of the liquidation valuation, because the sale of multiple assets can significantly affect the m

26、arket in some cases.2. The value of corporate property is the measurement of the assurance of invested capital in the company.3. Problematic areas of liquidation valuationFollowing fundamental requirements for liquidatio

27、n valuation result from the above mentioned literature:· Transaction costs (including taxes) must be taken into account. Taxes must be taken into account when individual property is valued (for example tax from disp

28、osal of real estates in some countries) and the liquidation balance is divided among the owners (personal tax).· Cash flows from selling property must be discounted.· Length of the liquidation process must be