企业并购中的价值评估

Value Estimation of M&A

在分析了传统的企业价值评估方法——收益现值法的不足后 ,从企业股东和债权人的角度出发 ,引进企业所得税和个人所得税 ,通过对企业预期现金流量的合理分解与折现 ,建立了一个较为实用的价值评估模型 。

Firstly, the weakness of the traditional method of value estimation--discounted cash flow(DCF )is analyzed.Secondly, from the point of view of shareholders and creditors,the paper establishes a practical model of value estimation in which enterprise and individual income tax are introduced and expected cash flow is reasonably decomposed and discounted.Finally,the calculation methods of parameters are given.