企业并购中价值评估的研究分析------毕业论文

XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A5A11A14A15A16A17A18A19A20A21A22A23A2412008届本科毕业论文（设计）论文题目企业并购中价值评估的研究分析学生姓名所在学院电子商务学院专业财务管理学号指导教师成绩2008年4月XXXA25A26A27A28A29A30A31A32A33A34A35A36A37A30A38A39A40A41A42A43A44A45A46A47A48A492XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业财务管理作者学号2008年4月20日XXXA50A51A52A53A54A55A56A57A58A59A60A61A62A55A63A64A65A66A67A68A69A70A71A72A73A743XXX大学本科学生毕业论文（设计）开题报告表A75A76A77A78A79A80A81A82A83A84A85A86A87A88A89A90A91A92A93A94A95A96A85A86A87A88A90A91A92A93A94A95A75A76A77A78A79A80A97A98A99A100A75A76A77A78A79A80A101A102A103A104A105A106A107A108A109A110A111A81A109A112A113A114A115A116A117A118A119A120A121A122A123A124A125A77A126A105A127A128A129A130A131A132A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A144A145A116A146A142A129A147A148A149A123A124A150A151A152A153A154A144A146A142A75A76A77A78A79A80A155A156A131A129A157A158A159A160A161A162A80A163A164A126A105A127A128A129A130A131A132A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A77A163A80A126A105A127A128A130A131A165A163A166A167A168A169A170A171A114A172A173A118A75A174A175A176A177A109A178A179A180A165A181A166A182A183A169A184A185A168A170A171A114A173A172A186A187A188A189A190A191A192A174A193A169A194A114A178A179A180A165A195A166A196A197A198A199A197A200A201A202A177A203A204A199A205A206A207A208A170A172A173A209A210A211A187A212A213A104A172A173A214A215A188A216A217A186A187A218A219A174A220A221A222A114A178A179A180A165A223A166A224A225A199A226A227A228A229A199A230A225A202A170A231A172A232A183A174A233A116A234A235A236A165A237A166A238A239A240A241A242A243A244A244A164A238A243A240A240A245A246A247A248A170A171A114A172A173A188A169A249A250A79A174A251A252A177A109A178A179A1806A182A253A254A170A171A114A172A173A191A192A174A255A168A0A109A178A179A180A165A78A166A172A1A2A170A193A169A171A114A172A173A191A192A150A106A3A4A5A174A255A168A0A109A178A179A180A165A6A166A180A7A8A170A171A114A172A173A84A187A174A184A9A255A168A178A179A180A165A10A166A187A11A170A171A114A172A173A115A116A117A118A174A189A12A177A109A178A179A180A77A181A80A78A79A133A129A134A135A136A134A137A138A139A140A141A142A143A171A114A172A173A191A192A82A171A114A173A172A193A194A171A114A152A217A172A129A13A14A202A15A16A17A162A200A18A171A114A172A173A129A171A114A217A172A19A20A21A151A22A23A207A24A25A26A157A158A125A13A194A195A27A192A195A27A207A28A129A29A30A171A114A217A172A31A13A27A171A114A164A217A194A218A178A217A172A129A171A114A32A33A34A35A36A217A172A171A114A129A127A37A139A38A39A132A192A218A178A217A172A129A171A114A40A41A132A36A217A172A171A114A223A42A144A192A36A217A172A171A114A142A31A218A178A217