企业并购问题讨论

Some Issue’s Discussion about Mergers and Acquisitions

从经济学角度引入了6种理论解释并购动机;采用DDM、FCFF(FCFE)和RI三种财务模型作为目标企业的定价方法; 用NPV方法分析了并购中的利益分配问题,同时讨论了bootstrap效应和代理人问题。

This paper analyzes the merger’s motivation on the economics perspective. It adopts three financial models of DDM,FCFF(FCFE) and RI model to decide the intrinsic value of target firm, uses NPV method to explain the benefits that the bidder firm and the target firm got from the mergers and acquisitions, and discusses about the bootstrap effect and agency issue.