基于现金流量折现法的并购估价研究-工商管理专业论文.docxVIP

AbstractAl Abstract Al present．Chinese M＆A market has been the third 01]e in scale in Asia，only inferior to Japan’S and Hong Kong’S．in the face of active M＆A，how to price it reasonably and accurately which becomes a key point．Therefore，it iS instmctive to study appraising methods of the MA enterprises at the present stage in China By introducing and studying these theories domestic and intemational，this paper aims at seeking new way to reflect the MA value of targeted company，meanwhile also offers a kind ofthoughtway about appraising the targeted company． In this paper，the researching approach is to appraise the MA price by two steps Firstly，calculates the inherent value of targeted company by DCF method；secondly， finds out the MA overflow by Real Options approach．On the basic of the combination oftheory and practice，this paper strives hard to apply the value appraisal theories to MA practices． The paper iS divided into five parts altogether．First，it iS foreword；and second， it iS the introduetion of relative definitions；third，by cmnparative analysis about the three models of DCF method，suggests that applying Real Options approach to appraise MA evernow．then structures a model about targeted company merger value，and further discusses the steps and parameters during applying it．Four，by analyzing the case of Newbridge Asia AIV 111，L P．mergering ShenZhen Developing Bank，brings forward some key points during appraisal．Five，Summarizes and puts forward some suggestions ofperfect appraisal． According to the analysis of DCF method，this paper studies how to apply Real Options theory in practice，and sets up a general framework about MA appraisal， which makes it impossible to organically combine DCF method and Real Options approach。to develop the advantages and offset the weakness each other．At the same time．it provides a case to appraise the targeted bank and 100ks forward to being helpful to practice ofmerger appraisal． Key words：Merger＆Acquisition．Value appraisal，DCF，Real op