A172A129A171A114A129A43A232A44A162A25A194A172A173A171A114A85A135A194A45A46A47A48A49A50A51A52A53A209A133A54A171A114A255A55A56A129A47A57A97A213A58A172A173A129A162A249A32A21A151A156A131A250A207A28A25A26A157A158A132A251A59A207A82A31A171A114A172A173A162A253A60A61A62A63A64A65A66A67A68A69A70A71A72A170A73A65A74A75A76A77A219A79A65A80A81A82A83A86A87A88A89A90A91A204A92A93A71A221A94A219A79A95A64A96A97A98A99A65A100A101A102A86A103A104A65A105A107A108A252A109A110A60A61A62A63A64A66A67A68A69A65A87A88A219A111A196A91A112A113A196A114A114A115A116A117A118A183A119A91A120A110A60A117A118A196A121A122A123A124A125A126A66A175A92A91A127A71A128A253A129A130A121A122A91A131A126A132A133A134A118A196A87A88A135A136A91A137A71A131A126A124A138A139A140A75A213A141A142A143A144A121A122A108A145A146A147A163A148A149A150A211A151A74A75A111A63A64A152A153A154A147A155A156A65A66A67A68A69A157A158A159A160A161A162A98A164A65A165A166A91A204A92A167A136A169A171A173A174A111A176A177A65A178A179A91A253A63A64A152A153A65A66A67A68A69A72A82A83A65A74A75A109A156A152A153A154A105A107A181A182A185A74A75A159A160A186A188A91A167A136A190A169A65A176A177A121A122A197A98A164A165A166A190A169A198A199A152A153A154A65A66A67A68A69A65A82A83A201A183A202A108A203A205A206A81A208A209A65A210A212A171A214A156A92A215A216A220A222A224A225A226A227A228A224A224A229A224A226A230A231A231A231A224A203A229A224A226A230A91A233A234A235A219A146A236A91A237A238A239A167A91A208A209A240A146A236A241A242A243A152A213A244A123A222A203A225A226A227A228A224A203A229A224A203A230A231A231A231A226A245A228A224A229A224A226A230A91A233A234A246A79A247A248A91A254A255A246A79A40A0A91A208A209A83A146A87A1A152A213A244A123A222A108A225A226A245A228A224A229A224A203A230A231A231A231A136A229A203A136A230A91A89A2A208A91A83A146A152A213A244A82A1A108A108A205A208A209A83A146A59A129A3A65A4A5A6A7A185A93A8A194A253A63A64A152A153A95A9A183A119A65A97A9A91A98A10A213A124A73A100A80A81A29A82A91A40A11A68A69A93A194A101A12A71A65A103A181A91A235A13A73A100A253A68A69A66A67A65A118A104A183A202A109A156A129A130A37A110A106A178A179A173A185A107A219A118A126A65A42A14A108A167A136A59A73A65A80A81A29A82A95A64A91A235A13A253A63A64A152A153A65A82A83A201A176A81A165A166A91A89A218A145A96A253A63A64A152A153A183A119A65A95A64A181A182A109A167A108A131A15A110A21A111A16A38A230A54A38XXXA17A18A19A20A22A23A24A25A26A27A28A30A31A23A32A33A34A35A36A39A41A43A44A45A46A474A48A49A50A51A52A53A55A56A57A112A113A58A48A60A61A62A114A113A63A64A60A61A62A115A113A116A71A51A52A65A62摘要企业并购是市场经济条件下企业超常发展的重要手段。在企业并购过程中,对目标企业的价值评估是非常重要的环之一。本文介绍了目前比较流行的三种评估方法,其中，详细地介绍了现金流量法G994G16855G6984G5092G19766价值法，并在前人的G3534G11796G990G4559G6226G12373G11784，对其G17839行了G1016G1016对比和G13520G2524对比G2010G7524,G8454G1186中G4559G6226G17878G2524中G3281企业的评估方法。