基于L-G模型的换股合并中换股比例问题探析

发布时间：2018-01-15 10:05

  本文关键词：基于L-G模型的换股合并中换股比例问题探析　出处：《财会通讯》2017年32期 　论文类型：期刊论文

  更多相关文章： 换股合并动因 价值评估 换股比例

【摘要】：随着并购的发展,换股合并已经成为一种主要的并购形式。换股比例是换股合并最为关键的因素,不仅影响交易的成败,还决定合并后公司的股权结构及利益分配。本文选取美的集团换股合并美的电器的案例,在并购方案、换股比例确定等方面进行分析,得出结论:第一,进行目标企业价值评估是确定换股比例的前提,只有并购双方对企业价值达成共识,并购才会继续进行;第二,换股比例的确定是换股合并的核心问题;第三,应用L-G模型计算可知美的集团的换股比例范围是[0.1369,0.3754],本案例中的实际换股比例0.3582落在上述区间,可以认为该换股比例是公允的,体现了并购双方的利益。
[Abstract]:With the development of M & A, stock exchange merger has become a main form of M & A. the proportion of stock exchange is the most important factor, which not only affects the success or failure of trading. Also decided after the merger of the company's equity structure and benefit distribution. This paper selects Midea stock exchange merger of the United States electrical case, in the M & A plan, share exchange ratio determination and other aspects of the analysis, draw a conclusion: first. The evaluation of target enterprise value is the premise to determine the proportion of stock exchange. Only when both sides reach a consensus on enterprise value can M & A continue. Second, the determination of the proportion of stock exchange is the core issue of the merger; Thirdly, the L-G model is used to calculate the range of stock exchange ratio of Midea Group. [0.1369 / 0.3754], the actual proportion of stock exchange in this case falls to the above interval 0.3582, which can be considered fair and reflects the interests of both sides of the merger and acquisition.
【作者单位】： 河南经贸职业学院;
【分类号】：F426.6;F832.51
【正文快照】： 一、引言公司并购过程中,合并方为了获得目标方的股权或资并购即兼并与收购,指两家公司通过合并以达到特定产,需要付出相应的对价,对价的形式可以是现金、股票或的战略目标和商业目标。并购可以整合双方的资源,形成者两者的组合。换股合并指收购方用自身股份或合并后企规模经，

本文编号：1427859