如家酒店集团NASDAQ市场的价值评估研究

发布时间：2018-07-05 14:35

本文选题：企业并购 + 企业价值评估　；参考：《宁夏大学》2017年硕士论文

【摘要】：目前,我国并购活动日益活跃,交易规模持续攀升。而在企业并购的过程中,评估被并购方企业的价值属于重要环节,能够对并购成功与否产生关键性影响。注重对企业估值的研究有助于提升并购的成功率。本文首先阐述了前人在企业估值方面所得到的研究成果,比较分析了几种企业估值的普遍方法,总结了其各自的优缺点以及适用性。通过分析并购中被并方企业价值评估相较于一般企业估值的特点和作用,以及通过了解并购实践中企业估值方法使用现状,选择了自由现金流量折现法以及市场法进行系统梳理。本文重点分析首旅收购如家这一具体案例。首先介绍了并购案例的具体情况,分析了并购背景及并购动因,为之后预测估值模型的相关参数奠定基础。针对如家酒店集团,分析了企业自由现金流量折现模型和市场法所具备的优势,并最终选取了企业自由现金流量两阶段增长模型和市盈率法进行价值评估。为了更准确的对如家酒店集团进行估值,文章详细介绍了两种方法的评估思路,对各个参数的获取、分析以及计算展开了详细的阐述。通过论证得到:自由现金流量折现法评估结果为99.62亿元;市盈率法估值结果为87.61亿元。本文认为这两种估值方法各具优势,均是合理的企业价值评估结果。因此,本文取其均值93.62亿元作为如家酒店集团的企业价值。最后,将本文得出的估值结果与实际并购价格相对比,印证了本文的结论。本文希望通过对具体案例的探析,构建合理完善、行之有效的估值模型,给并购的双方,特别是为评估纳斯达克上市企业以及酒店行业并购整合提供有力的依据。
[Abstract]:At present, China's M & A activities are increasingly active, the scale of transactions continues to climb. In the process of M & A, evaluating the value of M & A is an important link, which can have a key impact on the success of M & A. Paying attention to the research of enterprise valuation helps to improve the success rate of M & A. This paper first describes the research results obtained by predecessors in enterprise valuation, compares and analyzes several common methods of enterprise valuation, and summarizes their advantages and disadvantages as well as their applicability. Through the analysis of the characteristics and functions of the value evaluation of the merged enterprises in M & A compared with the general enterprise valuation, and through understanding the current situation of the use of the valuation methods in the M & A practice, The free cash flow discounted method and the market method are selected for systematic combing. This paper focuses on the first Brigade acquisition such as home this specific case. Firstly, the paper introduces the specific case of M & A, analyzes the background of M & A and the motivation of M & A, and lays a foundation for predicting the parameters of the valuation model. Aiming at 24Home Hotel 24 Group, this paper analyzes the advantages of discounted free cash flow model and market method, and finally selects the two-stage growth model of free cash flow and the price-earnings ratio method to evaluate the value. In order to evaluate the 24Home Hotel 24 group more accurately, this paper introduces the two methods in detail, and describes the acquisition, analysis and calculation of each parameter in detail. The results are as follows: the result of free cash flow discounted method is 9.962 billion yuan and the result of price-earnings ratio method is 8.761 billion yuan. This paper holds that these two valuation methods have their own advantages and are reasonable enterprise value evaluation results. Therefore, this paper takes its average value of 9.362 billion yuan as the enterprise value of 24Home Hotel 24 Group. Finally, the valuation results obtained in this paper are compared with the actual M & A price, which confirms the conclusion of this paper. This paper hopes to establish a reasonable and effective valuation model through the analysis of specific cases, to provide a strong basis for both sides of M & A, especially for evaluating the merger and acquisition integration of NASDAQ listed enterprises and hotel industry.
【学位授予单位】：宁夏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F715.5;F719.2

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