物流企业并购评估研究

发布时间：2018-10-16 22:54

【摘要】：近几年,在国家扩大内需政策的推动下,物流的需求越来越多,而纵观我国物流市场企业规模较小,难以满足巨大的物流需求,这就促使了物流企业之间通过并购来提高企业竞争力,但是我国物流行业并购的成功率并不高,其中很大的原因是并购的价值评估不当。文中首先梳理了当前的并购评估理论,分析了常用的评估方法对于物流企业价值评估的适用情况,后续将物流企业并购价值分为两部分:企业自身价值和并购后价值提升中目标企业贡献的部分。企业自身价值是指物流企业的净资产价值,并购后价值提升中目标企业贡献部分则是指物流企业并购产生协同效应导致并购企业的价值提升中,物流企业所占的比重。一般而言,并购适当的溢价是并购能否成功的关键因素之一,在企业并购中,协同效应是并购与被并购方共同作用的结果,文中采用层次分析法和专家打分法对并购产生协同效应导致的价值增值在并购方与被并购方之间进行了分配,从而希望能够更加合理的对物流企业进行定价。最后,文中采用了厦门港务发展有限公司收购厦门港务集团石湖山码头有限公司51%股东权益为案例进行了实证研究,将被并购企业的价值分为企业自身价值以及并购协同效应产生的价值增值,其中企业自身价值采用收益法进行了评估,协同效应的价值增值则是采用层次分析法和专家打分法计算双方企业比重,物流企业整体并购价值则是两者的相加之和。
[Abstract]:In recent years, driven by the national policy of expanding domestic demand, the demand for logistics has become more and more. However, looking at the small scale of logistics market enterprises in China, it is difficult to meet the huge logistics demand. This urges logistics enterprises to improve their competitiveness through mergers and acquisitions, but the success rate of M & A in logistics industry in China is not high, and the major reason is that the value evaluation of M & A is improper. First of all, this paper combs the current M & A evaluation theory, and analyzes the application of the commonly used evaluation methods to the value evaluation of logistics enterprises. The value of M & A of logistics enterprises is divided into two parts: the value of the enterprise itself and the contribution of the target enterprise in the promotion of the value after the merger and acquisition. Enterprise's own value refers to the net assets value of logistics enterprises, and the contribution of target enterprises in the promotion of value after M & A refers to the proportion of logistics enterprises in the value enhancement of M & A resulting from the synergistic effect of M & A of logistics enterprises. Generally speaking, the appropriate premium of M & A is one of the key factors to the success of M & A. In this paper, AHP and expert scoring method are used to distribute the value added caused by the synergetic effect of M & A between the M & A party and the acquired party, so as to price the logistics enterprise more reasonably. Finally, the paper uses Xiamen Port Development Co., Ltd. to acquire 51% shareholders' rights and interests of Shihushan Wharf Co., Ltd., Xiamen Port Group Co., Ltd. The value of the acquired enterprise is divided into the value of the enterprise itself and the value added by the synergistic effect of M & A, in which the value of the enterprise itself is evaluated by the income method. The value increment of synergy effect is to calculate the proportion of enterprises by AHP and expert scoring method, while the value of M & A of logistics enterprises is the sum of them.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F259.23;F271

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