XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A5A11A14A15A16A17A18A19A20A21A22A23A2412008屆本科畢業(yè)論文（設(shè)計(jì)）論文題目企業(yè)并購(gòu)中價(jià)值評(píng)估的研究分析學(xué)生姓名所在學(xué)院電子商務(wù)學(xué)院專(zhuān)業(yè)財(cái)務(wù)管理學(xué)號(hào)指導(dǎo)教師成績(jī)2008年4月XXXA25A26A27A28A29A30A31A32A33A34A35A36A37A30A38A39A40A41A42A43A44A45A46A47A48A492XXX大學(xué)本科畢業(yè)論文（設(shè)計(jì)）原創(chuàng)性及知識(shí)產(chǎn)權(quán)聲明本人鄭重聲明所呈交的畢業(yè)論文（設(shè)計(jì)）是本人在導(dǎo)師的指導(dǎo)下取得的成果。對(duì)本論文（設(shè)計(jì)）的研究做出重要貢獻(xiàn)的個(gè)人和集體，均已在文中以明確方式標(biāo)明。因本畢業(yè)論文（設(shè)計(jì)）引起的法律結(jié)果完全由本人承擔(dān)。本畢業(yè)論文（設(shè)計(jì)）成果歸XXX大學(xué)所有。特此聲明。畢業(yè)論文（設(shè)計(jì)）作者簽名作者專(zhuān)業(yè)財(cái)務(wù)管理作者學(xué)號(hào)2008年4月20日XXXA50A51A52A53A54A55A56A57A58A59A60A61A62A55A63A64A65A66A67A68A69A70A71A72A73A743XXX大學(xué)本科學(xué)生畢業(yè)論文（設(shè)計(jì)）開(kāi)題報(bào)告表A75A76A77A78A79A80A81A82A83A84A85A86A87A88A89A90A91A92A93A94A95A96A85A86A87A88A90A91A92A93A94A95A75A76A77A78A79A80A97A98A99A100A75A76A77A78A79A80A101A102A103A104A105A106A107A108A109A110A111A81A109A112A113A114A115A116A117A118A119A120A121A122A123A124A125A77A126A105A127A128A129A130A131A132A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A144A145A116A146A142A129A147A148A149A123A124A150A151A152A153A154A144A146A142A75A76A77A78A79A80A155A156A131A129A157A158A159A160A161A162A80A163A164A126A105A127A128A129A130A131A132A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A77A163A80A126A105A127A128A130A131A165A163A166A167A168A169A170A171A114A172A173A118A75A174A175A176A177A109A178A179A180A165A181A166A182A183A169A184A185A168A170A171A114A173A172A186A187A188A189A190A191A192A174A193A169A194A114A178A179A180A165A195A166A196A197A198A199A197A200A201A202A177A203A204A199A205A206A207A208A170A172A173A209A210A211A187A212A213A104A172A173A214A215A188A216A217A186A187A218A219A174A220A221A222A114A178A179A180A165A223A166A224A225A199A226A227A228A229A199A230A225A202A170A231A172A232A183A174A233A116A234A235A236A165A237A166A238A239A240A241A242A243A244A244A164A238A243A240A240A245A246A247A248A170A171A114A172A173A188A169A249A250A79A174A251A252A177A109A178A179A1806A182A253A254A170A171A114A172A173A191A192A174A255A168A0A109A178A179A180A165A78A166A172A1A2A170A193A169A171A114A172A173A191A192A150A106A3A4A5A174A255A168A0A109A178A179A180A165A6A166A180A7A8A170A171A114A172A173A84A187A174A184A9A255A168A178A179A180A165A10A166A187A11A170A171A114A172A173A115A116A117A118A174A189A12A177A109A178A179A180A77A181A80A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A171A114A172A173A191A192A82A171A114A173A172A193A194A171A114A152A217A172A129A13A14A202A15A16A17A162A200A18A171A114A172A173A129A171A114A217A172A19A20A21A151A22A23A207A24A25A26A157A158A125A13A194A195A27A192A195A