由G1122G13941G12092市场G2058G5242的G993完G2904，G1262计G2058G5242的G993G1593全，G1262计G13856业G20130G8680G993G14403，导G14280G990市企业的G11420G2045G6980G6466G993G11507G4466，所以以G3534G1122G13941G12092市场G6980G6466的市场价值法G993G12538G2524中G3281G5415前G3281G5785，因此目前比较G17878G3281G5785的企业价值评估方法是G17160现现金流量法G994G16855G6984G5092G19766价值法。G1863G19202G16801G29企业并购价值评估现金流量法G16855G6984G17146G19766价值法市场价值法XXXA66A67A68A69A70A72A73A74A75A76A77A78A79A72A80A81A83A84A85A86A88A90A92A94A96A995ABSTRACTCORPORATIONMERGERISASIGNIFICANTMETHODFORCORPORATIONTODEVELOPRAPIDLYINTHEMARKETECONOMYINTHEPROCESSOFACORPORATIONMERGE,THEVALUATIONEVALUATIONOFTHEOBJECTCORPORATIONISAVERYIMPORTANTSTEP,WHICHISTHECOMPREHENSIVEAPPLICATIONOFPURPOSE,MOTIVATION,SITUATION,SPECIFICCONDITIONOFTHECOUNTRYANDTHEIRRELEVANTMETHODSTHISPAPERDESCRIBESTHECURRENTPOPULAROFTHETHREEASSESSMENTMETHODS,INCLUDINGDETAILSONTHECASHFLOWMETHODANDADJUSTEDBOOKVALUEMETHOD,ANDTHEIRPREDECESSORSTOFINDABREAKTHROUGHONTHEBASISOFITSCONTRAST,ANDCOMPREHENSIVECOMPARATIVEANALYSISFORCHINESEENTERPRISESTOSEEKSUITABLEFORTHEASSESSMENTMETHODSASTHESTOCKMARKETIMPERFECTIONSINTHESYSTEM,ACCOUNTINGSYSTEMDOESNOTSOUNDBADACCOUNTINGPROFESSIONALATMOSPHERE,LEADINGTOTHEPROFITABILITYOFLISTEDENTERPRISES,DATAUNTRUE,THESTOCKMARKETDATABASEDONTHEMARKETVALUEOFTHECURRENTLAWISNOTINLINEWITHCHINASNATIONALCONDITIONS,ANDTHEREFORETHECURRENTSITUATIONCOMPAREFITNESSENTERPRISEVALUEASSESSMENTISDISCOUNTEDCASHFLOWMETHODANDADJUSTEDBOOKVALUEMETHODATPRESENT,THEAPPROPRIATIONVALUEEVALUATIONMETHODINCORPORATIONMERGESISDISCOUNTCASHFLOWMETHODANDBOOKVALUEMETHODKEYWORDSMRG1038G13941G12092G20056G7411收G11422G10587PNG1038G13941G12092第N年的价值。投资者一般都要求G13941G12092的收G11422G10587应G20652G1122G19146行的G2045G10587,因G1038G13941G12092具有G20130G19517。所以G13941G12092的收G11422G10587应由G1016G18108G2010G7512成G13941G12092收G11422G10587G13941G12092G20130G19517G15929G1619G10587无G20130G19517G6265G18240G10587G3281债G2045息由G1122对G7422G7481G2520年的G13941G2045G451G13941价的G20056G8991G19602G5242较大,所以常G11004G15925量G13941价的G6980G6466是市G11420G10587。计G12651G1856式G1038每股收益股票市价市盈率G1186投资者的角G5242G7481看G13941G12092的市G11420G10587是该G13941G12092的投资G3250收G7411,同时G1075是对该G990市G1856司G4570G7481G2045G9082的一种G20056G8991。G3926G7588G990市G1856司的G13941G12092市G11420G10587G103810,说明投资该G13941G12092G19668要10年才能收G3250投资。G3926果,G12050G1262投资者认G1038G7588G990市G1856司G1182后G11420G2045G3698G19283G1262比以G5460G7368G5567,G2029其市G11420G10587G4613G1262较G20652。