新文化收购郁金香估值问题研究

发布时间：2018-01-02 21:21

本文关键词：新文化收购郁金香估值问题研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：近几年国家出台了若干支持文化产业发展繁荣的政策,涉及文化传媒产业并购逐渐增多,对此类高成长公司的并购估值方法的探讨也日益突显其重要性。本文首先分析了目前资产评估常用的成本法、市场法和传统收益法在并购估值中的应用以及它们各自的优缺点;其次以郁金香传媒被上市公司新文化并购为例,着重分析目前沿用的三种评估方法,尤其是评估轻资产高成长公司常用的传统收益法在新文化收购郁金香估值时的应用缺陷;然后从郁金香对于新文化的实际并购价值入手,运用市盈率法、市净率法和自由现金流量折现法对郁金香的估值进行分析,着重对比自由现金流量折现法和传统收益法模型,突出自由现金流量折现法在评估郁金香这类高成长公司价值的优势;最终得出结论,应该引入自由现金流折现法作为资产评估师在对高成长公司进行并购估值的第四种方法,该方法不仅能更客观真实的反映此类企业的实际运营状况,有效弥补目前沿用的三种评估方法的不足,而且也使得中国的公司估值方法与国际通行的方法更加接轨。
[Abstract]:In recent years, the country has issued a number of policies to support the development and prosperity of the cultural industry, involving the cultural media industry M & A gradually increased. The importance of M & A valuation methods of this kind of high growth companies is also increasingly highlighted. Firstly, this paper analyzes the cost method which is commonly used in asset evaluation at present. The application of market approach and traditional income approach in M & A valuation and their respective advantages and disadvantages; Secondly, taking Tulip Media as an example of the new culture M & A of listed companies, this paper focuses on the analysis of the three evaluation methods used at present. In particular, it evaluates the shortcomings of the traditional income method used in the acquisition of tulips by New Culture. Then from the tulip to the new culture of the actual value of mergers and acquisitions, using the price-to-earnings ratio method, price-to-book ratio method and free cash flow discount method to analyze the valuation of tulip. Comparing the discounted free cash flow method with the traditional income method, the paper emphasizes the advantages of the free cash flow discounting method in evaluating the value of the high growth company such as tulip. Finally, it is concluded that the free cash flow discounted method should be introduced as the 4th methods for asset appraisers in M & A valuation of high growth companies. This method can not only reflect the actual operation of this kind of enterprises more objectively and realistically, but also effectively make up for the shortcomings of the three evaluation methods used at present. And also makes the Chinese company valuation method and international popular methods more in line with.
【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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