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。在威斯通固定增长模型的基础上,建立了考虑未来经营失败概率的估值模型;对威斯通超常增长而后无增长模型进行了修正,探讨了企业在超常增长期采取不同投资策略对其价值的影响,建立了一个更为简明的估值模型,并给出隐含超常增长期限的一种计算方法。
Weston models are very popular among the discounted cash flow models for mergers and ac- quisitions valuation. This article presents a valuation model with failure probability based on Weston fixed growth model. A minor modification of Weston model with the zero growth after supernormal increasing period is made, a simple valuation model with different investment policy is developed, and an approach for the determination of implied supernormal growth period is offered.
出处
《财贸研究》
CSSCI
北大核心
2008年第2期123-127,共5页
Finance and Trade Research
基金
上海市教委社科基金资助项目"实物期权理论在企业并购定价中的应用研究"(编号:2L847)
关键词
企业并购估值
威斯通模型
失败概率
投资策略
valuation in corporate M&A
Weston model
failure probability
investment policy