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论文编号：	3662
作者编号：	2120092651
上传时间：	2011/11/18 11:25:51
中文题目：	A公司收购DFG公司中的价值评估研究
英文题目：	The Valuation Study of Company A Acquire Company DFG
指导老师：	黄福广
中文关键字：	工业气体、并购、企业价值评估、折现现金流量法
英文关键字：	Industry Gas, M&A, Corporate Valuation, DCF
中文摘要：	目标企业的价值评估是企业并购活动中双方关注的焦点并直接影响双方的最终利益，同时也是并购谈判的核心问题。中国经济的快速发展和十三亿人口的巨大潜在需求，使各行业的跨国公司巨头都将目光投向中国，将中国视为最具发展潜力的地区。如何才能快速的进入中国并且占领市场，成为跨国企业最关心的问题。并购作为跨国企业进入并占领中国市场、重新配置资源和实施战略的重要途径。只有正确并且准确地评估目标企业的价值，才能为并购活动得以实施并最终获得成功创造可能。本文的研究内容是通过A公司收购DFG公司的真实案例，运用实地调研的方法并结合相关理论，探讨并购活动中跨国企业对非上市的国内目标企业进行价值评估的思路、方法和程序。本文首先介绍了文章的选题背景，对企业价值评估的概念和相关理论进行了回顾，并简要介绍了企业价值评估的一些基本方法。然后，介绍了并购案例的背景情况，包括：宏观经济情况、行业背景和特点、竞争对手情况以及并购企业A公司和目标企业DFG公司的基本情况。接着，文章结合相关理论分析了A公司并购的动因，对并购过程中影响企业价值变化的因素进行了定性和定量分析。而后，本文通过对影响现金流量的各项内容进行定量分析，尤其对营业收入的确定进行了详细分析。通过计算，作者最终预测了DFG公司的公允价值和A公司收购DFG公司的价格上限。文章的最后，作者通过对收购完成后两年DFG公司的实际经营数据和预测数据的对比验证，提出了一些关于对非上市企业进行价值评估实践的建议。文章中关于折现率的分析和营业收入的确定是本文的重点，希望能为今后从事这方面工作的朋友提供一些思路。
英文摘要：	The Corporate Valuation on the target enterprise is the very focus of attention during the mergers and acquisitions which directly affects ultimate interest of both parties involved, and also is the core problem of the merger talks. China's rapid economic development and potential huge market from the 1.3 billion population makes the various sectors of multinational industry giants turn their attention to this country, they see China as the most promising development region. Thus how to enter and occupy this market comes to be the most concern of those corporations. M&A as the important pathway to solve the problems of entering and occupying markets, resources reallocation and enterprise strategy implementation must base on the correct and accurate assessment of the value of the target enterprise, only this way can make mergers and acquisitions activities the ultimate success. The research of this paper is through a real case of company A purchase company DFG, using investigation method combined with related theory, to explore the train of thought, method and procedure of the multinational enterprise during the merger activity on the target domestic private enterprise. Firstly the paper introduces the background of the topic, reviews the corporate value assessment conception and theory, and briefly introduces some basic method of corporate value assessment. Secondly, introduces the background of the merger case, including macro economic situation, the industry background and characteristics, the competition information as well as basic information of both enterprise company A and target enterprise DFG. Thirdly, base on the related theory, this paper does the analysis on the reasons of company A's merger and acquisition activity, and dose qualitative and quantitative analysis on the factors to influence enterprise value. And then, basing on the quantitative analysis of the factors which have impacts on the cash flows analyzes in detail on the business income determination. Through calculation and analysis, the author finally forecast the fair value and acquisitions price limit of DFG company. At last, the author put forward some practical advice about value evaluation on private enterprise through contrasting and validating the actual operation data after the merger with the forecast data. In the paper, the sectors of analysis on discount rate and determination of business income is the key points, the author hope this would be helpful for friends who work on the value evaluation of private enterprise.
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