美的电器收购小天鹅价值评估案例分析

发布时间：2018-01-06 23:38

本文关键词：美的电器收购小天鹅价值评估案例分析　出处：《华中科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业价值评估在西方发达国家二十世纪五十年代初期伴随产权市场的出现应运而生，该理论得到了充分的研究发展，已经比较成熟，并在实践中得到了广泛应用。在我国，企业价值评估研究起步晚，但随着市场经济体制的推进，企业并购案的大量涌现，科学地评估被并购企业价值,合理地确定并购价格,在企业并购过程中发挥着重要作用。这也是管理者和投资者在进行投资决策时的重要依据。本文采用理论研究与案例研究相结合的方法，根据我国家电行业的特点以及企业并购的实际情况,选择适当的价值评估方法,采用自由现金流量估值模型对目标企业价值进行估算。第一部分首先介绍了本文研究的背景和意义，在该部分中提出了文章所研究的课题——企业价值评估在我国存在的问题。其次介绍了该课题在国内外研究的情况，阐述了论文研究的思路和方法。第二部分重点介绍并购中目标企业的价值评估，，解决企业在并购中价值评估方法模型的选择问题。第三、四部分以我国家电企业美的电器收购无锡小天鹅为案例，分析家电行业的特点和成熟度，并依据美的的并购动因选择现金流量折现法中的自由现金流量折现模型对目标企业小天鹅进行财务分析和估值计算。最后，本文通过将小天鹅实际发生的自由现金流量与前文预测的数值进行对比校验模型对小天鹅价值计算的有效性，并对案例做出结论。
[Abstract]:In the beginning of 1950s, with the emergence of property market in western developed countries, the theory of enterprise value evaluation has been fully studied and developed, which has been relatively mature. And has been widely used in practice. In China, the study of enterprise value evaluation started late, but with the promotion of the market economy system, a large number of corporate mergers and acquisitions emerged, scientific evaluation of the value of acquired enterprises. Reasonably determining the price of M & A plays an important role in the process of M & A, which is also an important basis for managers and investors to make investment decisions. This paper adopts the method of combining theoretical research and case study, according to the characteristics of home appliance industry and the actual situation of enterprise merger and acquisition, choose the appropriate value evaluation method. The valuation model of free cash flow is used to estimate the value of the target enterprise. The first part introduces the background and significance of this study. In this part, the thesis puts forward the problem of enterprise value evaluation in our country. Secondly, it introduces the research situation of this topic at home and abroad. The second part mainly introduces the value evaluation of the target enterprises in M & A, and solves the problem of how to choose the value evaluation method model in M & A. The four parts analyze the characteristics and maturity of home appliance industry with the case of the purchase of Wuxi small swan by Meimei Electric Appliances Enterprise of our country. And according to the M & A motivation of the United States choose the discounted free cash flow model in the discounted cash flow method to the target corporate Swan financial analysis and valuation. Finally. In this paper, the validity of the calculation of the Swan's value by comparing the actual free cash flow and the predicted value of the Swan is verified, and a conclusion is drawn on the case.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F406.7;F426.6

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