G990市G1856司市场价值可G11004以下G15932G12046方法G990市G1856司市场价值G8611G13941G13941G12092市价G990市G1856司的G13941G12092G6980量A39A80A40A41A42A43A84A44A45A46A47A48A87A49A88A50A51A52A53A54A55A56A76A57A57A138XXXA58A59A60A61A62A63A64A65A66A67A68A69A70A63A71A72A73A74A75A77A78A79A81A82A83A8510市G11420G10587G8611G13941收G11422G990市G1856司的G13941G12092G6980量市G11420G10587G990市G1856司G12258后G2045G9082企业的G5092G19766价值G2465G7156的是企业的G2394G2502成本。有时G2394G2502成本G994资产目前的获G2045能G2159G451资产的G4466际价值G451产G10995现金流量的能G2159G1863G13007G993大G13792市场价值G2376能比较G4470观地G2465G7156企业目前的获G2045能G2159G451产G10995现金流量的能G2159和G1619还债务的能G2159。2G451G16855G6984G17146G19766价值法资产G17139债G15932中的G2520个G20045目都是按G10043资产取得和G17139债产G10995时的G2394G2502成本计价的。G19555G11540时G19400的G6524G12239,G1856司可能G1262经G2394通G17147G14204G13972G451G10301价G2476G2172等,在这种G5785况下,G2394G2502成本无法G11507G4466地G2465G7156G1856司的资产G17139债G10378况,相应的,G1075G4613G993能G1186资产G17139债G15932中得出G4470观的G1856司价值。G16855G6984G17146G19766价值法是对G1856司资产G17139债G15932G990的G17146G19766价值G17839行估G12651和G16855G6984,一般是以资产的G1856G1813价值G1038标准G17839行的。G1306是G3926果G1856司已经G993能G6357续经营下去,所依G6466的标准G4613应该是G9177G12651价值,G993G1889G4570G1856司的G7422G7481收G11422G13783G15397在G1881。经过G16855G6984资产和G17139债G20045目,可G1038估G12651G1856司资产的G11507G4466价值提供依G6466,G1186G13792最终确定G1856司的价值。G16855G6984G17146G19766价值法是以资产G17139债G15932G1038依G6466的,比较G4470观和G11464G6521,G4439立G17287G1122G1856司的G2394G2502又结G2524现G10378,G4625量G1955G4581可能G19766G1032的G993确定G5627因G13044,G20130G19517较G4579。G1306是,这种方法在应G11004G990的最大G19394G20076在G1122G7422G13783G15397G1856司的获G2045能G2159和G7422G7481现金流量,同时,G4439以G1856司G6329有的G2345G20045资产G1038出发G9869,G5585G16282了G1856司的G6984体获G2045能G2159,G4600其对G1856司在资产G17139债G15932G3818的组G13467资本G20045目G2265括无形资产和G2842G16477G8821有充G2010G13783G15397,在这种G5785况下通常G1262G1363G1856司价值G15999G1314估。G13792G1000在G16855G6984时G9053XXXA86A89A90A91A92A93A94A95A96A97A98A99A100A93A101A102A103A104A105A106A107A108A109A110A111A11211G2462的G6265G15932G20045目可能G5468G3822,G993同的G20045目对应G993同的G16855G6984方法,G10990G14279对G993同资产的评价G1075G19668要G18331G11004G993同的方法,计G12651G2325G2010G13333G7446,G4600其是对无形资产G451应收G17146G8466G451存G17147G451G3315地的价值确定G7368有G1117议,这G1135都G13485评估G5049作G5114G7481G5468大的G21647G9914。G16855G6984G17146G19766价值法主要可G11004G1122评估有形资产G5468G3822的G1856司G451非G11420G2045G5627组G13467G451G1856G1861设施经营企业和G3800G1122G1123G6451G17805G13548的G1856司G7693G6466G9177G12651价值G16855G6984。由G1122计G12651G990的G13333G10724G5627以G2462对组G13467成本G13783G15397的G8436G13582,一般G993G17878G11004G1122对G20652G12197G6228G1856司G451成G19283G3423G1856司和G7393务G5627G1856司的评估。3G451现金流量法现金流量法是指在G13783G15397资金的时G19400价值G5785况下,G4570发G10995在G993同时G9869的现金流量按G7094定的G17160现G10587统一G6252G12651G1038现值G1889加总的方法。