Valuation of Chinese enterprises as takeover targets.

by Lam Chui Yan, Coris, Lam Tsz Cheung.Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.Includes bibliographical references (leaves 95-97).ABSTRACT --- p.iiTABLE OF CONTENTS --- p.iiiLIST OF TABLES --- p.vACKNOWLEDGMENT --- p.viChapterChapter I. --- INTRODUCTION --- p.1Background --- p.1Objective and Scope --- p.2Chapter II. --- METHODOLOGY --- p.4Literature Review --- p.4Field Studies --- p.4Analysis and Conclusion --- p.5Chapter III. --- OVERVIEW OF VALUATION METHODOLOGY --- p.6Chapter IV. --- VALUATION METHODS REVIEW --- p.8Capitalization of Earnings (P/E) --- p.8Net Asset value (NAV) --- p.14Net Cash flow (NCF) --- p.22Chapter V. --- PITFALLS --- p.27General Problems Inherent in Valuation Methods --- p.27Accounting Policies --- p.29Tax Reforms --- p.37Asset Valuation Practices --- p.45Unification of Foreign Exchange --- p.54Legal Issues --- p.55Others --- p.67Chapter VI. --- CONCLUSION --- p.73Combination of Techniques --- p.73Range Estimate --- p.74"Keep Abreast of ""Surprises""" --- p.74AppendixChapter I. --- COMPONENTS OF INCOME TO BE EXCLUDED FROM MAINTAINABLE EARNINGS --- p.76Chapter II. --- MAJOR FACTORS TO BE CONSIDERED IN ASSESSING THE CAPITALIZATION RATE --- p.78Chapter III . --- COMPARISON BETWEEN INTERNATIONAL ACCOUNTING PRACTICES AND PRC ACCOUNTING RULES --- p.80Chapter IV. --- COMPARISON OF NEW BT WITH CICT AND THE OLD BT --- p.88Chapter V. --- REAL PROPERTY GAINS TAX --- p.90Chapter VI. --- MAIN FEATURES OF VALUE ADDED TAX --- p.93BIBLIOGRAPHY --- p.9