EVA模型在共达电声并购乐华文化估值中的运用研究

发布时间：2018-02-14 15:16

本文关键词： 影视文化传媒企业并购价值评估 EVA模型　出处：《湘潭大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,无论是全球经济在上一次经济衰退中的恢复和重振还是中国经济的类型改变都很迅速。这其中企业的并购重组扩张成为经济增长中耀眼的板块,企业通过并购重组能解决很多融资和投资的问题,并且在这个过程中,企业能借助并购和重组的作用实现企业价值的增加,资本的成本降低的效果。而在并购中,对被并购企业的价值进行合理客观的衡量是企业并购最为重要的关键环节。并购重组的方案是否能够顺利完成需要制定合理的并购对价,对等地维护并购双方的经济利益,只有在这个前提下才能顺利的完成并购。在近几年的中国并购市场中,影视传媒行业之中的并购尤为凸显,并购数量大,并购溢价高,而且跨行业并购影视传媒企业的数量也逐渐扩大。影视传媒行业的并购估值少不了真实合理的衡量被并购企业的价值,尤其是企业价值有其特殊性的影视传媒行业进行并购重组。因此,本文在影视传媒企业的并购估值的思路上进行探讨和分析,希望能为影视传媒行业的并购估值提供一些新的思路。文章中详细分析了影视文化传媒企业价值的特点,和该行业价值衡量的特性,重新研读国内外文献研究的基础上,选择对经济附加值模型的参数及其他影响因素进行改进,进一步准确衡量影视传媒企业的并购对价。在计算经济附加值时,需要改动传统会计核算的科目,使其符合EVA的实质。在分析参数的影响时,结合影视传媒企业的价值特性和其运营的特点,对需要选用的参数进行调整和修改。使用EVA估值模型的基本思路是:根据乐华文化的财报对其中的传统的科目进行改动,得出调整后资本总额和税后净营业利润的数值,为得出合理的估值提供基础,选取了待偿期限为10年期的银行间固定利率国债收益率作为无风险报酬率,市场风险报酬率的确定采用21世纪初到2016年的上交所和深交所指数的几何平均收益率。β系数的值是0.01(查自于WIND数据库)。加上公司3年的财务报表得出企业特有的风险报酬率,得出股权的成本。结合选取了银行整存整取一年期商业贷款基准利率为税前债务成本,最终得出加权平均资本成本。折算到评估基准日的企业价值为18.66亿元,这个评估价值在官方的评估报告价值范围内。文章最后介绍了由经济增加值模型转换成的经济附加值检验模型,目的是证实是否需要执行并购方案,以及并购对价是否是客观和合理的。因此,将经济附加值调整评估模型与经济附加值检验模型运用到影视传媒行业并购与重组的案例中,进行进一步的分析,为影视传媒企业的价值衡量创造出新的方法进行探讨和分析。
[Abstract]:In recent years, both the recovery and recovery of the global economy in the last recession and the type of change in the Chinese economy have been rapid, with corporate mergers and acquisitions expanding into a dazzling segment of economic growth. Enterprises can solve many problems of financing and investment through mergers and acquisitions, and in this process, enterprises can increase the value of enterprises and reduce the cost of capital by virtue of the role of mergers and acquisitions. The reasonable and objective measurement of the value of the acquired enterprise is the most important key link of the enterprise merger and acquisition. Whether or not the plan of M & A can be completed smoothly requires the establishment of reasonable M & A consideration and the equal maintenance of the economic interests of both sides of the merger and acquisition. Only under this premise can M & A be completed smoothly. In recent years, in China's M & A market, M & A in the film and television media industry is particularly prominent, with a large amount of M & A and a high M & A premium. Moreover, the number of cross-industry mergers and acquisitions of film and television media enterprises is also gradually expanding. The M & A valuation of the film and television media industry cannot be without a true and reasonable measure of the value of the acquired enterprises. In particular, the film and television media industry, whose value has its particularity, carries on the merger and acquisition reorganization. Therefore, this article carries on the discussion and the analysis in the movie and television media enterprise M & A valuation mentality, It is hoped that this paper can provide some new ideas for the M & A valuation of the film and television media industry. This article analyzes in detail the characteristics of the enterprise value of the film and television culture media industry and the characteristics of the value measurement of the industry. Select the parameters of the economic added value model and other influencing factors to improve, and further accurately measure the M & A value of the film and television media enterprises. When calculating the economic added value, we need to change the traditional accounting subjects. Make it accord with the essence of EVA. When analyzing the influence of parameter, combine the value characteristic of film and television media enterprise and the characteristic of its operation, The basic idea of using the EVA valuation model is to change the traditional subjects according to the financial statements of Lehua Culture, and to obtain the adjusted total capital and net operating profit after tax. In order to provide the basis for reasonable valuation, the yield of interbank fixed-rate bonds with a maturity of 10 years is chosen as the risk-free rate of return. The return rate of market risk is determined by using the geometric average rate of return of Shanghai Stock Exchange and Shenzhen Stock Exchange from 21th century to 2016. The value of 尾 coefficient is 0. 01 (checked in WIND database.) in addition to the company's financial statements for 3 years, the enterprise-specific return on risk is obtained. The cost of equity is obtained. Combined with the benchmark one-year commercial loan interest rate of the bank, the cost of pre-tax debt is obtained, and the weighted average cost of capital is finally obtained. The enterprise value converted to the base date of assessment is one billion eight hundred and sixty-six million yuan. The evaluation value is within the value range of the official evaluation report. Finally, the article introduces the economic value added test model converted from the economic added value model, the purpose of which is to confirm the need to implement the merger and acquisition scheme. And whether the consideration of M & A is objective and reasonable. Therefore, the economic value-added adjustment evaluation model and the economic value-added test model are applied to the case of M & A and reorganization in the film and television media industry for further analysis. For the film and television media enterprise value measurement creates the new method to carry on the discussion and the analysis.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G124;F426.6;F271

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