其计G12651G1856式G1038VPVL式中VG1038企业价值PVG1038G7422G7481G2520年现金G1940流量的总现值LG1038企业目前的债务。G7422G7481G2520年现金G1940流量的总现值PV的计G12651的G1856式G1038NNTTNTIDIFPV111A113式中FTG1038第T年企业的现金G1940流量IG1038G17160现G10587G451资本成本NG1038G20056G8991G7411G19492DNG1038G20056G8991G7411G7423企业的残值。G11004现金流量法估G12651企业的价值,要受以下几个方G19766的G5445G27211G451G7422G7481G2520年现金G1940流量的G3822G4581现金G1940流量是指企业G17147币形态的资金的G4466际流G1849量G451流出量的代G6980和。企业的现金G1940流量一般由经营引起的现金流G1849量和由投资引起的现金流出量G1016G18108G2010组成。A114A115A116A117A118A119A120A121A122A123A124A125A126A127A168A128A129A130A131A132A133A1342003XXXA135A136A137A139A140A141A142A143A144A145A146A147A148A141A149A150A151A152A153A154A155A156A157A158A159A16012由经营引起的现金流G1849量G12258前G2045G9082所得G12258额G6252旧G12258后G2045G9082G6252旧在现金流G1849量的估G12651G990,卖方一般按自己G3926继续经营的G7422G7481G2520年现金流G1849量的现值G7481估G12651企业的价值买方G2029一般按并购后的经营G5785况,G7481估G12651其G7422G7481G2520年现金流G1849量的现值。由投资引起的现金流出量追加的固定资本投资额追加的流G2172资本投资额企业收购后追加的固定资本投资额一般是指投G1849大量G7044的设备,对旧设备G17839行G6228G7427改造,厂房的扩建和迁G12239等追加的流G2172资本是指企业并购后所G19668G3698加的营运资金等。由G1122买卖双方的立场G451出发G9869和依G6466G993完全相同,因G13792双方估G12651企业的价值G5529G9994G1262有所差异,这G1075G4613是形成双方讨价还价G451相互协G2842的原因所在。2企业的残值。企业的残值是指在其G6357续经营的计划年G19492终止时,其G6984体所具有的价值。由G1122G4439G993能理解G1038企业设备的残值,所以G993能G11004设备的残值估G12651方法G7481评价。企业残值的估G12651方法,一般可假定计划年G19492终止时,企业G17839G1849成熟G7411,其现金G1940流量G4570按一个较稳定G1000比较G1314的比G10587无G19492G7411地G3698G19283。其计G12651G1856式G1038GIFDNN1A161式中DNG1038计划年G19492G7423企业的残值FN1G1038计划年G19492终止后第一年的现金G1940流量IG1038企业的资本成本G451G17160现G10587GG1038计划年G19492终止后的现金G1940流量的G3698G19283G10587。在G4466际G5049作中,要G20056G8991在计划G7411年G19492终止后的企业价值是一件相G5415复G7446的G5049作。因G1038在这G7411G19400出企业价值是一件相G5415复G7446的G5049作。现G19602以G1038人们所控G2058和G20056G8991的G993确定因G13044G5468G3822,所以,应特别慎重。A162A163A164A165A166A167A169A170A171A172A173A174A175A176A177A178A179A180A181A182A183A1762003XXXA184A185A186A187A188A189A190A191A192A193A194A195A196A189A197A198A199A200A201A202A203A204A205A206A207A208132G451企业的计划年G19492经营特G9869等G7481决定。G3926G20652G12197G6228企业可能是3年,钢铁企业可能是1020年,一般G2029以5年或10年居G3822。一企业的G10995命有可能是无G19492的,G1306在估G12651企业价值时,还是要G20056G8991企业的计划经营年G19492。在通常G5785况下,其计划经营年G19492可结G2524企业的行业G5627质种G7368好的解释是现金流量的G20056G8991G7411只应G6357续到G11004以支G6357G20056G7411销G2818G3698G19283的追加投资的G20056G7411G6265G18240G10587等G1122资本成本时G1038止。G1075G4613是说,G3926果企业的投资G6265G18240G10587仅等G1122其资本成本,G2029企业的价值G4570G993受企业成G19283的G5445G2721。3G451资本成本G451G17160现G10587资本成本是指资本的价格。G1186投资者的角G5242G7481看,G4439是投资者G17839行投资所G5529须达到的最G1314投资G6265G18240G10587,G1075G4613是决定投资G994否的G2010G11040线G1186筹资者的角G5242G7481看,G4439是企业G1038获取资金所G5529须支付的最G1314价格。