| 稳健高效的切尾均值乘数估值技术 |
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| 引用本文： | 许勤,魏嶷.稳健高效的切尾均值乘数估值技术[J].同济大学学报(自然科学版),2007,35(2):271-275. |
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| 作者姓名： | 许勤 魏嶷 |
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| 作者单位： | 1. 同济大学,中德学院,上海,200092
2. 同济大学,经济与管理学院,上海,200092 |
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| 摘 要： | 考虑实践中估值乘数的统计特征，分析了切尾均值及其两个极端——算术均值和中位数的耐抗性和效率稳健性，给出了适用于估值实践的简单切尾规则；建议用可比公司估值乘数的切尾均值作为目标公司估值乘数的点估计，并用自助法求得其近似置信限．
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| 关 键 词： | 权益估值乘数 切尾均值 耐抗性 效率稳健性 自助法 |
| 文章编号： | 0253-374X（2007）02-0271-05 |
| 修稿时间： | 2005-06-09 |
Robust and Efficient Trimmed Mean Approach to Valuation Multiples |
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| XU Qin,WEI Yi.Robust and Efficient Trimmed Mean Approach to Valuation Multiples[J].Journal of Tongji University(Natural Science),2007,35(2):271-275. |
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| Authors: | XU Qin WEI Yi |
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| Institution: | 1. Chinese-German School for Postgraduate Studies, Tongji University, Shanghai 200092, China ; 2. School of Economics and Management, Tongji University, Shanghai 200092, China |
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| Abstract: | Mean and median of valuation multiples are standard estimators of target equity's valuation multiples for professionals.With regard to statistical characteristics of valuation multiples in the field,the paper suggests using trimmed mean rather than mean or median due to its better robust efficiency.Rules for determining a proper trim rate,steps for getting target multiples' bootstrapping confidence intervals are presented.Cross validation confirms the usefulness and accuracy of this approach. |
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| Keywords: | equity valuation multiples trimmed mean resistency robust efficiency bootstrapping |
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