并购企业价值评估研究.docVIP

PAGE PAGE 25 并购企业价值评估研究 摘要：企业价值评估在并购活动中具有很重要的作用。在并购中，对企业风险和收益进行界定和度量，对企业价值做评估，对投资者和企业来说是经常性并且非常重要的工作了。确定并购中合理的资产价格,适用最有效的的资产评估方法对于企业价值评估具有重要的作用。文章以xx公司为例，分析其价值评估内容与方法。分析结果表明，企业价值评估方法具有不同的模型，每一个模型必须满足其前提假设，然而与现实经济环境中的情况与假设并不是完全相同的。不管适用何种模型，现实中存在各种不确定因素都会影响到企业的真正估值。选择恰当的价值评估方法对企业进行评估，有利于提高企业价值评估的真实性和准确性。 关键词：价值评估；并购；估值方法 Research about the Enterprise Value in Mergers and Acquisitions Abstract: Merger and acquisition has always been a hot topic in the capital market .Mergers and acquisitions are always take place between enterprises. When the scope of the subject of mergers and acquisitions are expanded, the ways of mergers and acquisitions are in continuous innovation. The amount of mergers and acquisitions become more and more large. As mergers and acquisitions becoming more competitive, the problem about how to properly use the asset appraisal method to determine the target enterprises mergers and acquisitions value also received extensive attention of scholars from all walks of life. As a social and fair social economic activities, the asset appraisal is the indispensable social intermediary activities under the condition of market economy. Therefore, reasonable selection and applying valuation method in enterprise mergers and acquisitions has theoretical significance and practical significance that not’s allow to ignore for the healthy development of Chinas capital market. Scholars from all walks of life in the capital market pay many attention to the asset pricing problem in MA. Select the appropriate asset appraisal method is very important to reasonably determine the asset prices. Many scholars at home and abroad has made many theoretical achievements for application of asset appraisal method in MA and verified in practice. Keywords: Value evaluation; Mergers and acquisitions; the valuation method 一、绪论 （一）研究背景 企业价值评估是以现代经济为基础来进行的，这与采用旧式方法进行单项评估之间有着很大的不同，企业价值分析将企业看成一个整体进行。评估企业价值的评估活动主要依据企业未来现金流量并把企业作为一个经营整体来进行的。企业价值评估要考虑的因素会更全面、更多样，企业价值评估促进企业不断地提高自己的获利能力以加强在