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论文编号：	3071
作者编号：	2120092803
上传时间：	2011/5/21 16:28:38
中文题目：	基于关联企业并购的估值方法选择研究
英文题目：	Research of Asset Evaluation Methods Selection Based on Merger and Acquisition of Affiliated Enterprises
指导老师：	黄菊珊
中文关键字：	关联企业并购;估值方法选择;收益法;成本法
英文关键字：	Associated with Mergers and Acquisitions;Valuation Methods;Income Approach;Cost Approach
中文摘要：	伴随着经济全球化步伐的加快，企业间的并购交易在我国正如火如荼地展开着。各行各业的企业都在通过不断地兼并、整合，提高产业集聚度，扩大企业效能，增强企业的竞争力，以抵御市场风险。这当中，关联并购引人注目。目前，在我国实际发生的并购中关联并购占比已接近40%，并呈逐年增多趋势。并购估值——这一企业并购中的重要因素，在关联并购中意义更为重大。对发生并购的关联企业价值准确判断和正确估值，不仅对并购成功与否起到关键作用，而且对维护交易各方的利益、促进并购市场有序发展也具有重大意义。 本文采用了规范讨论与案例分析相结合的研究方法。在回顾关联并购估值相关文献的基础上，以企业估值等理论为指导，首先对关联企业并购估值的现状进行分析，发现关联并购估值中，企业多数采用成本法，而非关联并购中，企业多数采用收益法，并分析这种现象生成的原因和由此带来的弊端。进而逐一讨论了并购估值三种通用方法：成本法、收益法和市场法，分析了三种方法在实际应用中的地位和各自的利弊。提出：以收益法作为关联并购估值的首选方法、以成本法和市场法作为辅助方法，是我国目前并购估值最为恰当地评估方法。然后对2010年度发生的两起不同性质的并购案例展开了详细剖析，通过对比非关联并购，探讨了实务当中，关联并购估值方法使用中的问题及成因。并根据实例论证说明在我国实际国情下，应如何正确选择关联并购估值方法，以及对这些方法综合改进的意见。
英文摘要：	With the acceleration of economic globalization, mergers & acquisitions (M&A) among enterprises in China are beginning to expand in full swing. By continuing M&A, business enterprises improved the degree of industrial concentration, expanded business performance, and enhanced the competitiveness of enterprises to protect against market risk. Among all M&A of enterprises, M&A of affiliated enterprises gets more and more attention. At present, of all actually occurred M&A in China, M&A of affiliated enterprises takes more than 40% and is still increasing. The asset evaluation, which is a important factor in M&A, has a more profound influence on the M&A of affiliated enterprises. Therefore, the accurate judgment and asset evaluation of affiliated enterprises not only determines the success or failure of the M&A, but also has great significance to safeguard the interests of the parties and to promote market development. This thesis used the combination of discussion and case study research methods. On the basis of reviewing related literature and theory, this thesis regards asset evaluation theory as guidance, first analyzed the current status of asset evaluation of enterprises in M&A, discovered that Cost Approach was mostly used in M&A of affiliated enterprises and Income Approach was mostly used in non affiliated M&A. This thesis also analyzed the reasons for this phenomenon and the resulting disadvantages. This thesis further detailed discussed the three methods in Asset evaluation: the Cost Approach, Income Approach, Market Approach, and analyzed the status, advantages and disadvantages of each method in practical application. Thus this thesis proposed that the most appropriate evaluation method in China is mainly using Income Approach, using Cost Approach and Market Approach for a secondary. Then with a detailed research of two different type M&A cases in 2010, this thesis analyzed the problems existed in asset evaluation of affiliated enterprises, and give an instance to indicate how to select the valuation method and comprehensive improvement of enterprise M&A correctly under the present conditions in China.
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