G7186G9994,资本成本G4613是提供G13485企业资本的成本,即企业资本的所有者所要求的最G1314收G11422G10587。企业的资本G7481自G13941东权G11422和G19283G7411G17139债。G13941东权G11422G2265括普通G13941G451优先G13941G451留存G11420G2045等G19283G7411G17139债G2265括G19283G7411借G8466G451应付G19283G7411债券G451G19283G7411应付G8466等。G993同G5627质的资金G7481源,其资本成本G1262有相G5415的差异。对企业价值G17839行估G12651时,企业的资本成本一般G18331G11004加权平均法G17839行计G12651。G1856式G3926下11TKAAKKDEA209式中KG1038企业加权平均资本成本G727KEG1038G13941资本成本G727KDG1038G19283G7411G17139债资本成本G12258前G727TG1038企业所得G12258G10587G727G1038G13941本资本G2356企业总资本的比G10587G7271AA210A211A212A213A214A215A216A217A218A219A220A221A222A223A224A225A226A227A228A229A230A231A214A232A213A233A221A234A235A236A2142001XXXA237A238A239A240A241A242A243A244A245A246A247A248A249A242A250A251A252A253A254A255A13A0A1A2A3A414G1038G19283G7411G17139债G2356企业总资本的比G10587。由G1122G19283G7411G17139债产G10995的G2045息在G1262计G3800理G990作G1038务费G11004,在G12258前列支,所以债务资本成本能抵交所G12258,在计G12651G19283G7411G17139债资本成本时乘以1T。G13792企支付G13941G2045要在交纳所得G12258以后,所以G13941本资本成G993能抵交所得G12258。G7186G9994,G19283G7411G17139债资本成本应G1314G1122本资本成本。资本成本的大G4579G11464G6521G1863G13007到企业价值的估G12651G3926资本成本较G20652,G2029G11004现金流量法估G12651的企业价G4613G1262较G1314G2465之,G2029G1262G20652估企业的价值。在企业并购过程中,究G12467G11004买方本身的资本本,还是以目标企业的资本成本G7481估G12651企业的价G2614通常G2010别以买方企业G994目标企业的资本成本估G12651目标企业的价值,并作G1038协G2842价格的G3534G11796。四G451对G1122三种方法之G19400的比较G2010G7524一G451G16855G6984G17146G19766价值法和现金流量G6252现法的比较G16855G6984G17146G19766价值法和现金流量G6252现法的区别主要有1G451本质G993同。G16855G6984G17146G19766价值法是G7693G6466资产的G1856G1813价值G7481评估G1856司的价值,评估出的结果是G1856司资产的“投G1849”价格,G13792现金流量G6252现法是G1186G1856司现金流量的角G5242G7481评估G1856司的价值,评估出的结果是G1856司资产的“产出”价格。2G451由G1122本质的G993同,G1363得G1016种方法在G3534本原理和计G12651方法G990存在G11540明G7186的差异。3G451G1016种方法的G5445G2721因G13044G993同。G16855G6984G17146G19766价值法可能受到通G17147G14204G13972G451资产G6451耗等G5445G2721,现金流量G6252现法G2029受G7422G7481现金流G1849流出量和资金成本G10587的G5445G2721。二G451G16855G6984G17146G19766价值法和市场比较法的比较G16855G6984G17146G19766价值法和市场比较法的区别主要有1本质G993同。G16855G6984G17146G19766价值法是G1186G1856司资产的角G5242G7481评估G1856司的价值,G13792市场比较法是G2045G11004对比XXXA5A6A7A8A9A10A11A12A14A15A16A17A18A10A19A20A21A22A23A24A25A26A27A28A29A3015G1856司,G1186市场的角G5242G7481评估G1856司价值。2G1016种的G3534本原理和计G12651方法G993同。G13783G15397G19394G20076的角G5242G993同。G16855G6984G17146G19766价值法是G1186买方的角G5242G7481G15925量和计G12651G1856司G2520G20045资产的价值,评估的结果代G15932的是资产的投G1849价值,G13792市场比较法是G1186卖方的角G5242G7481G8991G12651G1856司的价值,通过比较G13792得出的结果是G1856司G13941权的交易价格。三G451市场比较法和现金流量G6252现法的比较这G1016种方法的区别比较明G7186,主要有1本质G993同。