基于科创板企业并购的乘数估值模型构建与应用

Construction and application of multiplier valuation model based on mergers and acquisitions of enterprises on the science and technology innovation board

科创板的设立为非上市企业提供了机会,企业并购等经济活动数量不断增加,证监会提出上市企业需对并购交易价格给出合理解释,这对被并购企业估值提出了要求。文章在此背景下,通过加入灰色关联度分析法,改良沃尔评分法以修正价值乘数,并考虑了科创板企业特色即科创属性,较为客观地评估科创板企业拟并购企业的价值,为投资者投融资提供有价值的参考意见。

The establishment of the Science and Technology Innovation Board has provided opportunities for non-listed companies.With regard to the increasing number of economic activities such as corporate mergers and acquisitions, the China Securities Regulatory Commission proposed that listed companies should provide a reasonable explanation for the price of mergers and acquisitions.In this context, the article adopts the grey correlation analysis method, improves the Wall score method to correct the value multiplier, and considers the characteristics of the enterprises on the Sci-Tech Innovation Board, that is, the attributes of Sci-Tech innovation.More objectively assess the value of the companies to be acquired by companies on the Sci-Tech Innovation Board, providing valuable reference opinions for investors in investment and financing.