企业并购中价值评估方法研究

-I-企业并购中价值评估方法研究摘要并购是影响全球经济发展至关重要的一种运作方式，也是企业实现迅速发展、扩大规模及培养市场势力的一种重要手段，当企业善加运用并购这个工具的时候，往往能够实现跳跃性的快速增长。但是，并购交易非常复杂，涉及繁多的程序以及不同的法律条款和规定，各个因素都是重要的，如果运用不当也可能使企业陷入尴尬困境，不但不能实现高速发展，还可能因为资源的分散使得企业本身陷入重重困难。因此，抓住影响并购成功与否的关键因素是决定并购是否成功的关键，这个因素便是并购交易价格。这也是学术界与企业界共同关心的重点领域之一，本文针对这个问题做了粗浅的研究。本文采取定性分析和定量分析相结合的研究方法，首先阐述了并购以及价值评估的相关理论，介绍了传统的价值评估方法：资产基础法、市场比较法、未来收益法，并指出了每种方法的简要评价和适用条件。由于并购后企业的发展有很大的不确定性，把期权的思想应用于企业价值评估中不失为一种新的方法。因此文中着重阐述了期权理论以及它在价值评估中的应用问题。在总结了各种方法的优劣之后，把各种方法结合起来对并购中的目标企业进行价值评估，以期达到估值的合理准确。总的说来，企业价值评估在我国评估领域还是一个新兴的业务，还没有形成一套完整的体系，但可以预见，随着我国市场经济的进一步发展，企业价值评估将具有广阔的发展空间，企业价值评估理论与方法将不断创新和完善。关键词企业并购；价值评估；实物期权；期权定价法-II-TheresearchoftheValueAssessmentinEnterprisesM&AAbstractMergerandAcquisitionisoneofcrucialglobaleconomicdevelopmentmethods，andperfectwaytowidenscale，formthecompetitionofmarket．Thosecompanieswhocallmakeagooduseofitwillgaingreatprogresses．Theprocessisverycomplicatedbecauseofallkindsofrelationshipwithdifferentlegalregulations．Soeveryfactorwillbefocusedon．Onthecontrast，thosecompanieswhohandlewithitunsuimblywillgetintodilemmadeeplyfordispersingenterprises’resource．Authorbelieveshowtovaluetargetfirmisthekeyfactorinfluencingsuccessandfailure．Itisoneofimportantareawhichproducescontroversybetweenacademyandenterprise．Baseonit，thispaperdosomeresearchonit．Combinedqualitativeanalysiswithquantitativeanalysis，thispaperfirstsimplyintroducessometheoriesandknowledgeaboutM&Aandvalueassessment．Thenitintroducesthetraditionalwaysofvalueassessment：assetsvaluation,marketcomparative，discountedcashflows，andeachmethodhasitsadvantageanddisadvantage．Theenterpriseaftermergeandacquisitiondevelopsindefinitely,andapplyingtheoptiontheoryintheenterprisevalueassessmentisanewmethod，thusthispaperemphasizestheapplicationofoptiontheoryonvalueassessment．Theauthoranalyzestheseveralmethods，combinedthemtogether,andthenapplieditinvalueassessmentontargetenterprisestogetareasonableandpreciseresult．-III-Generallyspeaking,asanemergingserviceinOurcountry,thecorporationvalueassessmenthasnotstillformedacompletesystem，butwecanpredictthatthecorporationvalueassessmentwillhavebroaddevelopmentspacewiththefurtherdevelopmentofmarketeconomyinourcountry,thetheoryandmethodofcorporationvalueassessmentwillbeinnovatedandconsummatedcontinually．KeywordsEnterprisesM&A；ValueAssessment；RealOptionOptionPricingMethod-IV-目录摘要......................................................................................................................IAbstract...............................................................................................................II第1章绪论........................................................................................................11.1本文的研究背景.......................................................................................11.2本文的研究意义.......................................................................................1第2章企业并购与价值评估相关理论概述....................................................32.1企业并购与企业价值评估的基本理论...................................................32.1.1企业并购基本理论............................................................................32.1.2企业价值评估基本理论....................................................................42.2并购中的企业价值评估...........................................................................42.2.1并购中企业价值评估的特殊性........................................................42.2.2价值评估在并购决策中的意义........................................................52.3传统的企业价值评估方法.......................................................................52.3.1以资产价值为基础的评估方法........................................................52.3.2以市场为基础的评估方法.................................................................62.3.3以收益为基础的评估方法................................................................8第3章企业价值评估新方法一实物期权法..................................................103.1期权理论.................................................................................................103.1.1期权的概念......................................................................................103.1.2实物期权的概念..............................................................................103.2期权理论应用于并购定价的意义.........................................................103.3期权定价理论的估价模型.....................................................................113.3.1BIack-Scholes期权定价模型...........................................................113.3.2基于实物期权的并购价值评估......................................................123.4应用实物期权法评估并购价值的步骤.................................................13第4章各种评估方法的评价..........................................................................154.1传统评估方法的评价.............................................................................154.1.1以资产价值为基础的评估方法的评价..........................................154.1.2以市场为基础的评估方法的评价..................................................154.1.3以收益为基础的评估方法的评价..................................................164.2实物期权定价方法的评价.....................................................................164.3各种方法的适用条件..................................