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摘 要
电信行业与人们的生活息息相关，在一个国家的国民经济中发挥着不容忽视的作用，
随着我国电信业改革以来，我国电信行业整体水平实现了历史性的高速跨越发展，取得了
举世瞩目的成绩，对电信行业企业进行企业价值评估既有助于投资者做出科学合理的投
资，又可以改善企业的经营管理水平从而提升企业价值。本文从企业价值的内涵出发，通
过对电信行业的行业发展情况进行分析，结合企业价值评估的三大法的优缺性和适用条
件，提出了强调企业内在价值的剩余收益模型，并将其运用到中国移动有限公司的实例中，
评估出中国移动的企业价值。最后将评估出来的企业价值与企业实际市场价值进行比较以
验证剩余收益模型的合理性，结果表明评估值比实际市场价值高 6.9%，在资产评估合理允
许误差范围内，所以运用剩余收益模型评估中国移动有限公司企业价值是合理的

关键词：电信行业 企业价值 剩余收益模型
Abstract
Telecommunications industry has close relationship to people's lives and it plays a role
which can not be ignored in the national economy. With the reform of the telecommunications
industry, the telecommunications industry of our country has achieved a historic high-speed
leaps and bounds, it has made remarkable achievements. It will be helpful for investors to make
scientific and rational investment but also can improve the enterprise management level if we
assess the business value in the telecommunications industry. Based on the connotation of
enterprise value in this paper, by analyzing the development of the telecommunications industry,
combines the advantages and disadvantages of three methods of business valuation, proposed
Residual Income Model which emphasize the intrinsic value of the enterprise, and apply it to the
case of China Mobile Limited and assess the business value of China Mobile Limited. Through
comparing the business value with the actual market value of the firm, we can verify the
reasonableness of Residual Income Model, the results shows that the assessed value is 6.9
percent higher than the actual market value, the difference is in the reasonable tolerance range,
so it is reasonable to Assess the business value of China Mobile Limited with the use of Residual
Income Model.
Key words: Telecommunications Industry; Enterprise Value; Residual Income Model
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