并购中目标公司价值评估案例研究

并购中目标公司价值评

估案例研究

标准化工作室编码[XX968T-XX89628-XJ668-XT689N]

分类号学号

学校代码 10487 密级

硕士学位论文

并购中目标公司价值评估案例研究

学位申请人：

学科专业：工商管理

指导教师：

答辩日期：2011年12月

Thesis Submitted in Partial Fulfillment of the Requirements For the Degree of Master of Finance in Enterprise

Administration

Valuation of Target Firms in Mergers and

Acquisitions:

A Case Study

Candidate :

Major : Enterprise Administration

Supervisor :

Huazhong University of Science and Technology

Wuhan, Hubei 430074, P. R. China

April, 2011

摘要

兼并和并购是可以使企业迅速获得成功的捷径之一，如今，在企业发展壮大过程中，兼并和并购已经成为最常用的方式。通过兼并企业可以超越对手获得竞争优势，获得更大的市场份额，进入更多领域的市场。企业也可藉此能提高管理运营效率，不仅提高了自己的竞争力，消费者也可获益。2011年5月10日微软公司（纳斯达克股票代码“MSFT”）与世界上最大的网络语音电话业务（ＶＯＩＰ）通讯公司ＳＫＹＰＥ公司联合宣布双方已经签署协议，微软公司将以８５亿美元现金的代价从银湖（ＳＩＬＶＥＲＬａｋｅ）等投资者手中收购ＳＫＰＹＥ公司。根据ＳＫＹＰＥ公司提交给证券交易所的报告，去年该公司营业额８．６亿美元，实现净利润２．６４亿美元，累计亏损６９０万美元。

本论文论据架立在相关理论、理论性研究以及对未来不确定的假定之上。在分析贴现现金流模型和公司自由现金流模型 (FCFF)的基础上，本文意图逐步分析ＳＫＰＹＥ公司的固有价值，因为这家公司是一个私人公司，无法获得某些至关重要的信息。假设未来5年内SKYPE公司营业额每年增长19%，在10年内逐渐降低到4%，那么该公司达到稳定期之后的营运利润将与行业平均水平（%）持平。研究表明即便从非常乐观的角度去评判，微软公司付出的代价还是超过了SKPYE公司40亿美元的固有价值。

本文研究了微软公司和SKYPE公司的协同增效价值，认为潜力巨大。本文没有注重采用传统的方式计算其协同价值，比如现金，税收优惠，财政协同价值等，因为这些方法不适合本案例。本文展望了微软公司将SKPYE整合进入微软的XBOX、KINECT、Xbox Live, Window手机操作系统、 Lync 、 Outlook等设备和系统之后的前景，微软将在Windows手机操作系统和Xbox & Kinect等两个市场有潜在机会。根据已有资料，本文同时对这些市场的前景进行了乐观地假设。

关键词：合并与收购，内在价值，协同，Microsoft, Skype.

Abstract

Mergers and acquisitions have become the most popular used methods of growth for the company and it’s one of the best ways to make a shortcut to get the success. They create the larger potential market share and open it up to a more diversified market, increase competitive advantage against competitors. It also allows firms to operate more efficiently and benefit both competition and consumers. On May 10, 2011 –Microsoft Corporation (Nasdaq: “MSFT”) and Skype Global announced that they have entered into a deal under which Microsoft will acquire Skype, the largest VoIP communication company, for $ billion in cash from the investor group led by Silver Lake. Skype revenue totaling $860 million last year and operating profit of $264 million, the company lost $ million overall, according to documents filed with the SEC.

In this thesis, solving problems is based on relevant theories, theoretical research as well as some assumptions about future with uncertainty. Based on the literature review about discounted cash flow model, specifically Free Cash Flow to Firm model (FCFF), the purpose of the thesis is to provide an analysis of Skype’s intrinsic value with specific steps. Especially, when the company you want to analyze is a private company with lack of assessing to essential or important information. Given that the continued revenue growth of 19% will be remained for the next 5 years and slowing down gradually to 4% in ten years. The operating margin of Skype’s is given being equal to the average industry %) after the company reaches to stable level. Research indicates that Microsoft overpaid for the Skype’s intrinsic value with even a very optimistic view of point. The intrinsic value of Skype is just about $4 billion.

Research was to provide the synergy value between Microsoft and Skype and realized that it’s kind of promisingly potential. Research didn’t focus on the traditional ways to calculate the synergy value such as slack cash, tax benefits, and financial synergy because it’s not quite appropriate for this case study. This study envisions what will happen when Skype integrated into Microsoft devices and system such as Xbox and Kinect, Xbox Live, the Window Phone