中国MBO中的公司价值评估

Assessment of Company's Value in Chinese MBO

中国近几年有一些公司尝试着实施了MBO,其中有成又败。而产权交易中最为敏感的话题莫过于交易价格。尤其现在部分国有企业和集体企业所实施的MBO,收购价格更成为衡量国有资产和集体资产是否流失的关键。因此,在参照国外MBO的定价模型与方式的基础上,结合我国的现时国情提出了适合我国企业实施MBO的定价方式,其中包括资产评估法和贴现现金流量法。

In recent years, many companies in China have attempted to implement the MBO. Some are successful and some are not Generally, in the transactions of the property right, the prices of the companies are the most sensitive topic. Especially in the MBO that is carried out in the state-owned and/or collectively-owned companies, the transaction prices are always regarded as the keys to know if the state' s and collectivity' s assets are lost Therefore, on the basis of consulting the methodologies of valuing companies overseas, this paper puts forward the suitable methodologies that can be applied in Chinese MBO, L e. asset appraisal analysis and discounted cash flow analysis.