交易结构与交易估价浅论

Trade structure and trade evaluation

对交易价格的评估,是当今收购兼并活动运用金融技术作为实务指导最为复杂的一个环节,运用现金流贴现法(DCF),在一定假设下获得估价区间,并以此作为衡量交易价格谈判的基础,是目前国际购并业务在实用理论方面讨论最多的热点领域。本文结合交易结构设计及类型确定,以贴现现金流估价模型为基础,探讨并购类型与整合效应的价值评估关系,及实证分析交易结构设计与并购估价的关联范畴。分析旨在讨论并购估价如何利用交易结构的不同设计使并购和约双方达到购并整合效果最大化。

Valuation in Merger end Acquisition nowadays has been one of the most complicated part in the application of financial techniques into practices. Discounted Cash Flow （DCF） approach,which serves as a tool to decide the price range therefore provides a starting point for future negotiation,has become one of most widely discussed topic amid MA＇ s practical theories.Based on DCF model and the structure design and mode of trading,this article attempts to find out the relationship between MA mode end assessment of integrate effect as well as to carry out an empirical analysis on the connection between MA valuation and the design of trading structure with o view to utilizing different design of trading structure in valuation to maximize MA results for both parties.