发布时间 : 星期三 文章并购过程中企业价值评估方法研究 - 以小天鹅并购荣事达为例更新完毕开始阅读
摘要
摘 要
随着我国市场经济体制改革的不断深入和资本市场的逐渐发展，越来越多的企业抓住这空前有利的机会出现在人们的视野之中。企业数量的不断增加导致竞争压力也越来越大，要想在众多同行中保持自己的地位甚至想要做得更大更强，并购无外乎是个很好的方法。面对日益增加的生存压力，很多企业已经开始走上了并购的道路，他们通过选择合适的企业进行并购，调整自身产业结构，优化资源配置，学习新的技术，扩大业务范围，借力使力，达到优劣互补的双赢境界。然而企业并购不是万全之策，它的发展还不完善，如何高效评估被并购企业的价值成为企业并购过程中不容忽视的问题，该问题对并购双方是否可以进行符合市场公允价值规律的交易有着重大的影响，也影响了企业价值评估体系的健全和资本市场的发展。
基于我国价值评估的发展现状，本文拟对我国境内企业并购的情况进行调查分析，并研究我国目前企业的价值评估发展现状。本文首先阐述了写作背景，研究目的，研究意义及研究方法；继而介绍国内外关于企业价值评估的研究理论及现状，并以小天鹅股份有限公司并购合肥荣事达洗衣设备制造有限公司为实例具体分析并购过程中企业价值的评估方法；最后提出完善价值评估理论体系建设和健全相关法律法规的建议。
关键词：并购；企业价值；评估方法
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Abstract
ABSTRACT
The reform of the market economy system and the rapid development of capital market provide unprecedented favorable economic environment for the enterprises. But with the increasing number of enterprises, enterprises also face the increasing competition pressure. Therefore, how to make the enterprises bigger and stronger become a big challenge for the enterprise today. With this kind of pressure, more and more enterprises choose mergers and acquisitions to adjust their industrial structure, expanding the business scope and enhancing enterprise strength. However, M&A is not perfect. How to effectively evaluate the value of the enterprise has become a crucial issue in the process of M&A, this problem is related to whether the M&A has the market price, also related to the enterprise value appraisal system construction and the development of capital market.
In order to in line with the current development of China, this paper intends to analyze the Chinese M&A case to study the current status of development of the enterprise value assessment in China. This paper expounds the writing background, research purpose, significance and methods; Then the paper introduces the theory of enterprise value evaluation and the research status and use the case to analyst the value evaluation methods; Finally based on the analysis of the current situation in China, the author put forward policy suggestions such as update relevant laws and regulations policy.
Keywords: Mergers and acquisitions; The enterprise value; Evaluation method
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目录
目 录
第1章 绪论 ............................................................................................................. 1
1.1 研究背景和意义 ................................................................................................................... 1
1.1.1研究背景 ............................................................................................................................................. 1 1.1.2研究意义 ............................................................................................................................................. 1
1.2 国内外研究综述 ................................................................................................................... 1
1.2.1国外研究综述 ..................................................................................................................................... 1 1.2.2国内研究综述 ..................................................................................................................................... 2 1.2.3 研究评价 ............................................................................................................................................ 2
1.3研究方法及创新点 ............................................................................................................... 2
第2章 相关理论及评估方法 ................................................................................. 5
2.1相关理论 ............................................................................................................................... 5
2.1.1企业并购理论 ..................................................................................................................................... 5
2.1.2企业价值评估理论 ........................................................................................................ 5 2.2价值评估方法 ....................................................................................................................... 5
2.2.1成本法 ................................................................................................................................................. 5 2.2.2收益法 ................................................................................................................................................. 6 2.2.3市场比较法 ......................................................................................................................................... 7
第3章 小天鹅并购荣事达过程中的企业价值评估案例分析 ........................... 9
3.1案例概况介绍 ....................................................................................................................... 9
3.1.1小天鹅股份有限公司概况 ................................................................................................................. 9 3.1.2合肥荣事达洗衣设备制造有限公司概况 ......................................................................................... 9
3.2小天鹅并购荣事达的动因分析 ........................................................................................... 9 3.3荣事达价值评估的两种方法 ............................................................................................. 10 3.4 案例分析与总结 ................................................................................................................. 10
第4章 研究结论及政策建议 ............................................................................... 11
4.1 研究结论 ............................................................................................................................. 11 4.2政策建议 ............................................................................................................................. 11
4.2.1建立完善的价值理论体系 ................................................................................................................ 11 4.2.2及时修订企业价值评估法律法规 .................................................................................................... 11 4.2.3加强对评估机构的控制和监督 ....................................................................................................... 12
参考文献 ................................................................................................................. 13 致 谢 ..................................................................................................................... 14
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