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论文编号：	5987
作者编号：	2120112349
上传时间：	2013/12/9 19:09:08
中文题目：	中远散货关联并购子公司中的估值程序研究
英文题目：	Research on the Appraisal Procedure for MA&A with Related Party by COSCO Bulk Carrier Co., Ltd.
指导老师：	李莉
中文关键字：	关联并购;中远散货;估值程序
英文关键字：	related party m&a; COSCO Bulk Carrier Co., Ltd ;appraisal procedure
中文摘要：	20世纪90年代以来，全球迎来第五次并购浪潮，此次并购浪潮中我国由于经济的快速发展，在亚太地区乃至世界范围内的并购市场上表现活跃。在决定并购成败的因素中，对目标企业进行科学合理的估值便显得至为重要。尤其是我国市场上还存在具有“中国特色”的并购动因，特别是关联并购的大量存在，许多企业利用关联并购实现利益输送。我国企业在涉及资产并购与重组时，第三方资产评估机构出具的结果往往是定价的主要依据，那么评估机构则会成为把握并购公允性的一道关口。 在这些因素下，我国的资产评估机构在企业并购中扮演什么样的角色，尤其当估值的公正性受到干涉时，出具的结果就可能成为一些特殊操作手段的“跳板”。如何保证并购中第三方估值完全的公正地位，并通过公正的评估行为减少为了“眼前利益”而损害长远发展的并购行为，这些都是值得我们关注和解决的问题。 本文根据笔者亲身经历的关联并购估值案例，分析案例中被并购企业的估值中存在的估值不当问题，运用所学知识分析不当估值存在的原因，总结出一些常用的估值控制手段，对所涉及的利益输送问题进行探讨。并且利用所学知识对评估程序与步骤进行优化，尝试修正和检验估值结果，并对将来如何减少这类问题提出建议。
英文摘要：	Since 1990s, the world faces the fifth M&A trend, where China plays an active role in the M&A markets of Asian-Pacific Region and even the world due to its fast economic development. Among factors determining the success of M&A, the scientific and reasonable valuation on target enterprises is extremely important. Especially, Chinese market has the motivations of M&A with Chinese characteristics. Especially, in many M&A with relate parties, many enterprises realize the profit transfer. In case of assets M&A and reconstructing, the result issued by the third party assets appraisal institutions is usually the main evidence for the pricing. Then, the appraisal institutions will be the controller for the fairness of the M&A. Under these factors, Chinese assets appraisal institutions play a role in enterprise M&A. Particularly, when the fairness of the valuation is disturbed, the result issued may be the “springboard” of some special operation means. These problems are worthy of our attention and shall be solved by us: how to guarantee the completely fair status of the third party valuation in M&A and how to reduce the M&A behavior for “short-term profit” damaging long-term development through fair appraisal behavior. Based on the author’s M&A with related parties, improper problems in valuation on merged enterprises of the cases are analyzed. The reasons for improper valuation are analyzed by the author’s knowledge, and some common valuation control means are summarized. The profit transfer problem involved is discussed. In addition, the appraisal procedures and steps are optimized based on the author’s knowledge to amend and test the valuation result. Furthermore, the suggestions are proposed to reduce these problems in the future.
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