摘要
企图通过并购方式增加财富的公司很多,但真正成功者寥寥。并购能否成功取决于多种因素,而并购的定价是否恰当、并购公司向目标公司支付的并购溢价的多少,往往起着十分重要的作用。如何量化并购溢价一直是并购理论和实务的一个重要问题。基于现金流贴现法(DCF)的并购溢价度量模型能准确量化并购溢价。
There are a lot of companies attempting to increase enterprise＇s wealth by merging or acquiring,but few can succeed.Although the success of MA depends on many factors,the price paid and the premium paid for an acquisition are the main factor.How to quantify the premium of MA has been an important theoretical and practical issue.The model based on DCF can accurately quantify the merger premium.
出处
《价值工程》
2011年第12期157-158,共2页
Value Engineering
