1.方法选择原则

1. Principle of method selection

收益法：适用于持续经营、未来收益可预测的企业，尤其是成熟期或高成长性企业，能反映企业未来盈利潜力。

Income approach: Suitable for enterprises that are continuously operating and have predictable future earnings, especially mature or high growth enterprises, which can reflect the future profit potential of the enterprise.

市场法：适用于有活跃市场、可比公司或交易案例的企业，能快速反映市场公允价值，常用于验证其他方法结果。

Market approach: Suitable for enterprises with active markets, comparable companies, or trading cases, it can quickly reflect the fair value of the market and is commonly used to verify the results of other methods.

资产基础法：适用于重资产企业、控股型公司或处于清算状态的企业，侧重于资产重置成本，能提供价值底线。

Asset based approach: applicable to heavy asset enterprises, holding companies, or enterprises in liquidation, focusing on asset replacement costs and providing a bottom line of value.

2.组合使用策略

2. Combination usage strategy

主方法+验证方法：明确一种主方法（权重50%以上），其他方法作为验证。例如：

Main method+validation method: Identify one main method (with a weight of 50% or more) and use the other methods as validation. For example:

快速成长期企业：以收益法为主（权重60%-70%），市场法验证（权重30%-40%），资产基础法作为底线参考（权重10%）。

Fast growing enterprises: primarily using the income approach (with a weight of 60% -70%), validated using the market approach (with a weight of 30% -40%), and using the asset based approach as a baseline reference (with a weight of 10%).

成熟稳定期企业：收益法和市场法各占40%-50%权重，资产基础法占10%-20%权重。

Mature and stable enterprises: The income approach and market approach each account for 40% -50% of the weight, while the asset based approach accounts for 10% -20% of the weight.

衰退期或清算企业：以资产基础法为主，收益法在清算情景下辅助验证。

Decline period or liquidation of enterprises: Asset based approach is the main approach, with income based approach assisting verification in liquidation scenarios.

差异分析：若方法间结果差异超过30%，需重新检查假设、数据准确性，判断哪种方法更适用，避免简单平均。

Differential analysis: If the difference in results between methods exceeds 30%, it is necessary to re-examine the assumptions and data accuracy, determine which method is more suitable, and avoid simple averaging.

3.特殊情况处理

3. Handling of special circumstances

数据缺失：若缺乏历史财务数据或可比公司，可结合市场法中的可比交易法与收益法，基于商业计划书预测未来收益。

Data missing: If there is a lack of historical financial data or comparable companies, the comparable transaction method and income method in the market approach can be combined to predict future income based on the business plan.

无形资产丰富企业：收益法优先，市场法验证估值倍数，资产基础法仅作为补充。

Enterprises with rich intangible assets: the income approach takes priority, the market approach verifies valuation multiples, and the asset based approach serves only as a supplement.

非上市公司：若无法找到可比上市公司，可参考行业平均倍数或类似交易案例，结合收益法进行估值

Non listed companies: If comparable listed companies cannot be found, industry average multiples or similar transaction cases can be referred to, combined with the income approach for valuation