基于自由现金流的并购企业价值模型及应用

M&A Business Value Assessment’s Model Based on the Free Cash Flow and Its Application

目标企业价值评估对确定目标企业合理交易价格及并购的成败有着重大影响。本文分析了自由现金流折现模型,对自由现金流折现估价模型中的现金流、折现率、预测期等基本参数的确定方法做了说明,同时结合同方股份收购晶源电子做了实际应用分析,并针对评估出的结果做了说明。

The objective company value assessment is an important content in the M&A, which is significant for us to determine the price of deal and is the key factor to the success or failure of M&A. In this article, we analyze the Discounted Free Cash Flow approach in detail. Among it analyzes how to determine the discount rate, forecast period and cash flow in detail. At the same time, we assess value of the objective company-Jing Yuan Electronic with the case of Tong Fang take over Jing Yuan Electronic and make detailed instruction about the result of the value assessment.