MBA毕业论文—并购中目标企业价值评估的研究.doc

并购中目标企业价值评估的研究 ——华润并购万科案例分析 专业名称：工商管理硕士 申请人姓名：郭雪丽 导师姓名及职称：魏明海教授 答辩委员会 主席： 委员： 答辩日期：2004年 5月 28日 并购中目标企业价值评估的研究 ——华润并购万科案例分析 专业：工商管理硕士 硕士生：郭雪丽 指导教师：魏明海教授 摘 要 在企业并购中，对目标企业的价值评估是整个并购的核心，是影响并购成败的关键。如何更好地理解企业价值的内涵，影响定价的因素有哪些，在具体的并购实践中，采用何种价值评估方法才能获得可信的企业价值评估结果，一直是理论和实务界关注的课题。 华润置地并购万科公司因其动用资金量大，影响面广，成为2000年我国证券市场的十大并购案之一。并购后，两大公司一直是证券市场和房地产业关注的焦点。本文以华润置地并购万科公司为案例，采用案例研究的方法，对影响价值评估的主要因素及价值评估方法的选择进行了深入分析。本文主要运用折现现金流量法、期权定价法和比较估价法对并购目标企业——万科公司进行价值评估。通过比较评估价值和实际股权转让价格，结果发现：不同的价值评估方法各有其适用性，当企业未来存在多种选择权和经营灵活性时，采用期权定价法评估企业价值，对于收购方来说可以更好的把握投资机会，对于被收购方来说，可以避免低价出让企业股权；在缺少未来选择权，企业经营平稳的情况下，采用折现现金流量法评估的价值较为真实准确；其他基于资产和基于市场的评估方法，在目前，一般更适宜作为价值评估的参考。 关键词： 企业价值 并购 价值评估 Study on the Target Firm Valuation in MA ——A Case of China Resources and Vanke Acquisition Major：MBA Name: Guo Xueli Supervisor: Wei Minghai ABSTRACT Firm valuation is the core of MA and the key to successful merger and acquisition. It is the crucial subject for the researchers, all the time, that how to understand the conception of firm value, what are the factors that affect firm valuation, and how to choose the methods of valuation for gaining reliable result in MA. The MA between China Resources Land and Vanke, owing to vast fund involved and large influence, named as one of the top ten cases of MA of Chinese stockmarket in 2000. The two firms have been being the focus of the stockmarket and real estate industry since then. This paper deeply analyzed methods of pricing, which is the main factors of valuation, by case study. The author utilized three methods to value Vanke Company, which are discounted cash flow valuation (DCF), option pricing model and relative valuation. The conclusions, by comparing various valuating results with real acquisition price, are that different methods of valuation have their applicability. (1) The acquiring firm can get the investment opportunities and the target firm’s share can be transferred at adequate price by adopting option pricing in case that the firm has optio