并购中目标企业估值案例分析论文.docVIP

摘  要  随着经济全球化和国内产业结构调整步伐的加快，并购作为社会资源配置的 重要方式之一，在中国资本市场中的作用不断增强，并购活动日益活跃。并购中 合理地企业估值对目标企业的选择和并购价格的确定至关重要，加强对估值问题 的研究有利于提高并购的成功率。 并购中的企业估值沿用了一般企业价值评估的理论和方法。本文以价值评估 方法为线索比较详细地介绍了常用的企业估值理论模型，在介绍的过程中对传统 企业估值理论在不同条件下的修正和选择作了重点阐述；实物期权定价方法与传 统企业估值方法之间的优势和缺陷在这里也进行了比较，实物期权定价方法虽然 可以很好地估算传统企业定价理论“忽视”了的企业灵活性选择权的价值，但要 得到广泛地运用还需要一个过程。在并购实践中，传统的估值方法还在被大量使 用，特别是折现现金流量方法，仍然是目前最常用的估值方法之一。本文以折现 现金流量法为例，研究了并购中目标企业估值的步骤和在不同条件下对估值方法 的选择，最后给出了确定目标企业价格的取值范围。并购中的企业估值是科学性 和艺术性的结合，估值人员的经验和判断对估值方法的选择和运用，以及提高估 值的准确性也非常重要。最后，本文以燕京啤酒并购惠泉啤酒的案例为切入点， 研究了企业估值方法在并购实践中的应用，案例分析的结论显示，目标企业估值 对并购价格的决策有一定的帮助。  关键词：并购  目标企业  估值方法  期权定价  I Abstract With the globalization of economy and the adjustment of local industrial structure developing fastly,as one of the important way of collocating social resource,Mergers and Acquisitions(MA) is playing a more and more role in China capital market.MA is increasingly active.Valuating reasonably in MA is vital to choosing the target enterprise and the price decision-making of it.It is benefit to improve the probability of success in MA to enhance the research of valuation. Valuating in MA has succeeded the general theories and approaches of valuation.The general models of valuating are expatiated in the dissertation.And the traditional theories of valuation and their alternative forms under other conditions are the emphasis of introduction.The strengthes or defaults between the Real Options Pricing Model and the traditional valuation madels are compared here.Although the Real Options Pricing approach can valuate the optional right commendably that is ignored by traditional theories,it want to be applied widely still needs some time.In practice,the traditional approaches of valuation are applied widely.Especially,the Discounted Cash Flow Model (DCF) is a valuating approach in common use at present.The dissertation has studied the programs of valuation and their alternative under different conditions by DCF.Then the price scope of target enterprise is given.Valuat