并购中现金流折现法定价应用研究

To Study on Discounted Cash Flow Pricing in M&A

我国企业定价不合理,被收购公司价格严重低估。为合理定价被并购公司,用现金流折现法对被并购企业价格估算,详细分析中国石化收购扬子石化并购一案,估算出扬子石化的理论价格,并比较实际价格,提出了并购风险防范方法。

As to present pricing method is not appropriate, many target companies＇ prices are undervalued deeply. In order to properly price the target companies, the article employs Discounted Cash Flow （DCF） method to gauge them. It analyzes the M＆A case of Sino Petroleum Co. Ltd and Yangzi Petroleum Co. Ltd, and gauges the theoretical price of Yangzi Petroleum. At last, it compares the practical price and the theoretical price and gives some proposals over the risk control.