【作者】 李峥；

【导师】 张强； 熊越胜；

【作者基本信息】 湖南大学 ， 金融硕士（专业学位）， 2017， 硕士

【摘要】 在国家经济结构转型,产业结构优化升级,淘汰过剩产能的经济新常态背景下,需要我们利用市场化的手段对市场经济主体进行重组改革,加速企业的优胜劣汰,实现市场质量优化、产业结构升级的目的。企业之间重大资产重组的本质是“资产的买卖”交易,所以无论以何种方式进行资产重组,交易资产的定价问题都是核心要义。它所包含的定价过程、定价合理性、交易双方利益分配等问题,都直接决定了整个交易能否取得成功。因此,研究发行股份购买资产重组中的资产定价问题,对推进重组项目交易的顺利完成、维护交易双方的利益、提高资本市场的交易效率和推动产业结构升级具有重要的意义。基于上述观点,本文以解决Y上市公司重大资产重组企业资产定价问题为核心,共分五个部分。首先通过对国内外文献进行搜集,提炼出学术界对资产定价问题的研究内容与方法,为文章研究奠定了理论基础。然后对重大资产重组、重大资产重组中发行股份购买资产的重组方式进行定义界定,对目前主流资产定价方法进行介绍。第三章对Y公司发行股份购买资产的定价问题进行深入探讨,分别运用收益法和成本法两种资产定价方法对标的资产定价,对结果差异解释原因,然后从定价方法适用性和定价结果合理性两方面分析两种定价结果并选择最终资产定价结果。第四章利用已得的标的资产定价结果,根据交易双方的基本情况与重组动机,设计出符合Y公司实际情况的重大资产重组定价方案,从发行股份购买资产以及发行股份募集配套资金两大部分出发,对支付比例、利润承诺、交割时间等方面进行了设计安排。第五章对方案实施中可能遇到的问题及应对措施进行阐述并对文章未来进一步研究方向进行展望。本文的创新之处在于解决了实际业务中的定价问题,将企业资产定价过程与新能源汽车行业相结合,研究了在新能源汽车行业中如何确定企业资产定价的问题并根据企业特征设计出定价方案,对同行业上市公司重大资产重组交易中估值溢价、折现率的选取、交易结构设计等方面提供良好的参考案例,也对上市公司重大资产重组资产定价方法的运用有较好的借鉴意义。更多还原

【Abstract】 Under the background of the national economic structure transformation,the optimization and upgrading of the industrial structure and the elimination of the excess capacity,we need to use the market-oriented means to reform the market economy company,accelerate the survival of the fittest,realize the market quality optimization.The nature of major asset reorganization between enterprises is the "sale of assets" transactions,so no matter what way of trading assets,pricing issues are the core essence.It contains the pricing process,pricing rationality,the interests of both parties to the transaction and other issues,are directly determine whether the entire transaction can be successful.Therefore,it is of great significance to study the issue of asset pricing in the reorganization of assets to buy shares,it can promoting the successful completion of the reorganization of the project transaction,safeguarding the interests of both parties to the transaction,improving the efficiency of the capital market and promoting the upgrading of industrial structure.Based on the above point of view,this paper is divided into five parts to solve the problem of asset pricing of significant assets reorganization of Y listed companies.First of all,through the collection of domestic and foreign literature,to extract the academic research on asset pricing issues and methods for the study of the article laid the theoretical basis.And then definite the major asset restructuring,major asset restructuring in the issue of shares to buy assets,introduced the current mainstream asset pricing methods.In the third chapter,the author discusses the issue that the pricing of the assets of Y company,and then uses the two methods of the income method and the cost method to price the assets,explain the result difference and reasonable,select the final asset pricing results.In the fourth chapter,based on the results,we design the pricing project of Y company major asset reorganization,part one is issue of the shares purchase assets and part two is raising matching funds.We arrange the payment ratio,profit commitment,delivery time and other aspects.The fifth chapter elaborates the problems and the countermeasures that may be encountered in the implementation of the project and prospects the future research direction of the article.The innovation of this paper is to combine the process of enterprise valuation with the new energy automobile industry.To study how to determine the pricing of enterprise assets in specific industries and design project.It will provide a good reference case to analyze the valuation premium,index analysis,discount rate selection and other aspects of major assets reorganization transactions of listed companies in the same industry,but also on the major assets of listed companies reorganization of valuation methods have a good reference.更多还原