27A207A28A129A29A30A171A114A217A172A31A13A27A171A114A164A217A194A218A178A217A172A129A171A114A32A33A34A35A36A217A172A171A114A129A127A37A139A38A39A132A192A218A178A217A172A129A171A114A40A41A132A36A217A172A171A114A223A42A144A192A36A217A172A171A114A142A31A218A178A217A172A129A171A114A129A43A232A44A162A25A194A172A173A171A114A85A135A194A45A46A47A48A49A50A51A52A53A209A133A54A171A114A255A55A56A129A47A57A97A213A58A172A173A129A162A249A32A21A151A156A131A250A207A28A25A26A157A158A132A251A59A207A82A31A171A114A172A173A162A253A60A61A62A63A64A65A66A67A68A69A70A71A72A170A73A65A74A75A76A77A219A79A65A80A81A82A83A86A87A88A89A90A91A204A92A93A71A221A94A219A79A95A64A96A97A98A99A65A100A101A102A86A103A104A65A105A107A108A252A109A110A60A61A62A63A64A66A67A68A69A65A87A88A219A111A196A91A112A113A196A114A114A115A116A117A118A183A119A91A120A110A60A117A118A196A121A122A123A124A125A126A66A175A92A91A127A71A128A253A129A130A121A122A91A131A126A132A133A134A118A196A87A88A135A136A91A137A71A131A126A124A138A139A140A75A213A141A142A143A144A121A122A108A145A146A147A163A148A149A150A211A151A74A75A111A63A64A152A153A154A147A155A156A65A66A67A68A69A157A158A159A160A161A162A98A164A65A165A166A91A204A92A167A136A169A171A173A174A111A176A177A65A178A179A91A253A63A64A152A153A65A66A67A68A69A72A82A83A65A74A75A109A156A152A153A154A105A107A181A182A185A74A75A159A160A186A188A91A167A136A190A169A65A176A177A121A122A197A98A164A165A166A190A169A198A199A152A153A154A65A66A67A68A69A65A82A83A201A183A202A108A203A205A206A81A208A209A65A210A212A171A214A156A92A215A216A220A222A224A225A226A227A228A224A224A229A224A226A230A231A231A231A224A203A229A224A226A230A91A233A234A235A219A146A236A91A237A238A239A167A91A208A209A240A146A236A241A242A243A152A213A244A123A222A203A225A226A227A228A224A203A229A224A203A230A231A231A231A226A245A228A224A229A224A226A230A91A233A234A246A79A247A248A91A254A255A246A79A40A0A91A208A209A83A146A87A1A152A213A244A123A222A108A225A226A245A228A224A229A224A203A230A231A231A231A136A229A203A136A230A91A89A2A208A91A83A146A152A213A244A82A1A108A108A205A208A209A83A146A59A129A3A65A4A5A6A7A185A93A8A194A253A63A64A152A153A95A9A183A119A65A97A9A91A98A10A213A124A73A100A80A81A29A82A91A40A11A68A69A93A194A101A12A71A65A103A181A91A235A13A73A100A253A68A69A66A67A65A118A104A183A202A109A156A129A130A37A110A106A178A179A173A185A107A219A118A126A65A42A14A108A167A136A59A73A65A80A81A29A82A95A64A91A235A13A253A63A64A152A153A65A82A83A201A176A81A165A166A91A89A218A145A96A253A63A64A152A153A183A119A65A95A64A181A182A109A167A108A131A15A110A21A111A16A38A230A54A38XXXA17A18A19A20A22A23A24A25A26A27A28A30A31A23A32A33A34A35A36A39A41A43A44A45A46A474A48A49A50A51A52A53A55A56A57A112A113A58A48A60A61A62A114A113A63A64A60A61A62A115A113A116A71A51A52A65A62摘要企業(yè)并購(gòu)是市場(chǎng)經(jīng)濟(jì)條件下企業(yè)超常發(fā)展的重要手段。