企业并购中价值评估方法研究

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

The research of the Value Assessment in

Enterprises M&A

Abstract

Merger and Acquisition is one of crucial global economic development methods，and perfect way to widen scale，form the competition of market．Those companies who call make a good use of it will gain great progresses．The process is very complicated because of all kinds of relationship with different legal regulations．So every factor will be focused on．On the contrast，those companies who handle with it unsuimbly will get into dilemma deeply for dispersing enterprises’resource．Author believes how to value target firm is the key factor influencing success and failure．It is one of important area which produces controversy between academy and enterprise．Base on it，this paper do some research on it．

Combined qualitative analysis with quantitative analysis，this paper first simply introduces some theories and knowledge about M&A and value assessment．Then it introduces the traditional ways of value assessment：assets valuation,market comparative，discounted cash flows，and each method has its advantage and disadvantage．The enterprise after merge and acquisition develops indefinitely,and applying the option theory

in the enterprise value assessment is a new method，thus this paper emphasizes the application of option theory on value assessment．The author analyzes the several methods，combined them together,and then applied it in value assessment on target enterprises to get a reasonable and precise result．

Generally speaking,as an emerging service in Our country,the corporation value assessment has not still formed a complete system，but we can predict that the corporation value assessment will have broad development space with the further development of market economy in our country,the theory and method of corporation value assessment will be innovated and consummated continually．

Keywords Enterprises M&A；Value Assessment；Real Option Option Pricing Method