Business valuation factors

• 公司拥有什么，这反映在资产负债表上，还有
• 公司赚了多少钱，这反映在损益表上.

In valuing a business for tax purposes, 美国国税局是根据税收规则59-60中列出的因素进行征税的.¹

The nature and history of the business

Consideration is given to factors such as:

• Size and consistency of the growth rate.
• Stability of the business or lack thereof.
• Products, services and company assets.
• Record of sales.
• Management - especially recent changes.
• Diversity of operations.

Economic outlook

企业所处的特定行业的总体经济前景和状况将影响企业的估值. 需要考虑的常见问题包括:

• Is it a growth industry?
• 贵公司在行业内的竞争力如何?
• 失去一名重要员工会产生怎样的经济影响?

The book value of the stock

• 以资产减去负债为基础-显示流动资金状况.
• 被认为在评估大多数企业时不可靠.

The earning capacity of the company

This is perhaps the most significant factor:

• 盈利能力是五年期间的平均盈利乘以资本化率.
• 没有标准的资本化比率表.
• 资本化率通常以类似的市盈率为基础, publicly traded companies.

The dividend paying capacity

This is considered to be a primary factor:

• 这不是指实际支付的股息，而是指支付的能力.
• 美国国税局承认有必要保留一部分合理的利润以满足扩张的需要.

Goodwill and other intangible values

• Goodwill is based on earning capacity. 它表示净利润超过企业有形净资产公平回报的部分.
• Other intangibles include the following:
  • Ownership of a trade or brand name.
  • Prestige and renown of the business.
  • 在某一特定地区长时间的成功操作.

Prior sales and size of block

• 如果之前的销售是公平交易，那么它们可能是有意义的.
• 小型孤立销售或紧急销售并不显著.
• 对控股权益的估值可能带有溢价.
• 对少数股权的估值应包括折扣.

Similar companies

与竞争对手相比，业务表现如何是另一个考虑因素. For example, 估值时可考虑同类股票的市场价格, publicly traded corporations.

• Companies must be sufficiently comparable.
• 比较估价法考察市盈率, 各公司的市净率及市净率.

Weight to be given to each factor

Some factors will carry more weight than others. There is no exact mathematical formula.

A study by Standard Research Consultants² 在74宗税务个案中，最常用的因素是:

• Sale price, in 33 cases;
• Book value, in 24 cases; and
• Earning power, in 17 cases.

对于销售产品和服务的公司来说，盈利通常更为重要, 而净值在房地产控股公司中更为重要.

¹ See also Revenue Ruling 65-193, Revenue Ruling 77-287, Revenue Ruling 68-609, Revenue Ruling 80-213, and Revenue Ruling 83-120.
² 标准研究咨询公司的研究，引用于CLU杂志，卷. 34, No. 2, April 1980, pp. 61-70.