文档介绍：辽宁工程技术大学硕士学位论文
摘要
面对市场经济的发展和全球信息化的迅速推进企业并购重组
战略是企业从创业成长成熟和稳定乃至全球化过程中最为重要
的经营战略之一而目标企业的价值评估被认为是并购交易行为的
核心能否确定合理的收购价格关系着并购的成败因此对并购
中目标企业价值评估的理论和实践研究是适应经济发展客观形势
的要求的
本文在借鉴国外企业价值评估理论和经验的基础上结合我国
实际情况分析了企业并购中企业价值企业价值评估和企业价值
评估方法的基本理论详细探讨了折现现金流量法市场比较法和
期权定价法的原理价值评估模型及其适用条件
本文提出了在企业并购中针对目标企业的不同业务部门采取
不同的价值评估方法然后根据各部门对公司整体价值的贡献来确
定整个公司的价值结合期权定价法进行了实证分析同时将企
业并购后产生的协同效应用协同系数量化
关键词企业并购企业价值折现现金流量法期权定价法
辽宁工程技术大学硕士学位论文
Abstract
With the development of market economic and the boost of the global
informationization, the Merger and Acquisition (M&A) is one of the most
important management strategies for an enterprise from up- set,grow- up,
stability,even to the exact assessment of objective
enterprises’ value is considered to be the core of the merger activity and the
key to ess of M&A. Therefore, it’s necessary to carry on the study on the
theory and practice of assessment of objective enterprise in M&A ,so as to
meet the needs of objective economic development.
Based on the overseas value assessment theory and experience, the paper
analyses the basic theories of enterprise's value, enterprise's value
assessment and enterprise's value assessment methods in M&A. It discusses
the principles,the model of value assessment and the suitable conditions for
Discount Cash Flow(DCF), parative method and option pricing
method.
Above all, the thesis points out that, to different business departments
of objective enterprises in M&A, different methods of value assessment
should be taken. T hen by means of option pricing, the paper assesses the
value of the whole pany according to each department’
contribution pany's whole value.
Keyword: Enterprises M&A, Enterprise Value, Discount Cash
Flow,Option Pricing Method.
辽宁工程技术大学硕士学位论文第 1 页
1 绪论
二十世纪 90 年代以后随着我国上市公司股权收购的出现企业
并购活动开始频繁波士顿咨询公司调查显示中均每年以 70%的速度增长中国已成为仅次于日本香
港的亚洲第三大并购市场而中国加入世贸使竞争加剧更进一步
加快了企业并购的数量和规模美国著名企业并购研究专家拉杰科