【作者】 王鹏；

【导师】 赵玉荣；

【作者基本信息】 山东农业大学 ， 金融（专业学位）， 2017， 硕士

【摘要】 随着经济全球化和国内产业结构调整步伐的加快,并购作为社会资源配置的重要方式之一,在中国资本市场的作用不断增强,并购活动日趋活跃。并购中合理的企业估值对目标企业的选择和并购价格的确定至关重要,加强对估值问题的研究有利于提高并购的成功率。本文分为五个部分,第一部分为绪论,首先对该文研究的背景进行了阐述,针对国内外并购发展的状况做了简要的介绍,并解释了估值对于企业并购的重要性。接着是关于并购估值以及并购产生的协同效应的相关的文献综述,并分析了国内外相关的研究现状,并按照时间的先后顺序对此进行归纳整理,以获得对企业价值评估理论和方法的整体理解。最后对本文的研究内容和方法做出简要的介绍;第二部分简要介绍了并购与估值的相关知识。首先阐述了估值的理论基础,并在此基础上简单介绍了估值的几种方法。同时介绍了通过并购创造价值的基本原理,包括协同效应及其价值、市场价值以及在此基础上形成的价值创造框架分析。最后,介绍了估值对并购的重要性以及特殊性;第三部分为案例分析。首先,对并购双方并购发生的背景进行分析,包括宏观经济背景、产业政策、行业发展等。接着,介绍了并购的整个交易过。最后接着对案例的并购类型、并购动因、并购双方的企业发展状况以及并购可能产生的协同效应进行分析;第四部分将估值技术应用于本文案例公司,验证估值结果在并购中作用和可信程度;第五部分案例的启示与建议。对案例的估值结果做出了分析,并对现金流折现法在企业中的应用以及存在的缺陷做了分析。更多还原

【Abstract】 With the economic globalization and speed up the pace of domestic industrial structure adjustment,M&A as one of the important ways of social resource allocation,in the role of China’s capital market has been increasing,merger and acquisition activity has become increasingly active.Mergers and acquisitions in the choice of reasonable valuation of target enterprise and the determination of purchase price is very important,to strengthen the research of the valuation problem to improve the success rate of M&A.This paper is divided into five parts,the first part is the introduction,firstly,this paper elaborates the background,development status of mergers and acquisitions at home and abroad are briefly introduced,and explained the importance of valuation of mergers and acquisitions.Then there is the synergy effect of M&A of the valuation and the related literature review,and analyzed the domestic and foreign related research,and according to the time order to collate,to achieve a comprehensive understanding of the theories and methods of enterprise value assessment.Finally,this paper gives a brief introduction to the research contents and methods.The second part briefly introduces the related knowledge of M & A and valuation.Firstly,the theoretical basis of valuation is introduced,and several methods of valuation are introduced briefly.At the same time,this paper introduces the basic principles of creating value through M&A,including synergy effect and its value,market value and the value creation framework based on this Finally,this paper introduces the importance and particularity of valuation to M&A;The third part is the case analysis.First of all,it analyzes the background of M&A,including macroeconomic background,industrial policy,industry development and so on.Then,the introduction of the entire transaction of mergers and acquisitions Finally,the paper analyzes the types and motivation of mergers and acquisitions,the development of the two sides of the enterprise and the possible synergies;The fourth part will use valuation techniques in this case,to verify the results of the valuation of role in mergers and acquisitions and credibility;The fifth part is the case of the enlightenment and suggestions.This paper analyzes the valuation results of the case,and analyzes the application of the discounted cash flow method in the enterprise and the existing defects.更多还原