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论文编号：	8172
作者编号：	2120132905
上传时间：	2016/6/1 18:02:29
中文题目：	调整现值法（APV）在企业并购估值中的应用研究--以A公司为例
英文题目：	The Research of the Application of Adjusted Present Value in the M&A Valuation--Taking A Company as an Example
指导老师：	周晓苏
中文关键字：	调整现值法（APV）；企业价值评估；并购估值
英文关键字：	Adjusted Present Value (APV); Enterprise Valuation; M&A Valuation
中文摘要：	摘要 近年来，我国并购市场取得了长足的进步与发展，不仅并购市场中的各参与方越来越成熟，并购总额和并购案例数也呈稳步增长的趋势。在国内并购市场持续火爆的背景下，企业价值评估作为企业并购重组过程中极为关键的一环，理应得到参与并购交易各方足够的重视。 进行企业价值评估有很多种方法，各评估方法本身并没有优劣之分，每一种评估方法自身都有其假设前提和适用范围。采用哪种或哪些评估方法，主要是由并购性质和目标企业特点决定的。目前，加权平均资本成本法（WACC）是进行企业价值评估时所使用的主流评估方法，但它在确定折现率的过程中要求目标企业资本结构保持稳定。另外，在目标企业资产负债率较高的情况下，WACC法对税盾价值的评估容易出现较大误差。与此同时,调整现值法（APV）在确定折现率时不需要考虑目标企业的资本结构，而且APV法将目标企业价值分为全权益经营活动价值和税盾价值，在目标企业资产负债率较高的情况下，能够充分考虑税盾价值对企业整体价值的影响。 本文站在并购方的角度，指出由于其并购对象A公司所具有的特点，相较WACC法，使用APV法不仅得到的评估结果更加准确，还能为并购方提供更多的对其决策有用的信息。并购方在聘请中介结构出具资产评估报告前可自行使用APV法对A公司的企业价值做一个预先评估，为其下一步的行动提供重要参考。首先，本文指出了在并购交易中进行企业价值评估的重要性，阐述了本文的研究意义和创新之处；其次，本文分析了当前国内外评估机构常用的企业价值评估方法、各自的适用性以及在我国的应用情况；详细介绍了调整现值法（APV）的基本理论及应用方法，将APV法与WACC法进行比较分析，指出APV法在特定情况下的优势和适用性。再次，本文对一起国内并购市场的真实案例进行了分析研究，并指出了案例研究中存在的问题以及相应的解决措施，为日后评估人员更好的使用APV法提供一些借鉴。最后，本文得出结论：在目标企业存在资本结构不断变化、资产负债率较高等特点的情况下，使用APV法不仅可以避免WACC法所面临的评估难题，而且能够较为有效地得出企业的内在价值。此外，APV法还能为并购方提供更多对其决策有益的重要信息。
英文摘要：	Abstract In recent years, Chinese M&A market has made considerable progress and development. Not only the participants in the market become more and more mature, the total deal value and number of deals have both shown steady growth trends. In the background of the booming domestic M&A market, as an critical part of the M&A activity, enterprise valuation should be paid full attention by the participants of the M&A market. There are several approaches for the enterprise valuation. Every approach has its assumptions and applicable scope, it’s hard to title the better approach without specific context. Using which approach is mainly depending on the characteristic of the deal and the target company. Nowadays, the Weighted Average Capital Cost Model (WACC) is the main approach for assessing the value of enterprises, but it requires the target company to keep a stable capital structure when calculating the discount rate. In addition, WACC may lead to relatively serious calculating errors of the tax shield value when the target company’s asset-liability ratio is relatively high. In the meanwhile, Adjusted Present Value (APV) doesn’t need to consider the target company’s capital structure during the calculation. Besides, APV divides the value of enterprise into two parts: the unlevered value of the enterprise and the tax shield value. APV can fully consider the tax shield value’s influence to the whole enterprise value. This paper stands in the perspective of the acquirer, pointed out that because of the target company A’s characteristics, the acquirer can not only get more accurate result, but also more useful information by using APV method. This paper recommends that the acquirer should use APV to assess company A’s value by itself before hiring the asset evaluation institution. Firstly, the article points out the importance of enterprise valuation in the M&A transactions and this paper’s research meaning and innovation. Secondly, the article analyses the basic approaches for enterprise valuation in the world, as well as their applicability and application situation in China; introduces the theoretical and application method of APV, points out the advantages and applicability of APV under certain circumstances by comparing APV and WACC. Thirdly, the article analyses a real deal in Chinese M&A market. By pointing out the problems of APV and corresponding solutions, the article try to provide some reference for the better application of APV in the future. At last, the article comes to the conclusions that APV can not only avoid the problem WACC has, but also get the enterprise’s true value when the target company’s capital structure keeps changing and has a relatively high asset-liability ratio. Besides, APV can provide more useful information for the acquirer to make decisions.
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