在企業(yè)并購(gòu)過(guò)程中,對(duì)目標(biāo)企業(yè)的價(jià)值評(píng)估是非常重要的環(huán)之一。本文介紹了目前比較流行的三種評(píng)估方法,其中，詳細(xì)地介紹了現(xiàn)金流量法G994G16855G6984G5092G19766價(jià)值法，并在前人的G3534G11796G990G4559G6226G12373G11784，對(duì)其G17839行了G1016G1016對(duì)比和G13520G2524對(duì)比G2010G7524,G8454G1186中G4559G6226G17878G2524中G3281企業(yè)的評(píng)估方法。由G1122G13941G12092市場(chǎng)G2058G5242的G993完G2904，G1262計(jì)G2058G5242的G993G1593全，G1262計(jì)G13856業(yè)G20130G8680G993G14403，導(dǎo)G14280G990市企業(yè)的G11420G2045G6980G6466G993G11507G4466，所以以G3534G1122G13941G12092市場(chǎng)G6980G6466的市場(chǎng)價(jià)值法G993G12538G2524中G3281G5415前G3281G5785，因此目前比較G17878G3281G5785的企業(yè)價(jià)值評(píng)估方法是G17160現(xiàn)現(xiàn)金流量法G994G16855G6984G5092G19766價(jià)值法。G1863G19202G16801G29企業(yè)并購(gòu)價(jià)值評(píng)估現(xiàn)金流量法G16855G6984G17146G19766價(jià)值法市場(chǎng)價(jià)值法XXXA66A67A68A69A70A72A73A74A75A76A77A78A79A72A80A81A83A84A85A86A88A90A92A94A96A995ABSTRACTCORPORATIONMERGERISASIGNIFICANTMETHODFORCORPORATIONTODEVELOPRAPIDLYINTHEMARKETECONOMYINTHEPROCESSOFACORPORATIONMERGE,THEVALUATIONEVALUATIONOFTHEOBJECTCORPORATIONISAVERYIMPORTANTSTEP,WHICHISTHECOMPREHENSIVEAPPLICATIONOFPURPOSE,MOTIVATION,SITUATION,SPECIFICCONDITIONOFTHECOUNTRYANDTHEIRRELEVANTMETHODSTHISPAPERDESCRIBESTHECURRENTPOPULAROFTHETHREEASSESSMENTMETHODS,INCLUDINGDETAILSONTHECASHFLOWMETHODANDADJUSTEDBOOKVALUEMETHOD,ANDTHEIRPREDECESSORSTOFINDABREAKTHROUGHONTHEBASISOFITSCONTRAST,ANDCOMPREHENSIVECOMPARATIVEANALYSISFORCHINESEENTERPRISESTOSEEKSUITABLEFORTHEASSESSMENTMETHODSASTHESTOCKMARKETIMPERFECTIONSINTHESYSTEM,ACCOUNTINGSYSTEMDOESNOTSOUNDBADACCOUNTINGPROFESSIONALATMOSPHERE,LEADINGTOTHEPROFITABILITYOFLISTEDENTERPRISES,DATAUNTRUE,THESTOCKMARKETDATABASEDONTHEMARKETVALUEOFTHECURRENTLAWISNOTINLINEWITHCHINASNATIONALCONDITIONS,ANDTHEREFORETHECURRENTSITUATIONCOMPAREFITNESSENTERPRISEVALUEASSESSMENTISDISCOUNTEDCASHFLOWMETHODANDADJUSTEDBOOKVALUEMETHODATPRESENT,THEAPPROPRIATIONVALUEEVALUATIONMETHODINCORPORATIONMERGESISDISCOUNTCASHFLOWMETHODANDBOOKVALUEMETHODKEYWORDSMRG1038G13941G12092G20056G7411收G11422G10587PNG1038G13941G12092第N年的價(jià)值。投資者一般都要求G13941G12092的收G11422G10587應(yīng)G20652G1122G19146行的G2045G10587,因G1038G13941G12092具有G20130G19517。所以G13941G12092的收G11422G10587應(yīng)由G1016G18108G2010G7512成G13941G12092收G11422G10587G13941G12092G20130G19517G15929G1619G10587無(wú)G20130G19517G6265G18240G10587G3281債G2045息由G1122對(duì)G7422G7481G2520年的G13941G2045G451G13941價(jià)的G20056G8991G19602G5242較大,所以常G11004G15925量G13941價(jià)的G6980G6466是市G11420G10587。計(jì)G12651G1856式G1038每股收益股票市價(jià)市盈率G1186投資者的角G5242G7481看G13941G12092的市G11420G10587是該G13941G12092的投資G3250收G7411,同時(shí)G1075是對(duì)該G990市G1856司G4570G7481G2045G9082的一種G20056G8991。