【作者】 杨莎；

【导师】 殷仲民；

【作者基本信息】 西安理工大学 ， 技术经济及管理， 2006， 硕士

【摘要】 随着经济的发展,以资本为纽带的企业并购层出不穷。目标企业定价是并购的核心,关系到并购双方的收益和并购活动的成败;目标企业价值评估又是定价的核心,可以为并购交易价格的确定提供依据。但现有价值评估技术往往忽略并购灵活性的价值,因此,以并购中目标企业价值的评估为核心,研究并购中目标企业定价问题具有重要意义。论文依据对并购中目标企业的价值分析,评估并购中的目标企业价值,进而研究并购中目标企业交易价格的确定问题。论文通过分析,认为并购中的目标企业价值包括目标企业独立价值和并购附加价值两部分,目标企业独立价值是现实资产价值与自身期权价值之和,并购附加价值是并购实物期权价值与并购协同效应价值中来源于目标企业贡献的部分之和。以此为依据,利用折现现金流法计算目标企业现实资产价值,期权定价方法计算自身期权价值,复合实物期权定价方法计算并购实物期权价值,折现增量现金流模型或股票收益理论计算模型评估并购协同效应价值并利用层次分析法和专家打分法对其进行分配,建立了并购中目标企业价值评估模型。在评估价值的基础上,并购企业愿意支付的最高买价和目标企业愿意接受的最低卖价初步形成并购中目标企业价格区间;并购企业的最高谈判报价和目标企业的最低谈判报价形成并购谈判报价区间;在并购谈判报价区间内,并购双方根据并购市场上买卖双方构成的不同,采用一阶密封拍卖模型或投标人合谋理论或讨价还价策略,最终确定目标企业交易价格。论文的研究成果为并购中目标企业的定价问题提供了一种解决思路。更多还原

【Abstract】 With the development of economy, Merger & Acquisition (abbr. M&A) emerges one after another. Objective enterprise pricing is the key of M&A, related to each participator’s profit and the M&A’s success or failure;and value assessment is the key of pricing, providing basis for trade price’s determination. However, present value assessment technique often neglects the value of M&A’s flexibility, so it is of great meaning to do research on objective enterprise pricing in M&A taking value assessment as the score.Based on value analysis of objective enterprise in M&A, objective enterprise’s value assessment and trade price’s determination is studied in this thesis. It is concluded that the value of objective enterprise in M&A includes independent value and additional value. The objective enterprise’s independent value is the sum of its real assets value calculated by Discounted Cash Flow method and its option value calculated by option pricing method; the additional value is the sum of M&A’s real option value calculated by compound real option pricing method and the part of M&A’s synergy value which can be calculated by Discounted Increment Cash Flow Model or Stock Yield Theory Computation Model and allocated by Analytical Hierarchy Process and Expert Point Way. On the basis of assessment value, the merger’s maximum purchasing price and the object’s minimum selling price initially forms M&A’s price interval; the merger’s maximum negotiation bid and the object’s minimum negotiation bid forms negotiation bid interval; the objective enterprise’s trade price is finally determined by First-Price Sealed Auction or Bidder Conspires Theory or Bargain Tactics, according to the different constitution of M&A market. This research’s result can provide a solution for objective enterprise pricing in M&A.更多还原