企业购并价值评估研究

On Valuation for the Target Firm in M&A

在企业购并中,目标企业购并价值包括自身资产价值、机会价值,以及购并资产增值、机会与灵活性价值分配价值。准确评估目标企业价值和购并增值,是合理确定购并价格的基础,通过系统分析评估这些价值的成本法、市场法、收益法、实物期权定价方法,给出了各自的优缺点和在我国的适用性。

The value of the target firm is composed of the asset value, opportunity value of itself and the distribution of the added asset value, opportunity value and flexibility value in M＆A. To value them precisely is the basis for pricing the target firm properly. We study systematically the valuation approaches, including cost approach, market approach, income approach and the approach of pricing real options, and the advantages, weaknesses and applying circumstances of each approach in this paper.