G3926G7588G990市G1856司的G13941G12092市G11420G10587G103810,說(shuō)明投資該G13941G12092G19668要10年才能收G3250投資。G3926果,G12050G1262投資者認(rèn)G1038G7588G990市G1856司G1182后G11420G2045G3698G19283G1262比以G5460G7368G5567,G2029其市G11420G10587G4613G1262較G20652。G990市G1856司市場(chǎng)價(jià)值可G11004以下G15932G12046方法G990市G1856司市場(chǎng)價(jià)值G8611G13941G13941G12092市價(jià)G990市G1856司的G13941G12092G6980量A39A80A40A41A42A43A84A44A45A46A47A48A87A49A88A50A51A52A53A54A55A56A76A57A57A138XXXA58A59A60A61A62A63A64A65A66A67A68A69A70A63A71A72A73A74A75A77A78A79A81A82A83A8510市G11420G10587G8611G13941收G11422G990市G1856司的G13941G12092G6980量市G11420G10587G990市G1856司G12258后G2045G9082企業(yè)的G5092G19766價(jià)值G2465G7156的是企業(yè)的G2394G2502成本。有時(shí)G2394G2502成本G994資產(chǎn)目前的獲G2045能G2159G451資產(chǎn)的G4466際價(jià)值G451產(chǎn)G10995現(xiàn)金流量的能G2159G1863G13007G993大G13792市場(chǎng)價(jià)值G2376能比較G4470觀地G2465G7156企業(yè)目前的獲G2045能G2159G451產(chǎn)G10995現(xiàn)金流量的能G2159和G1619還債務(wù)的能G2159。2G451G16855G6984G17146G19766價(jià)值法資產(chǎn)G17139債G15932中的G2520個(gè)G20045目都是按G10043資產(chǎn)取得和G17139債產(chǎn)G10995時(shí)的G2394G2502成本計(jì)價(jià)的。G19555G11540時(shí)G19400的G6524G12239,G1856司可能G1262經(jīng)G2394通G17147G14204G13972G451G10301價(jià)G2476G2172等,在這種G5785況下,G2394G2502成本無(wú)法G11507G4466地G2465G7156G1856司的資產(chǎn)G17139債G10378況,相應(yīng)的,G1075G4613G993能G1186資產(chǎn)G17139債G15932中得出G4470觀的G1856司價(jià)值。G16855G6984G17146G19766價(jià)值法是對(duì)G1856司資產(chǎn)G17139債G15932G990的G17146G19766價(jià)值G17839行估G12651和G16855G6984,一般是以資產(chǎn)的G1856G1813價(jià)值G1038標(biāo)準(zhǔn)G17839行的。G1306是G3926果G1856司已經(jīng)G993能G6357續(xù)經(jīng)營(yíng)下去,所依G6466的標(biāo)準(zhǔn)G4613應(yīng)該是G9177G12651價(jià)值,G993G1889G4570G1856司的G7422G7481收G11422G13783G15397在G1881。經(jīng)過(guò)G16855G6984資產(chǎn)和G17139債G20045目,可G1038估G12651G1856司資產(chǎn)的G11507G4466價(jià)值提供依G6466,G1186G13792最終確定G1856司的價(jià)值。G16855G6984G17146G19766價(jià)值法是以資產(chǎn)G17139債G15932G1038依G6466的,比較G4470觀和G11464G6521,G4439立G17287G1122G1856司的G2394G2502又結(jié)G2524現(xiàn)G10378,G4625量G1955G4581可能G19766G1032的G993確定G5627因G13044,G20130G19517較G4579。G1306是,這種方法在應(yīng)G11004G990的最大G19394G20076在G1122G7422G13783G15397G1856司的獲G2045能G2159和G7422G7481現(xiàn)金流量,同時(shí),G4439以G1856司G6329有的G2345G20045資產(chǎn)G1038出發(fā)G9869,G5585G16282了G1856司的G6984體獲G2045能G2159,G4600其對(duì)G1856司在資產(chǎn)G17139債G15932G3818的組G13467資本G20045目G2265括無(wú)形資產(chǎn)和G2842G16477G8821有充G2010G13783G15397,在這種G5785況下通常G1262G1363G1856司價(jià)值G15999G1314估。G13792G1000在G16855G6984時(shí)G9053XXXA86A89A90A91A92A93A94A95A96A97A98A99A100A93A101A102A103A104A105A106A107A108A109A110A111A11211G2462的G6265G15932G20045目可能G5468G3822,G993同的G20045目對(duì)應(yīng)G993同的G16855G6984方法,G10990G14279對(duì)G993同資產(chǎn)的評(píng)價(jià)G1075G19668要G18331G11004G993同的方法,計(jì)G12651G2325G2010G13333G7446,G4600其是對(duì)無(wú)形資產(chǎn)G451應(yīng)收G17146G8466G451存G17147G451G3315地的價(jià)值確定G7368有G1117議,這G1135都G13485評(píng)估G5049作G5114G7481G5468大的G21647G9914。