上市公司控制权转移的企业估值问题研究

发布时间：2018-02-25 23:11

本文关键词： 控制权转移控制权溢价企业估值现金流量折现法（DCF）溢价估值方法　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：针对现有《资产评估准则-企业价值》和国外相关研究表明存在控制权溢价，而国内现有研究未对其进行深入研究，且无适合的企业估值方法的问题。本文通过国际国内相关数据的统计分析，验证了上市公司并购案例中有关控制权是否发生转移存在的不同溢价情况，包括同一收购方分多次收购同一目标方股权的情况，并分行业、分方式、分比例进行比较，得到多数控制权转移存在不同程度溢价的结论及多种情况下的溢价规律。并从兼并与收购MA的角度出发，对现有企业估值方法进行梳理，结合常见的企业估值方法，通过两个不同的案例分析，验证了控制权转移存在价值，且符合相关规律。根据实际运用情况，通过相关影响因素分析，计算控制权溢价，初步验证了控制权溢价大致稳定在30%的理论。并进一步提出“控制权溢价估值公式”和“方法”。 “公式”通过估算独立价值增加值△V1和合并价值增加值△V2，，得到控制权价值△VC=△V1-△V2，△VC即为控制权转移所带来的价值，其相对于市场公允价值的比例即为控制权溢价。“方法”将企业控制权溢价估值及企业估值划分为若干步骤，具体内容具有一定的可操作性，对愈加活跃的上市公司控制权转移案的企业估值存在一定的参考价值。
[Abstract]:In view of the existing assets valuation Criterion-Enterprise value and related studies abroad show that there is a control premium, but the existing domestic research on it has not been further studied. Through the statistical analysis of relevant data at home and abroad, this paper verifies whether there are different premium cases about the transfer of control right in M & A cases of listed companies. It includes the situation that the same acquirer acquires the stock right of the same target party several times, and compares with the industry, the way and the proportion, and obtains the conclusion that the majority control right transfer has different degree premium and the law of premium under various circumstances. From the point of view of merger and acquisition MA, this paper combs the existing enterprise valuation methods, combined with common enterprise valuation methods, through two different case studies, verifies the value of the transfer of control rights, and conforms to the relevant law. According to the actual application, the control premium is calculated through the analysis of relevant influencing factors, and the theory that the control premium is roughly stable at 30% is preliminarily verified. Furthermore, the "valuation formula of control premium" and "method" are put forward. By estimating the independent value added V1 and the combined value added V2, the formula obtains the value of the control value VC= V1-V2, which is the value that VC brings for the transfer of control rights. The method divides the valuation of enterprise control premium and enterprise valuation into several steps, and the specific contents are operable. There is a certain reference value to the corporate valuation of the increasingly active corporate control transfer cases.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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