企业并购中目标企业价值评估研究

【作者】 彭军；

【导师】 樊相如；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 近年来，企业并购在我国愈演愈烈，并购中的核心内容就是对目标企业价值的评估。本文从现有的并购评估理论入手，针对并购中目标企业价值评估的特点，研究如何运用现金流贴现法、期权定价模型和EVA体系从不同的角度来评估目标企业价值。 本文首先探讨了并购中现金流贴现模型的理论和运用，研究在并购评估中如何确定模型中的参数。提出建立目标企业的行业、产业和财务分析等绩效预测体系，根据绩效来预测现金流状况和估算企业价值。期权定价模型作为一种衡量风险和收益的工具在并购评估中有很好的应用前景。本文接着研究了如何运用期权定价模型来评估并购机会，评估目标企业股权、债权价值和目标企业无形资产，并研究了模型的变形和模型的输入变量。EVA在国外已经被用于公司价值评估，本文探讨了EVA评估公司价值的理论和模型，分析了EVA及其相关的价值评估体系，探讨了如何从EVA的角度来衡量并购溢价。最后，本文通过华润三洋公司的并购案例实证分析了并购评估中现金流贴现法的运用。更多还原

【Abstract】 Over recent years, corporate merge and acquisition (M&A) are booming in China. In the course of corporate merge and acquisition, the evaluation of target corporate value is rather essential. Proceeding with existing theories of such an evaluation, aiming at the characteristics of M&A, it analyses how to evaluate the target corporate value by means of DCF (discount of cash flow), the Options Pricing Model and EVA system.At the first beginning, it explores the theory and analyses how to ascertain its parameters and the application of DCF , then puts forward the performance prediction system including the trade, industrial and financial analysis of the target corporate. Such a system can predict the probable status of cash flow and therefore help evaluate the corporate value. The optional pricing model, as a tool of measuring risk and return, has a bright prospect when being used in such an evaluation. Then It researches how to use that model to evaluate opportunities of merge and acquisition, the equity of the target corporate, the creditor value and intangible assets of the target corporate as well as variants and input variables of the model. EVA has been widely used in the evaluation of corporate value. It reviews the existing theory and model of using EVA to evaluate corporate value and analyses the EVA system as well as other relevant evaluation systems. Additionally, it explains how to measure added value of merge and acquisition in terms of EVA. Finally, it makes a case study on the merge and acquisition of Huarun sanyoo company to demonstrate the application of DCF.更多还原