基于EVA和实物期权的高新技术企业并购价值评估研究

发布时间：2018-01-20 12:02

本文关键词： 高新技术企业价值评估经济增加值实物期权　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：对于高新技术企业来说，并购、重组等已经成为这类企业扩展经营规模，增强核心竞争力，扩大市场份额，化解竞争者的一项战略性决策，其成功与否决定了未来企业的长期发展前景。而并购的核心是被并购企业的价值评估，只有正确的企业价值评估才能够获得目标企业当前资产及未来经营状况的确切信息，才能指导科学的并购决策。在企业价值已经成为企业经营目标的背景下，综合考虑高新技术企业多种资源的不同特点及相关性，构建系统的企业价值评估方法，对于提高我国高新技术企业的价值管理水平，指导科学的企业并购决策，实现并购双方股东收益的最大化具有重要的理论和实践价值。本文首先分析了高新技术企业的本身特点及其并购的特点对企业价值的认定和评估提出的新要求，指出我国以往通常采用的市场法等评估方法一方面忽略了高新技术企业由于大量投资引起的资金成本，另一方面无法对高新技术企业拥有的一些战略性资产在并购中的或有价值进行评估。针对该问题，本文提出了高新企业并购价值评估的综合模型，综合应用了经济增加值（EVA）和实物期权的方法，在进行传统价值评估的同时，还评估了高新技术企业整体的柔性价值。其中，针对高新技术企业发展的阶段性特点，建立了包括发展阶段和稳定阶段的两阶段EVA评估模型，不仅能够考虑企业的权益资本成本，而且能够准确反映企业经营业绩，同时克服会计信息失真对企业价值的影响。实物期权方法采用了B-S期权模型进行定价，重点对企业中的战略性的、不确定性较强、对企业未来价值影响巨大的投资或资产进行评估。最后，本文应用一个真实的高新技术企业并购案例说明了本文所构建模型的计算过程，并分析了模型的适用性。
[Abstract]:For high-tech enterprises, M & A and reorganization have become a strategic decision for such enterprises to expand their business scale, enhance their core competitiveness, expand their market share and resolve their competitors. Its success or not determines the long-term development prospects of the future enterprises, and the core of M & A is the value evaluation of the M & A enterprises. Only the correct evaluation of the enterprise value can obtain the exact information of the target enterprise's current assets and future management status, and can it guide the scientific M & A decision, under the background that the enterprise value has already become the enterprise management goal. Considering the different characteristics and relativity of various resources of high-tech enterprises, a systematic evaluation method of enterprise value can improve the level of value management of high-tech enterprises in China and guide the scientific decision of M & A. It is of great theoretical and practical value to realize the maximization of shareholders' income of both sides of M & A. This paper first analyzes the characteristics of high-tech enterprises and the characteristics of mergers and acquisitions to identify and evaluate the value of the new requirements. On the one hand, the capital cost caused by a large amount of investment in high-tech enterprises is neglected. On the other hand, it is impossible to evaluate the value of some strategic assets in M & A. In order to solve this problem, this paper puts forward a comprehensive model of M & A value evaluation for high-tech enterprises, and applies the methods of economic value added (EVA) and real option, while carrying out traditional value assessment. The flexible value of high-tech enterprises as a whole is also evaluated. According to the stage characteristics of the development of high-tech enterprises, a two-stage EVA evaluation model is established, which includes the development stage and the stable stage. Not only can consider the cost of equity capital, but also can accurately reflect the business performance. At the same time to overcome the impact of accounting information distortion on the value of the enterprise. The real options method used B-S option model to price the emphasis on the strategic enterprise uncertainty is strong. Evaluate investments or assets that have a huge impact on the future value of the business. Finally, this paper uses a real case of M & A of high-tech enterprises to illustrate the calculation process of the model, and analyzes the applicability of the model.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.44;F271;F224

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