M轻资产公司的并购估值研究

发布时间：2018-04-06 00:19

本文选题：并购估值　切入点：轻资产企业　出处：《广东工业大学》2017年硕士论文

【摘要】：在企业并购过程中,目标企业价值评估是整个交易的重要环节,直接影响到并购时的交易价格,影响并购双方的利益和决策行为,影响并购后企业的未来经营,甚至是并购活动成败的关键。在我国社会不断发展的背景下,人们的文化生活不断丰富,促进了互联网、游戏、影视传媒等非传统行业的壮大,这类公司的特点是无形资产占总资产比例较重,因此它们被称为“轻资产公司”。随着轻资产行业的壮大,轻资产公司之间的并购事件也在逐年增多。与传统企业相比,评估轻资产公司价值更为特殊。轻资产公司在估值方法的选用、估值时应注意的关键点以及计算估值模型中的参数方面,均有难点。本文应用规范研究法、案例研究法以及对比研究法,在概述了企业价值评估的基本理论后,分析了轻资产企业及其评估的特殊性,接着阐述了M轻资产公司并购估值的案例概况,之后对案例进行了分析,包括对案例所利用的评估方法选择的分析,模型参数的确定分析以及估值时应注意的关键点的分析等。探究评估M公司时存在的不足及难点,针对这些不足与难点,得到相关的启示及建议。这对未来轻资产企业的并购估值具有一定的现实意义。笔者尝试用不同的方法对案例中的轻资产企业进行估值计算和分析。笔者认为,与其他方法相比,股权自由现金流折现模型(FCFE)比较适合轻资产企业,但在运用该方法中,往往会存在许多疑点。为了提高估值的合理性与科学性,在使用股权自由现金流折现模型时,我们应该综合考虑被评估企业的实际情况,全面了解其行业状况、企业战略,注意估值时的一些关键点。同时,在防范轻资产企业的估值风险方面,笔者也给出了一些建议。
[Abstract]:In the process of enterprise merger and acquisition, the value evaluation of target enterprise is an important link of the whole transaction, which directly affects the transaction price, the interests and decision-making behavior of both sides of the merger and acquisition, and affects the future management of the enterprise after the merger and acquisition.Even M & A is the key to success or failure.Under the background of the continuous development of our society, people's cultural life has been enriched, which has promoted the expansion of non-traditional industries such as the Internet, games, film and television media, etc. The characteristics of such companies are that intangible assets account for a heavy proportion of the total assets.So they are called light assets companies.With the expansion of light assets industry, mergers and acquisitions between light assets companies are also increasing year by year.Compared with traditional enterprises, it is more special to evaluate the value of light assets companies.There are some difficulties in the selection of valuation methods, the key points to be paid attention to and the calculation of the parameters in the valuation model.This paper applies standard research method, case study method and contrast research method, after summarizing the basic theory of enterprise value evaluation, analyzes the particularity of light assets enterprise and its evaluation.Then, the case of M & A valuation is described, and then the case is analyzed, including the selection of the evaluation method used in the case, the determination of the model parameters and the analysis of the key points that should be paid attention to in the valuation.This paper explores the shortcomings and difficulties in the evaluation of M Company, and obtains some enlightenment and suggestions in view of these shortcomings and difficulties.This is of practical significance to the M & A valuation of light assets enterprises in the future.The author tries to use different methods to calculate and analyze the valuation of enterprises with light assets.The author thinks that compared with other methods, FCFE (discounted free cash flow model) is more suitable for enterprises with light assets, but there are many doubtful points in the application of this method.In order to improve the reasonableness and scientificalness of valuation, we should consider the actual situation of the evaluated enterprise synthetically when we use the discounted model of free cash flow of equity, fully understand its industry condition, enterprise strategy, and pay attention to some key points of valuation.At the same time, in the aspect of guarding against the valuation risk of light assets enterprises, the author also gives some suggestions.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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