G16855G6984G17146G19766價(jià)值法主要可G11004G1122評(píng)估有形資產(chǎn)G5468G3822的G1856司G451非G11420G2045G5627組G13467G451G1856G1861設(shè)施經(jīng)營(yíng)企業(yè)和G3800G1122G1123G6451G17805G13548的G1856司G7693G6466G9177G12651價(jià)值G16855G6984。由G1122計(jì)G12651G990的G13333G10724G5627以G2462對(duì)組G13467成本G13783G15397的G8436G13582,一般G993G17878G11004G1122對(duì)G20652G12197G6228G1856司G451成G19283G3423G1856司和G7393務(wù)G5627G1856司的評(píng)估。3G451現(xiàn)金流量法現(xiàn)金流量法是指在G13783G15397資金的時(shí)G19400價(jià)值G5785況下,G4570發(fā)G10995在G993同時(shí)G9869的現(xiàn)金流量按G7094定的G17160現(xiàn)G10587統(tǒng)一G6252G12651G1038現(xiàn)值G1889加總的方法。其計(jì)G12651G1856式G1038VPVL式中VG1038企業(yè)價(jià)值PVG1038G7422G7481G2520年現(xiàn)金G1940流量的總現(xiàn)值LG1038企業(yè)目前的債務(wù)。G7422G7481G2520年現(xiàn)金G1940流量的總現(xiàn)值PV的計(jì)G12651的G1856式G1038NNTTNTIDIFPV111A113式中FTG1038第T年企業(yè)的現(xiàn)金G1940流量IG1038G17160現(xiàn)G10587G451資本成本NG1038G20056G8991G7411G19492DNG1038G20056G8991G7411G7423企業(yè)的殘值。G11004現(xiàn)金流量法估G12651企業(yè)的價(jià)值,要受以下幾個(gè)方G19766的G5445G27211G451G7422G7481G2520年現(xiàn)金G1940流量的G3822G4581現(xiàn)金G1940流量是指企業(yè)G17147幣形態(tài)的資金的G4466際流G1849量G451流出量的代G6980和。企業(yè)的現(xiàn)金G1940流量一般由經(jīng)營(yíng)引起的現(xiàn)金流G1849量和由投資引起的現(xiàn)金流出量G1016G18108G2010組成。A114A115A116A117A118A119A120A121A122A123A124A125A126A127A168A128A129A130A131A132A133A1342003XXXA135A136A137A139A140A141A142A143A144A145A146A147A148A141A149A150A151A152A153A154A155A156A157A158A159A16012由經(jīng)營(yíng)引起的現(xiàn)金流G1849量G12258前G2045G9082所得G12258額G6252舊G12258后G2045G9082G6252舊在現(xiàn)金流G1849量的估G12651G990,賣(mài)方一般按自己G3926繼續(xù)經(jīng)營(yíng)的G7422G7481G2520年現(xiàn)金流G1849量的現(xiàn)值G7481估G12651企業(yè)的價(jià)值買(mǎi)方G2029一般按并購(gòu)后的經(jīng)營(yíng)G5785況,G7481估G12651其G7422G7481G2520年現(xiàn)金流G1849量的現(xiàn)值。由投資引起的現(xiàn)金流出量追加的固定資本投資額追加的流G2172資本投資額企業(yè)收購(gòu)后追加的固定資本投資額一般是指投G1849大量G7044的設(shè)備,對(duì)舊設(shè)備G17839行G6228G7427改造,廠房的擴(kuò)建和遷G12239等追加的流G2172資本是指企業(yè)并購(gòu)后所G19668G3698加的營(yíng)運(yùn)資金等。由G1122買(mǎi)賣(mài)雙方的立場(chǎng)G451出發(fā)G9869和依G6466G993完全相同,因G13792雙方估G12651企業(yè)的價(jià)值G5529G9994G1262有所差異,這G1075G4613是形成雙方討價(jià)還價(jià)G451相互協(xié)G2842的原因所在。2企業(yè)的殘值。企業(yè)的殘值是指在其G6357續(xù)經(jīng)營(yíng)的計(jì)劃年G19492終止時(shí),其G6984體所具有的價(jià)值。由G1122G4439G993能理解G1038企業(yè)設(shè)備的殘值,所以G993能G11004設(shè)備的殘值估G12651方法G7481評(píng)價(jià)。企業(yè)殘值的估G12651方法,一般可假定計(jì)劃年G19492終止時(shí),企業(yè)G17839G1849成熟G7411,其現(xiàn)金G1940流量G4570按一個(gè)較穩(wěn)定G1000比較G1314的比G10587無(wú)G19492G7411地G3698G19283。