S公司并购XY企业过程中的价值评估分析

发布时间：2019-03-29 19:56

【摘要】：企业并购在全球共发生了五次大的浪潮,中国最早的企业并购开始于全球第四次并购之潮的1984年。纵观全球成功企业的发展之路,其实质就是一个不断并购的发展过程。但不管是西方各国还是起步较晚的我国的企业并购,其关键在于客观公正地衡量并购双方企业的价值。目前在企业并购中常用的价值评估方法主要有收益法、市场法和成本法。这三种方法各有其优缺点和适用性,在实际运用中要合理选择,否则就不能客观公正地反映目标企业的价值。本文首先对资产评估的相关理论进行了概述,然后以中国S投资有限公司并购XY公司为例,对全部运用重置成本法评估的XY公司及其下属九个子公司的资产价值的合理性进行判断。以收益法对其进行重新估值后发现,其评估值没有很好地体现出企业整体资产的获利能力,准确度不高。在对估值差异产生的原因进行分析后提出,评估值准确性的高低除了受价值评估方法影响外,还受到其他因素的影响,如行政因素的干预、固定资产成新率的判定、重置成本的确定、无形价值的评估等因素的影响。最后针对本案例中存在的问题建议：要对目标企业评估得出一个合理、公允的价值,必须要减少政府对并购活动的干预；合理的选择价值评估方法；专业地评定成新率；规范重置成本的确定；重视协同效应和无形资产的评估。
[Abstract]:M & A has taken place five times in the world. The earliest M & A in China began in 1984, the fourth wave of M & A in the world. Throughout the development of global successful enterprises, its essence is a continuous development process of mergers and acquisitions. However, whether in western countries or in China, the key of M & A lies in the objective and fair evaluation of the value of M & A and M & A. At present, the commonly used valuation methods in M & A are income method, market method and cost method. Each of the three methods has its advantages and disadvantages and applicability. It is necessary to choose reasonably in the practical application, otherwise, it can not objectively and fairly reflect the value of the target enterprise. This paper first summarizes the related theories of asset evaluation, and then takes China S Investment Co., Ltd. M & A of XY Company as an example. The rationality of the asset value of XY Company and its nine subsidiaries assessed by the replacement cost method is judged. After revaluating it with the income method, it is found that the evaluation value does not reflect the profitability of the overall assets of the enterprise, and the accuracy is not high. After analyzing the reasons of the difference in valuation, it is pointed out that the accuracy of valuation is influenced not only by the method of value evaluation, but also by other factors, such as the intervention of administrative factors and the determination of the rate of formation of fixed assets. The determination of replacement cost, the evaluation of intangible value and other factors. Finally, in view of the existing problems in this case, it is suggested that in order to obtain a reasonable and fair value for the target enterprise, we must reduce the government's intervention in M & A activities, choose the reasonable evaluation method of value, evaluate the innovation rate professionally. Norm replacement cost determination; attention to synergies and intangible assets evaluation.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.91

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