考虑协同效应的并购目标企业价值评估探讨

Discussion on the Business Valuation of Targeted Merger Enterprises Based on Synergistic Effect

中文关键词:  企业价值  协同效应  价值评估  自由现金流量

英文关键词:business value  synergistic effect  valuation  free cash flow

中文摘要:

      目标企业价值评估是企业并购成功与否的重要影响因素之一。并购协同效应是并购的主要动因,但是传统企业价值评估方法并未把并购协同效应对目标企业价值的影响考虑在内,因此,文章通过分析协同效应产生的动因及其对目标企业价值的影响,提出了考虑协同效应的并购目标企业价值评估的基本思路、公式及参数确定方法。

英文摘要:

      The business valuation of targeted merger enterprises is one of the important factors to influence the success of enterprise merger.The synergistic effect is the driving cause in enterprises merger,however,it is not considered in the targeted merger enterprises value based on the traditional business valuation methods.This paper analyses the driving cause of synergistic effect and the influence upon the value of targeted merger enterprises.It provides the basic idea,formula and parameters in business valuation of targeted merger enterprises based on synergistic effect.