其計(jì)G12651G1856式G1038GIFDNN1A161式中DNG1038計(jì)劃年G19492G7423企業(yè)的殘值FN1G1038計(jì)劃年G19492終止后第一年的現(xiàn)金G1940流量IG1038企業(yè)的資本成本G451G17160現(xiàn)G10587GG1038計(jì)劃年G19492終止后的現(xiàn)金G1940流量的G3698G19283G10587。在G4466際G5049作中,要G20056G8991在計(jì)劃G7411年G19492終止后的企業(yè)價(jià)值是一件相G5415復(fù)G7446的G5049作。因G1038在這G7411G19400出企業(yè)價(jià)值是一件相G5415復(fù)G7446的G5049作。現(xiàn)G19602以G1038人們所控G2058和G20056G8991的G993確定因G13044G5468G3822,所以,應(yīng)特別慎重。A162A163A164A165A166A167A169A170A171A172A173A174A175A176A177A178A179A180A181A182A183A1762003XXXA184A185A186A187A188A189A190A191A192A193A194A195A196A189A197A198A199A200A201A202A203A204A205A206A207A208132G451企業(yè)的計(jì)劃年G19492經(jīng)營(yíng)特G9869等G7481決定。G3926G20652G12197G6228企業(yè)可能是3年,鋼鐵企業(yè)可能是1020年,一般G2029以5年或10年居G3822。一企業(yè)的G10995命有可能是無(wú)G19492的,G1306在估G12651企業(yè)價(jià)值時(shí),還是要G20056G8991企業(yè)的計(jì)劃經(jīng)營(yíng)年G19492。在通常G5785況下,其計(jì)劃經(jīng)營(yíng)年G19492可結(jié)G2524企業(yè)的行業(yè)G5627質(zhì)種G7368好的解釋是現(xiàn)金流量的G20056G8991G7411只應(yīng)G6357續(xù)到G11004以支G6357G20056G7411銷(xiāo)G2818G3698G19283的追加投資的G20056G7411G6265G18240G10587等G1122資本成本時(shí)G1038止。G1075G4613是說(shuō),G3926果企業(yè)的投資G6265G18240G10587僅等G1122其資本成本,G2029企業(yè)的價(jià)值G4570G993受企業(yè)成G19283的G5445G2721。3G451資本成本G451G17160現(xiàn)G10587資本成本是指資本的價(jià)格。G1186投資者的角G5242G7481看,G4439是投資者G17839行投資所G5529須達(dá)到的最G1314投資G6265G18240G10587,G1075G4613是決定投資G994否的G2010G11040線(xiàn)G1186籌資者的角G5242G7481看,G4439是企業(yè)G1038獲取資金所G5529須支付的最G1314價(jià)格。G7186G9994,資本成本G4613是提供G13485企業(yè)資本的成本,即企業(yè)資本的所有者所要求的最G1314收G11422G10587。企業(yè)的資本G7481自G13941東權(quán)G11422和G19283G7411G17139債。G13941東權(quán)G11422G2265括普通G13941G451優(yōu)先G13941G451留存G11420G2045等G19283G7411G17139債G2265括G19283G7411借G8466G451應(yīng)付G19283G7411債券G451G19283G7411應(yīng)付G8466等。G993同G5627質(zhì)的資金G7481源,其資本成本G1262有相G5415的差異。對(duì)企業(yè)價(jià)值G17839行估G12651時(shí),企業(yè)的資本成本一般G18331G11004加權(quán)平均法G17839行計(jì)G12651。G1856式G3926下11TKAAKKDEA209式中KG1038企業(yè)加權(quán)平均資本成本G727KEG1038G13941資本成本G727KDG1038G19283G7411G17139債資本成本G12258前G727TG1038企業(yè)所得G12258G10587G727G1038G13941本資本G2356企業(yè)總資本的比G10587G7271AA210A211A212A213A214A215A216A217A218A219A220A221A222A223A224A225A226A227A228A229A230A231A214A232A213A233A221A234A235A236A2142001XXXA237A238A239A240A241A242A243A244A245A246A247A248A249A242A250A251A252A253A254A255A13A0A1A2A3A414G1038G19283G7411G17139債G2356企業(yè)總資本的比G10587。由G1122G19283G7411G17139債產(chǎn)G10995的G2045息在G1262計(jì)G3800理G990作G1038務(wù)費(fèi)G11004,在G12258前列支,所以債務(wù)資本成本能抵交所G12258,在計(jì)G12651G19283G7411G17139債資本成本時(shí)乘以1T。G13792企支付G13941G2045要在交納所得G12258以后,所以G13941本資本成G993能抵交所得G12258。G7186G9994,G19283G7411G17139債資本成本應(yīng)G1314G1122本資本成本。