市净率评估法应用于外资并购我国上市公司定价的合理性研究的中期报告.docxVIP

市净率评估法应用于外资并购我国上市公司定价的合理性研究的中期报告 摘要：市净率评估法是外资并购我国上市公司时常用的一种定价工具。本研究旨在探讨市净率评估法的适用性及其在外资并购中的合理性。首先，通过回顾市净率评估法的理论基础及优缺点，说明其在一定情况下可以作为合理的定价工具。其次，通过统计我国2000年至2017年间外资并购案例，分析市净率在这些案例中的应用情况及可能存在的问题。最后，从我国市场估值情况、外资并购的特殊性及未来趋势等方面，进一步探讨市净率评估法在外资并购中的合理性及应用建议。 关键词：市净率评估法；外资并购；上市公司；定价 Abstract: Price-to-book ratio (P/B ratio) valuation method is frequently used by foreign investors in the mergers and acquisitions (MA) of Chinese listed companies. This research aims to explore the applicability and rationality of P/B ratio valuation method in foreign MA. Firstly, it is explained that P/B ratio valuation method can be a reasonable pricing tool under certain circumstances by reviewing its theoretical basis and advantages and disadvantages. Secondly, by analyzing the application of P/B ratio in foreign MA cases in China from 2000 to 2017 and the possible problems, it provides a basis for the further discussion of P/B ratio valuation method. Finally, from the aspects of market valuation, the special nature of foreign MA, and future trends, this research further discusses the rationality of P/B ratio valuation method in foreign MA and puts forward some application suggestions. Keywords: P/B ratio valuation method; foreign MA; listed companies; pricing.