企业估值因素

• What the company owns, which is reflected on the balance sheet, and
• What the company earns, which is reflected in the income statement.

为纳税目的对企业进行估价, the IRS is guided by the factors listed in Revenue Ruling 59-60.¹

企业的性质和历史

考虑因素包括:

• 生长速度的大小和一致性.
• 业务的稳定性或缺乏稳定性.
• 产品、服务和公司资产.
• 销售记录.
• 管理——尤其是最近的变化.
• 业务多样化.

经济前景

The general economic outlook and condition of the particular industry in which the business operates will affect how a business is valued. Common questions to be considered include the following:

• 这是一个成长型行业吗?
• How competitive is this company within the industry?
• What would be the economic effect of the loss of a key employee?

股票的账面价值

• Based on assets minus liabilities - to show liquidity position.
• Believed to be unreliable in valuing most businesses.

公司的盈利能力

这也许是最重要的因素:

• Earning capacity is average earnings over a five-year period multiplied by a capitalization rate.
• T在这里 is no standard table of capitalization rates.
• Capitalization rates are usually based on price-earnings ratios of similar, 上市公司.

支付股息的能力

这被认为是一个主要因素:

• This does not mean dividends actually paid, but the capacity to pay.
• The IRS recognizes the need to retain a reasonable portion of the profits for expansion needs.

商誉和其他无形价值

• 商誉是以盈利能力为基础的. It represents an excess of net earnings over and above a fair return on the net tangible assets of the business.
• 其他无形资产包括:
  • 对商品或品牌的所有权.
  • 企业的声望和知名度.
  • Prolonged successful operation in a particular locality.

以前的销售和块的大小

• Prior sales may be meaningful if they were arms-length transactions.
• Small isolated sales or distress sales are not significant.
• Valuation of a controlling interest may carry a premium value.
• Valuation of a minority interest should include a discount.

类似的公司

How the business performs in comparison to its competitors is another consideration. 例如, the valuation may consider the market price of stocks of similar, 上市公司.

• 公司必须具有足够的可比性.
• The comparative appraisal method examines price-earnings, price-book value and price-dividend ratios of each corporation.

给每个因素赋予权重

有些因素会比其他因素更重要. 没有精确的数学公式.

标准研究咨询公司的一项研究² showed that in 74 tax cases, the most frequently used factors were:

• 销售价格，33例;
• Book value, in 24 cases; and
• 赚钱能力，17例.

Earnings will typically have more importance in companies selling products and services, w在这里as net worth will be more important in real estate holding companies.

¹ 另见税收裁决65-193, 税收裁决77-287, 税收裁定68-609, 税收裁定80-213, 和税收裁决83-120.
² Study by Standard 研究 Consultants, as quoted in the CLU Journal, Vol. 34, No. 2, 1980年4月，页. 61-70.