海信电器并购科龙电器案例分析.docVIP

摘 要 在经济全球化的大背景下，企业并购已经成为国内外企业一种常见的发展形势。但是在众多并购案例中，我们可以发现并购并不是一项稳赚不赔的买卖。成功的并购能够给公司发展提供续航能力，而失败的并购却只能让企业陷入泥淖，严重的甚至可导致企业破产。究其并购失败的原因，我们可以分析并提炼得到并购企业对目标企业价值评估的片面性和不准确性是其失败的重要原因之一，这其中经常经常存在一些为追逐短期利益而进行的财务性并购、报表式并购。因此，科学合理地评估企业价值，可大大降低企业并购过程中失败的可能性。众多企业在并购过程中需要转变思路，将眼光放长远，从而实施一系列具有战略意义的并购计划。 本文结合国内外各类并购案件中的价值评估理论，研究了企业价值评估的几种方法：资产价值基础法、市场比较法、未来收益折现法、实物期权定价法等方法，并浅析其各自的优缺点及适用性，并以海信电器收购科龙电器的案例做相关方法的辅助研究。最后，本文还探寻了国内企业在并购过程中所存在的特殊情况，加以分析并提出了相应的解决方案，以希望这些建议可以在我国企业并购过程中发挥作用。 由此可以清晰地看到，建立合理的、科学的、战略的企业价值评估体系，在企业并购过程中的重要作用，这也有利于国家整体的并购环境更加健康、有序。 关键词 价值评估方法 战略型并购 海信电器 科龙电器 ABSTRACT Under the background of economic globalization, the enterprise merger and acquisition has become a common development situation both at home and abroad. But in the case of the many mergers and acquisitions, we can find that ma is not a guarantee for profiting. Successful ma can provide energy to the company development, but the failure of mergers and acquisitions would lead enterprise into a quagmire, seriously can even lead to bankruptcy. Investigating its reasons for the failure of ma, one of the most important reasons is one-sidedness and inaccuracy of the target enterprise value evaluation. There often exist some cases for pursuing of short-term interests, like financial mergers and acquisitions. Therefore, evaluation of enterprise value scientifically and reasonably can greatly reduce the possibility of failure in the process of mergers and acquisitions. Many enterprises need to change train of thought in the process of mergers and acquisitions, put in the long run, the vision plan to implement a series of strategic ma. Based on different value assessment theories among domestic and foreign ma cases, this article studies on several methods to evaluate enterprise’s value, like asset value based method, market comparison method, future earnings discount method and real option pricing method, and analyses their respective advantages and disadvantages and applicability. This article also uses a