企业兼并中如何估价目标公司

How to Evaluate the Target Enterprise During the Acquisition

企业兼并谈判的焦点是兼并价格,而确定兼并价格的主要依据是目标公司的价值。本文介绍了三种估算目标公司价值的方法:现金流量折现法,市场价值法和重置成本法,对每种方法进行了理论分析和比较,并阐述了如何在实务中应用,以期能为兼并双方在价格的谈判中提供科学的数理依据。

In the process of merger, the most concerned problem is the price of merger, and the basis of determining the price is the value of the target enterprise. This paper provides three methods of evaluation: the method of discounting cash flows, the method of market value and the method of rebuilt cost. The essay makes a detailed analysis and comparision of each method and shows how to use them in the practice, so as to give the rational numeral foundation to the two sides of the merger.