市场比较法是G7693G6466在G13941G12092市场G990相G1296G1856司的G13941价等G7481评定G1856司的价值,G13792现金流量G6252现法是以G1856司G7422G7481现金流量本金G2282G1038依G6466G7481评估G1856司价值。2G1016者的G3534本原理G994计G12651方法G993同。3G5445G2721因G13044G993同。市场比较法主要受到市场价格G451对比G1856司G17885择等的G5445G2721,G13792现金流量G6252现法是G3534G1122G1856司所G20056G7411的G7422G7481现金流量,在G18331G11004现金流量G6252现法确定G1856司价值时G993G1262受到市场G13941价的G5445G2721。四G4513种评估方法的G13520G2524比较3种价值评估方法在G2520个方G19766存在G993同之G3800见G159321,相应的,G4439们的G17878G11004条件G1075G993G4625相同,一种方法G1075许可以有效地评估一个G1856司,G1306对另一个G1856司G2376无能G1038G2159,或是所G2465G7156的价值脱离G4466际。G159321G1856司价值评估方法的G13520G2524比较G17146G19766价值G16855G6984法市场比较法现金流量G6252现法假设前提企业价值等G1122资产的市场价值之和G1955去G17139债的价值产品市场和资本市场是有效G10587的企业的价值是G7422G7481收G11422流量的现值G17147币具有投资机G1262G1363G11004方法G6238资产的G17146G19766价值行业比G10587乘G6238G7422G7481收G11422流量按XXXA31A32A33A34A35A36A37A38A39A40A41A42A43A36A44A45A46A47A48A49A50A51A52A53A54A5516G16855G6984G1038G1856G1813市场价值或重置成本G6980市G11420G10587G451市G1940G10587G451EBIT等G10043G20130G19517G16855G6984G6252现G10587G17160现评估结果G1856G1813市场价值G727G9177G12651价值市场价值价格G1881在价值优G9869G4470观G5627,G20130G19517较G4579可评估有形资产较G3822的企业简便G11464观G5627在成熟市场中比较有效理论严密,G2465G7156了价值的本质G7422G7481G11420G2045能G2159G13582G9869G6238企业G2010拆成G2345G20045资产,G5585G11065G11420G2045能G2159和组G13467资本参G10043G13007G17885择和市场价格波G2172G1262G5445G2721准确G5627对G7422G7481G20056G8991的主观G5627和G993确定G5627强五G451结论G13520G990所述,企业并购中的价值评估,主要是作G1038买卖双方确定并购价格的参G13783。在G4466际运G11004中,可能G11004G993同的方法对目标企业G17839行估G12651,其结果G1262有一定的差异。由G1122目标企业最终所体现的价值G5460G5460见之G1122并购后所产G10995的G13520G2524效G11422,买方G3534G1122这种效应,可能G1262在协G2842谈判中出比较G20652的价格买G1849目标企业。G7186G9994,企业价值G4570取决G1122对其G7422G7481获G2045的G20056G8991,G13792G20056G8991的G6980G6466G5460G5460G1262有G993确定G5627,所以并购G4613G1262有一定的G20130G19517。所以对G1122G1856司G7481说,应该G7693G6466自己的G4466际G5785况G17885G11004评估方法。比G3926,G3926果G1856司的资产G17146G19766价值G994市场价值较G1038G6521近,可以G17885G11004G17146G19766价值G16855G6984法G3926果G1856司的发展G5785况比较稳定,G7422G7481的现金流量比较确定,可以G13783G15397G18331G11004现金流量G6252现法G3926果可以在G13941G12092市场G990G6226到可比G5627较强G451可信G5242较G20652的G1856司,可以运G11004市场比较法。G3926果条件G1813许的话,还可以G17885取G993同的方法对XXXA56A57A58A59A60A61A62A63A64A65A66A67A68A61A69A70A71A72A73A74A75A76A77A78A79A8017同一个G1856司G17839行评估,这样G1262得出G993同的结果。可以对评估结果G2462G993同结果之G19400产G10995的差异G17839行G2010G7524,G4559求一个能够G4470观G451G11507G4466地G2465G7156G1856司价值的均G15925G9869,以此作G1038最终的评估结果或者G7693G6466G1856司的G4466际G5785况和G13783G15397的侧重G9869,对G993同方法下的评估结果赋予G993同的权重,G13520G2524G13783G15397评估结果。目前,G6117G3281并购中的最大G19394G20076是G1262计信息的G993对称,信息披露G993透明G451G993