發(fā)布時間：2018-04-06 00:19

  本文選題：并購估值　切入點：輕資產(chǎn)企業(yè)　出處：《廣東工業(yè)大學》2017年碩士論文

【摘要】：在企業(yè)并購過程中,目標企業(yè)價值評估是整個交易的重要環(huán)節(jié),直接影響到并購時的交易價格,影響并購雙方的利益和決策行為,影響并購后企業(yè)的未來經(jīng)營,甚至是并購活動成敗的關鍵。在我國社會不斷發(fā)展的背景下,人們的文化生活不斷豐富,促進了互聯(lián)網(wǎng)、游戲、影視傳媒等非傳統(tǒng)行業(yè)的壯大,這類公司的特點是無形資產(chǎn)占總資產(chǎn)比例較重,因此它們被稱為“輕資產(chǎn)公司”。隨著輕資產(chǎn)行業(yè)的壯大,輕資產(chǎn)公司之間的并購事件也在逐年增多。與傳統(tǒng)企業(yè)相比,評估輕資產(chǎn)公司價值更為特殊。輕資產(chǎn)公司在估值方法的選用、估值時應注意的關鍵點以及計算估值模型中的參數(shù)方面,均有難點。本文應用規(guī)范研究法、案例研究法以及對比研究法,在概述了企業(yè)價值評估的基本理論后,分析了輕資產(chǎn)企業(yè)及其評估的特殊性,接著闡述了M輕資產(chǎn)公司并購估值的案例概況,之后對案例進行了分析,包括對案例所利用的評估方法選擇的分析,模型參數(shù)的確定分析以及估值時應注意的關鍵點的分析等。探究評估M公司時存在的不足及難點,針對這些不足與難點,得到相關的啟示及建議。這對未來輕資產(chǎn)企業(yè)的并購估值具有一定的現(xiàn)實意義。筆者嘗試用不同的方法對案例中的輕資產(chǎn)企業(yè)進行估值計算和分析。筆者認為,與其他方法相比,股權(quán)自由現(xiàn)金流折現(xiàn)模型(FCFE)比較適合輕資產(chǎn)企業(yè),但在運用該方法中,往往會存在許多疑點。為了提高估值的合理性與科學性,在使用股權(quán)自由現(xiàn)金流折現(xiàn)模型時,我們應該綜合考慮被評估企業(yè)的實際情況,全面了解其行業(yè)狀況、企業(yè)戰(zhàn)略,注意估值時的一些關鍵點。同時,在防范輕資產(chǎn)企業(yè)的估值風險方面,筆者也給出了一些建議。
[Abstract]:In the process of enterprise merger and acquisition, the value evaluation of target enterprise is an important link of the whole transaction, which directly affects the transaction price, the interests and decision-making behavior of both sides of the merger and acquisition, and affects the future management of the enterprise after the merger and acquisition.Even M & A is the key to success or failure.Under the background of the continuous development of our society, people's cultural life has been enriched, which has promoted the expansion of non-traditional industries such as the Internet, games, film and television media, etc. The characteristics of such companies are that intangible assets account for a heavy proportion of the total assets.So they are called light assets companies.With the expansion of light assets industry, mergers and acquisitions between light assets companies are also increasing year by year.Compared with traditional enterprises, it is more special to evaluate the value of light assets companies.There are some difficulties in the selection of valuation methods, the key points to be paid attention to and the calculation of the parameters in the valuation model.This paper applies standard research method, case study method and contrast research method, after summarizing the basic theory of enterprise value evaluation, analyzes the particularity of light assets enterprise and its evaluation.Then, the case of M & A valuation is described, and then the case is analyzed, including the selection of the evaluation method used in the case, the determination of the model parameters and the analysis of the key points that should be paid attention to in the valuation.This paper explores the shortcomings and difficulties in the evaluation of M Company, and obtains some enlightenment and suggestions in view of these shortcomings and difficulties.This is of practical significance to the M & A valuation of light assets enterprises in the future.The author tries to use different methods to calculate and analyze the valuation of enterprises with light assets.The author thinks that compared with other methods, FCFE (discounted free cash flow model) is more suitable for enterprises with light assets, but there are many doubtful points in the application of this method.In order to improve the reasonableness and scientificalness of valuation, we should consider the actual situation of the evaluated enterprise synthetically when we use the discounted model of free cash flow of equity, fully understand its industry condition, enterprise strategy, and pay attention to some key points of valuation.At the same time, in the aspect of guarding against the valuation risk of light assets enterprises, the author also gives some suggestions.
【學位授予單位】：廣東工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F49

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本文編號：1717128