資本成本的大G4579G11464G6521G1863G13007到企業(yè)價(jià)值的估G12651G3926資本成本較G20652,G2029G11004現(xiàn)金流量法估G12651的企業(yè)價(jià)G4613G1262較G1314G2465之,G2029G1262G20652估企業(yè)的價(jià)值。在企業(yè)并購(gòu)過(guò)程中,究G12467G11004買(mǎi)方本身的資本本,還是以目標(biāo)企業(yè)的資本成本G7481估G12651企業(yè)的價(jià)G2614通常G2010別以買(mǎi)方企業(yè)G994目標(biāo)企業(yè)的資本成本估G12651目標(biāo)企業(yè)的價(jià)值,并作G1038協(xié)G2842價(jià)格的G3534G11796。四G451對(duì)G1122三種方法之G19400的比較G2010G7524一G451G16855G6984G17146G19766價(jià)值法和現(xiàn)金流量G6252現(xiàn)法的比較G16855G6984G17146G19766價(jià)值法和現(xiàn)金流量G6252現(xiàn)法的區(qū)別主要有1G451本質(zhì)G993同。G16855G6984G17146G19766價(jià)值法是G7693G6466資產(chǎn)的G1856G1813價(jià)值G7481評(píng)估G1856司的價(jià)值,評(píng)估出的結(jié)果是G1856司資產(chǎn)的“投G1849”價(jià)格,G13792現(xiàn)金流量G6252現(xiàn)法是G1186G1856司現(xiàn)金流量的角G5242G7481評(píng)估G1856司的價(jià)值,評(píng)估出的結(jié)果是G1856司資產(chǎn)的“產(chǎn)出”價(jià)格。2G451由G1122本質(zhì)的G993同,G1363得G1016種方法在G3534本原理和計(jì)G12651方法G990存在G11540明G7186的差異。3G451G1016種方法的G5445G2721因G13044G993同。G16855G6984G17146G19766價(jià)值法可能受到通G17147G14204G13972G451資產(chǎn)G6451耗等G5445G2721,現(xiàn)金流量G6252現(xiàn)法G2029受G7422G7481現(xiàn)金流G1849流出量和資金成本G10587的G5445G2721。二G451G16855G6984G17146G19766價(jià)值法和市場(chǎng)比較法的比較G16855G6984G17146G19766價(jià)值法和市場(chǎng)比較法的區(qū)別主要有1本質(zhì)G993同。G16855G6984G17146G19766價(jià)值法是G1186G1856司資產(chǎn)的角G5242G7481評(píng)估G1856司的價(jià)值,G13792市場(chǎng)比較法是G2045G11004對(duì)比XXXA5A6A7A8A9A10A11A12A14A15A16A17A18A10A19A20A21A22A23A24A25A26A27A28A29A3015G1856司,G1186市場(chǎng)的角G5242G7481評(píng)估G1856司價(jià)值。2G1016種的G3534本原理和計(jì)G12651方法G993同。G13783G15397G19394G20076的角G5242G993同。G16855G6984G17146G19766價(jià)值法是G1186買(mǎi)方的角G5242G7481G15925量和計(jì)G12651G1856司G2520G20045資產(chǎn)的價(jià)值,評(píng)估的結(jié)果代G15932的是資產(chǎn)的投G1849價(jià)值,G13792市場(chǎng)比較法是G1186賣(mài)方的角G5242G7481G8991G12651G1856司的價(jià)值,通過(guò)比較G13792得出的結(jié)果是G1856司G13941權(quán)的交易價(jià)格。三G451市場(chǎng)比較法和現(xiàn)金流量G6252現(xiàn)法的比較這G1016種方法的區(qū)別比較明G7186,主要有1本質(zhì)G993同。市場(chǎng)比較法是G7693G6466在G13941G12092市場(chǎng)G990相G1296G1856司的G13941價(jià)等G7481評(píng)定G1856司的價(jià)值,G13792現(xiàn)金流量G6252現(xiàn)法是以G1856司G7422G7481現(xiàn)金流量本金G2282G1038依G6466G7481評(píng)估G1856司價(jià)值。2G1016者的G3534本原理G994計(jì)G12651方法G993同。3G5445G2721因G13044G993同。市場(chǎng)比較法主要受到市場(chǎng)價(jià)格G451對(duì)比G1856司G17885擇等的G5445G2721,G13792現(xiàn)金流量G6252現(xiàn)法是G3534G1122G1856司所G20056G7411的G7422G7481現(xiàn)金流量,在G18331G11004現(xiàn)金流量G6252現(xiàn)法確定G1856司價(jià)值時(shí)G993G1262受到市場(chǎng)G13941價(jià)的G5445G2721。四G4513種評(píng)估方法的G13520G2524比較3種價(jià)值評(píng)估方法在G2520個(gè)方G19766存在G993同之G3800見(jiàn)G159321,相應(yīng)的,G4439們的G17878G11004條件G1075G993G4625相同,一種方法G1075許可以有效地評(píng)估一個(gè)G1856司,G1306對(duì)另一個(gè)G1856司G2376無(wú)能G1038G2159,或是所G2465G7156的價(jià)值脫離G4466際。