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论文编号：	5985
作者编号：	2120112351
上传时间：	2013/12/9 17:56:26
中文题目：	基于B-S模型的目标企业并购价值评估研究 ——以中国平安收购深发展为例
英文题目：	Valuation of M&A Target Enterprise Based on B-S Model: research on the M&A case of Ping An Insurance Company& Shenzhen Development Bank
指导老师：	王全喜教授
中文关键字：	企业并购；Black-Scholes模型；企业价值评估
英文关键字：	M&A; Black-Scholes Model; Assessment
中文摘要：	在经济全球化的大背景下，企业并购已为必然，其中目标企业的价值评估又显得尤为重要。其重要性体现在目标企业的评估不仅作为并购过程的一个重要环节，而且它还制约着交易的顺利进行，同时，它也集中的体现了并购的风险。一般情况下，我们常用资产基础法、市场法和现金流量折现法来进行企业并购价值的评估。而这些刚性的定量评估工具并没有考虑企业并购的协同价值。实物期权法从管理柔性和并购企业协同价值的角度出发，在传统评估方法的基础上进行缺陷修正，对企业并购中所具有的期权进行合理的价值评估。 本文旨在通过系统归纳传统评估方法的优缺点以及现有研究的不足之处的基础上，建立基于B-S模型的企业并购中目标企业定价模型，从而为企业并购提供价值参考；在提出模型的同时进行实证检验，并以中国平安收购深发展为案例进行实例分析，旨在说明改进的基于B-S模型的新型评估模型在企业并购价值评估中的有效性。 研究方法：本文采用规范研究与实证研究相结合，比较研究与经济计量相配合的方法，理论联系实际，做到合理、有效的将综合了实物期权的目标企业估值模型应用于企业并购的过程当中。
英文摘要：	With the background of economic globalization, Mergers and Acquisitions has been inevitable, in which valuing the target company has become particularly important. The target enterprise’s valuation is not only an important part of the contract of M&A, but also a restriction of the trade. Meanwhile, it is the risk concentration of acquisition. Under normal circumstances, we often use asset-based approach, the market approach and the discounted cash flow method for valuing the target company in the process of mergers and acquisitions. These rigid quantitative assessment tool cannot reflect the synergistic value of M&A. From the perspective of management flexibility and synergy, Real Option Method makes up the recommendation，and assessment the reasonable valuation of the option which contains in the process of the M&A. The purpose of this paper is to establish a valuation tool based on B-S Model, which can better reflect the enterprise value, by summarizing the advantages and disadvantages of the traditional evaluation method. After issuing the model, then both the basis and some of the inferences are tested through empirical studies. We choose the M&A case of Ping An Insurance Company& Shenzhen Development Bank as case analysis, In order to demonstrate that the improved model is effective in the assessment of the valuation of the target enterprise. Research methods: combining normative research and empirical research method, matching comparative study and econometric, we strive to link theory and practice, for the sake of certifying that the model we established is more reasonable and effective in the assessment of the target enterprise.
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