跨国并购估价实例分析——联想与IBM并购研究

Analysis on Transnational Merger & Acquisition Valuation——Case Study of M&A of Lenovo and IBM

运用并购估价的自由现金流法对联想集团与国际商用机器公司(以下简称IBM)个人电脑事业部(PCD)的并购价格进行分析,为类似国内企业的跨国并购活动提供并购财务分析应用实例。自由现金流法对企业未来持续经营所得和现金流的预测存在误差和偶然性,如何降低误差和偶然性,提高自由现金流法在实际应用中的估价准确度,是一个长期的话题,值得深入研究。

Applying free cash flow of M＆A valuation, this study analyzed the M＆A price of Lenovo and IBM PC Division, and provided financial analysis examples for similar transnational M＆A. The free cash flow method presents errors and chance in future operation income of enterprises and prediction of cash flow. It is a perennial topic and it calls for further investigation on how to bring down the errors and chance, as well as how to increase the valuation accuracy of free cash flow method in application.