G159321G1856司價(jià)值評(píng)估方法的G13520G2524比較G17146G19766價(jià)值G16855G6984法市場(chǎng)比較法現(xiàn)金流量G6252現(xiàn)法假設(shè)前提企業(yè)價(jià)值等G1122資產(chǎn)的市場(chǎng)價(jià)值之和G1955去G17139債的價(jià)值產(chǎn)品市場(chǎng)和資本市場(chǎng)是有效G10587的企業(yè)的價(jià)值是G7422G7481收G11422流量的現(xiàn)值G17147幣具有投資機(jī)G1262G1363G11004方法G6238資產(chǎn)的G17146G19766價(jià)值行業(yè)比G10587乘G6238G7422G7481收G11422流量按XXXA31A32A33A34A35A36A37A38A39A40A41A42A43A36A44A45A46A47A48A49A50A51A52A53A54A5516G16855G6984G1038G1856G1813市場(chǎng)價(jià)值或重置成本G6980市G11420G10587G451市G1940G10587G451EBIT等G10043G20130G19517G16855G6984G6252現(xiàn)G10587G17160現(xiàn)評(píng)估結(jié)果G1856G1813市場(chǎng)價(jià)值G727G9177G12651價(jià)值市場(chǎng)價(jià)值價(jià)格G1881在價(jià)值優(yōu)G9869G4470觀G5627,G20130G19517較G4579可評(píng)估有形資產(chǎn)較G3822的企業(yè)簡(jiǎn)便G11464觀G5627在成熟市場(chǎng)中比較有效理論嚴(yán)密,G2465G7156了價(jià)值的本質(zhì)G7422G7481G11420G2045能G2159G13582G9869G6238企業(yè)G2010拆成G2345G20045資產(chǎn),G5585G11065G11420G2045能G2159和組G13467資本參G10043G13007G17885擇和市場(chǎng)價(jià)格波G2172G1262G5445G2721準(zhǔn)確G5627對(duì)G7422G7481G20056G8991的主觀G5627和G993確定G5627強(qiáng)五G451結(jié)論G13520G990所述,企業(yè)并購(gòu)中的價(jià)值評(píng)估,主要是作G1038買(mǎi)賣(mài)雙方確定并購(gòu)價(jià)格的參G13783。在G4466際運(yùn)G11004中,可能G11004G993同的方法對(duì)目標(biāo)企業(yè)G17839行估G12651,其結(jié)果G1262有一定的差異。由G1122目標(biāo)企業(yè)最終所體現(xiàn)的價(jià)值G5460G5460見(jiàn)之G1122并購(gòu)后所產(chǎn)G10995的G13520G2524效G11422,買(mǎi)方G3534G1122這種效應(yīng),可能G1262在協(xié)G2842談判中出比較G20652的價(jià)格買(mǎi)G1849目標(biāo)企業(yè)。G7186G9994,企業(yè)價(jià)值G4570取決G1122對(duì)其G7422G7481獲G2045的G20056G8991,G13792G20056G8991的G6980G6466G5460G5460G1262有G993確定G5627,所以并購(gòu)G4613G1262有一定的G20130G19517。所以對(duì)G1122G1856司G7481說(shuō),應(yīng)該G7693G6466自己的G4466際G5785況G17885G11004評(píng)估方法。比G3926,G3926果G1856司的資產(chǎn)G17146G19766價(jià)值G994市場(chǎng)價(jià)值較G1038G6521近,可以G17885G11004G17146G19766價(jià)值G16855G6984法G3926果G1856司的發(fā)展G5785況比較穩(wěn)定,G7422G7481的現(xiàn)金流量比較確定,可以G13783G15397G18331G11004現(xiàn)金流量G6252現(xiàn)法G3926果可以在G13941G12092市場(chǎng)G990G6226到可比G5627較強(qiáng)G451可信G5242較G20652的G1856司,可以運(yùn)G11004市場(chǎng)比較法。G3926果條件G1813許的話(huà),還可以G17885取G993同的方法對(duì)XXXA56A57A58A59A60A61A62A63A64A65A66A67A68A61A69A70A71A72A73A74A75A76A77A78A79A8017同一個(gè)G1856司G17839行評(píng)估,這樣G1262得出G993同的結(jié)果?？梢詫?duì)評(píng)估結(jié)果G2462G993同結(jié)果之G19400產(chǎn)G10995的差異G17839行G2010G7524,G4559求一個(gè)能夠G4470觀G451G11507G4466地G2465G7156G1856司價(jià)值的均G15925G9869,以此作G1038最終的評(píng)估結(jié)果或者G7693G6466G1856司的G4466際G5785況和G13783G15397的側(cè)重G9869,對(duì)G993同方法下的評(píng)估結(jié)果賦予G993同的權(quán)重,G13520G2524G13783G15397評(píng)估結(jié)果。目前,G6117G3281并購(gòu)中的最大G19394G20076是G1262計(jì)信息的G993對(duì)稱(chēng),信息披露G993透明G451G993