外资并购与目标企业价值评估

Study on the valuation of target enterprises in Cross-border M&A

我国外资并购日益兴起,但其估价问题仍然是实际操作中的一大障碍。本文首先讨论了外资并购中目标企业价值评估的方法,随后在分析目标企业相对于外国投资者所具有的战略价值的基础上,提出了一条保证外资并购交易中合理定价的新方法。

Nowadays,Cross-border M&A is becoming more and mo re popular in China.However,the valuation of target enter-prises is still a big barrier in practical operation.In this paper,we first discuss different methods of valuating a target enterprise.And then,we present a new approach about making a fair valuation of target enterprises based on the analysis of the value to fo reign in-vestors.