INSOL-破产从业人员的估值（英）

VALUATION FOR INSOLVENCY PRACTITIONERS E d i t o r s P r o f . J a n A d r i a a n s e D r . M a r c B r o e k e m a R V L e i d e n U n i v e r s i t y & K r o l l a n d D r . S e b a s t i a a n v a n d e n B e r g R E S O R N . V . i INSOL International, 29-30 Ely Place, London, EC1N 6TD Tel: +44 (0) 20 7248 3333 Fax: +44 (0) 20 7248 3384 ISBN: 978-1-907764-37-0 Copyright © No part of this document may be reproduced or transmitted in any form or by any means without the prior permission of INSOL INTERNATIONAL. The publishers and authors accept no responsibility for any loss occasioned to any person acting or refraining from acting as a result of any view expressed herein. The views expressed in each chapter are those of its authors and do not necessarily represent the views of the publisher, editors, or the firms they represent. Copyright © INSOL INTERNATIONAL 2025. All Rights Reserved. Registered in England and Wales, No. 0307353. INSOL, INSOL INTERNATIONAL, INSOL Globe are trademarks of INSOL INTERNATIONAL. ii CONTENTS Contributors iv President’s Introduction vi Foreword vii 1. Valuation's Role in Restructuring and Insolvency: INSOL International Survey 1 1.1 The Insights from the INSOL Survey 2 2. Practice: Background, Principles, Methodologies and Challenges 10 2.1 Primer on Valuation Methodologies 11 2.2 Valuation in Restructuring 20 2.3 Valuation Disputes in Corporate Bankruptcy 29 2.4 Judicial Approach to Valuations 58 2.5 Valuation Standards in Financial Restructuring 71 3. Valuation in Insolvency Practice: Capital Selecta 76 3.1 Reorganisation Value under the Dutch WHOA 77 3.2 Bias and Disputes in Restructuring Valuations 87 3.3 Primer on Option Valuation in Restructuring 99 3.4 Cost of Capital for Companies in Distress 107 3.5 Valuation Adjustments in Insolvency and Restructuring 130 iii CONTRIBUTORS The Insights from the INSOL Survey Prof. Jan Adriaanse Dr. Marc Broekema RV Leiden University & Kroll Dr. Sebastiaan van den Berg RESOR N.V. Primer on Valuation Methodologies Prof. Wim Holterman University of Groningen Value Insights Valuation in Restructuring Alexis Anaman Jonathan Dyer FTI Consulting Valuation Disputes in Corporate Bankruptcy Prof. Kevin Kaiser The Wharton School of the University of Pennsylvania Dr. Felix Nockher Rothschild & Co. Ashley Marie Schammel, MBA The Wharton School Judicial Approach to Valuations Philip Hertz Alice Odolant Emma Buchanan Gabrielle Ruiz Lewis Cymbal Clifford Chance LLP Valuation Standards in Financial Restructuring Dr. Marc Broekema RV Leiden University & Kroll Nick Talbot International Valuation Standards Council (IVSC) Reorganisation Value Under the Dutch WHOA Dr. Sebastiaan van den Berg RESOR N.V. Hans Haanappel Vantage Valua