并购中船舶企业定价模型研究

Study on Pricing the Shipbuilding Companies in M&A

船舶行业的迅速发展,产生了船舶企业间并购的可能性。并购能否成功的关键因素之一是对船舶企业权益的定价。船舶企业经营活动现金流具有较高的可预测性,将现金流折现法与实物期权法结合起来,给出一个船舶公司现金流特征的估值模型,有利于对船舶企业进行合理估值,实现成功并购。

Shipbuilding industry has developed rapidly, there would occured many activities of M＆A within this industry. Pricing on the shipbuilding company＇s equity is vital in the process. Because the future cash flows of shipbuilding companies are more predictable, This essay employs the method combining DCF and the model of Black--Scholes. and establishes a new model to fit shipbuilding companies.