摘要
威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。文章针对威斯通模型讨论了企业是否具有真正增长机会的条件;研究了企业在超常增长期采取不同投资策略对其价值的影响,建立了新的估值模型,并对两种模型在估值上的差异进行了分析。
Weston model is very popular among the discounted cash flow models for mergers and acquisitions(M&A) valuation.This article discusses the conditions in which firms have real growth opportunity.Then the effect of different investment policies on corporation value is studied,and a new valuation model is introduced.Finally,numerical examples are offered to illustrate the differences between the new model and Weston model.
出处
《大连理工大学学报（社会科学版）》
2007年第1期32-34,56,共4页
Journal of Dalian University of Technology(Social Sciences)
基金
上海市教委社科基金资助项目(2L847)
关键词
威斯通模型
贴现现金流法
企业并购估值
Weston model
discounted cash flow approach
valuation for corporation M&A
