【作者】 何剑；

【导师】 范利民；

【作者基本信息】 广西大学 ， 工商管理， 2007， 硕士

【摘要】 企业并购是一项重要的资本运营方式，是企业实现迅速成长的重要途径。美国著名经济学家乔治·施蒂格勒曾经指出：“没有一家美国大公司不是通过某种程度、某种方式的兼并收购而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来的。”可见并购对一个公司发展的重要意义。而目标企业的价值评估是并购成败的关键，它是企业并购的核心和难点问题，对并购决策具有十分重要的意义。在市场经济较为成熟的西方国家，对企业价值的评估己经有了比较系统的方法。在我国随着并购交易的热潮兴起，多种评估理论与方法被提出来并应用于实践，但总体上仍然不能满足实践的需要。本文汲取和借鉴了有关经济学、管理学等学科的理论研究成果，在广泛借鉴西方企业并购成功经验的基础上，结合现有的实践成果，在介绍并购中常用的四种价值评估方法的基础上，比较了各种方法的优缺点及适用范围，分析了并购产生的协同效应对目标企业的价值的影响，旨在初步建立起目标企业并购的价值评估体系。更多还原

【Abstract】 The enterprise merger and acquisition is an important capital operation way, which results in the rapid growth of enterprise. A famous American economist George Stigler once pointed out that, almost all American Big Company grow through some kind of annexation purchase, nearly no big company depends on internal expansion to grow. Obviously merger and acquisition has vital significance to a corporate growth. The goal enterprise’s value appraisal is the key to the merger and acquisition success, it is the core and the difficult question of the enterprise merger and acquisition, which has the extremely vital significance to the merger and acquisition decision-making. In the western nation with good market economy, there is the comparison system method to enterprise value appraisal while our country still has not established it.This article derived and profited from related discipline and so on fundamental research achievements Of economic, management science, in widely profited from the Western enterprise merger and acquisition successful experience in the foundation, unified the existing practical achievement, on the basis of four kinds of value appraisal introduction, it discusses the discount cash current capacity law with emphasis. compared with each method, it analyzes the coordination effect which produced in the merger and acquisition. The objective is founding goal company value appraisal system更多还原