企业并购中目标企业的价值评估研究

Research on the Value Evaluation of Target Enterprise in Enterprise Mergers and Acquisitions

准确地对目标企业价值进行评估是并购重组活动成功的基础。在我国的并购活动中,三大传统的价值评估方法分别为成本法、收益法及市场法,而后发展出来的还有期权定价法和经济附加值法。论文基于对2020年S资本收购J集团29.74%股权的并购交易的实例分析,具体分析了成本法与市场法对于目标企业价值评估的影响与差异。选用不同方法在很大程度上会出现较大的评估差距,其在并购重组时对目标企业评估价值的判断产生较大影响。

Accurate evaluation of the value of target enterprise is the basis for the success of mergers and acquisitions activities.In China's mergers and acquisitions activities,the three traditional value evaluation methods are cost method,income method and market method,and then developed option pricing method and economic value added method.Based on the case analysis of the mergers and acquisitions transaction that S Capital acquired 29.74%of J Group in 2020,this paper analyzes the impact and difference of cost method and market method on the value evaluation of target enterprise.The selection of different methods will lead to a large evaluation gap to a large extent,which will have a greater impact on the judgment of the target enterprise's value after evaluation during mergers and acquisitions.