本文選題：企業(yè)并購(gòu) + 企業(yè)價(jià)值評(píng)估　； 參考：《寧夏大學(xué)》2017年碩士論文

【摘要】：目前,我國(guó)并購(gòu)活動(dòng)日益活躍,交易規(guī)模持續(xù)攀升。而在企業(yè)并購(gòu)的過程中,評(píng)估被并購(gòu)方企業(yè)的價(jià)值屬于重要環(huán)節(jié),能夠?qū)Σ①?gòu)成功與否產(chǎn)生關(guān)鍵性影響。注重對(duì)企業(yè)估值的研究有助于提升并購(gòu)的成功率。本文首先闡述了前人在企業(yè)估值方面所得到的研究成果,比較分析了幾種企業(yè)估值的普遍方法,總結(jié)了其各自的優(yōu)缺點(diǎn)以及適用性。通過分析并購(gòu)中被并方企業(yè)價(jià)值評(píng)估相較于一般企業(yè)估值的特點(diǎn)和作用,以及通過了解并購(gòu)實(shí)踐中企業(yè)估值方法使用現(xiàn)狀,選擇了自由現(xiàn)金流量折現(xiàn)法以及市場(chǎng)法進(jìn)行系統(tǒng)梳理。本文重點(diǎn)分析首旅收購(gòu)如家這一具體案例。首先介紹了并購(gòu)案例的具體情況,分析了并購(gòu)背景及并購(gòu)動(dòng)因,為之后預(yù)測(cè)估值模型的相關(guān)參數(shù)奠定基礎(chǔ)。針對(duì)如家酒店集團(tuán),分析了企業(yè)自由現(xiàn)金流量折現(xiàn)模型和市場(chǎng)法所具備的優(yōu)勢(shì),并最終選取了企業(yè)自由現(xiàn)金流量?jī)呻A段增長(zhǎng)模型和市盈率法進(jìn)行價(jià)值評(píng)估。為了更準(zhǔn)確的對(duì)如家酒店集團(tuán)進(jìn)行估值,文章詳細(xì)介紹了兩種方法的評(píng)估思路,對(duì)各個(gè)參數(shù)的獲取、分析以及計(jì)算展開了詳細(xì)的闡述。通過論證得到:自由現(xiàn)金流量折現(xiàn)法評(píng)估結(jié)果為99.62億元;市盈率法估值結(jié)果為87.61億元。本文認(rèn)為這兩種估值方法各具優(yōu)勢(shì),均是合理的企業(yè)價(jià)值評(píng)估結(jié)果。因此,本文取其均值93.62億元作為如家酒店集團(tuán)的企業(yè)價(jià)值。最后,將本文得出的估值結(jié)果與實(shí)際并購(gòu)價(jià)格相對(duì)比,印證了本文的結(jié)論。本文希望通過對(duì)具體案例的探析,構(gòu)建合理完善、行之有效的估值模型,給并購(gòu)的雙方,特別是為評(píng)估納斯達(dá)克上市企業(yè)以及酒店行業(yè)并購(gòu)整合提供有力的依據(jù)。
[Abstract]:At present, China's M & A activities are increasingly active, the scale of transactions continues to climb. In the process of M & A, evaluating the value of M & A is an important link, which can have a key impact on the success of M & A. Paying attention to the research of enterprise valuation helps to improve the success rate of M & A. This paper first describes the research results obtained by predecessors in enterprise valuation, compares and analyzes several common methods of enterprise valuation, and summarizes their advantages and disadvantages as well as their applicability. Through the analysis of the characteristics and functions of the value evaluation of the merged enterprises in M & A compared with the general enterprise valuation, and through understanding the current situation of the use of the valuation methods in the M & A practice, The free cash flow discounted method and the market method are selected for systematic combing. This paper focuses on the first Brigade acquisition such as home this specific case. Firstly, the paper introduces the specific case of M & A, analyzes the background of M & A and the motivation of M & A, and lays a foundation for predicting the parameters of the valuation model. Aiming at 24Home Hotel 24 Group, this paper analyzes the advantages of discounted free cash flow model and market method, and finally selects the two-stage growth model of free cash flow and the price-earnings ratio method to evaluate the value. In order to evaluate the 24Home Hotel 24 group more accurately, this paper introduces the two methods in detail, and describes the acquisition, analysis and calculation of each parameter in detail. The results are as follows: the result of free cash flow discounted method is 9.962 billion yuan and the result of price-earnings ratio method is 8.761 billion yuan. This paper holds that these two valuation methods have their own advantages and are reasonable enterprise value evaluation results. Therefore, this paper takes its average value of 9.362 billion yuan as the enterprise value of 24Home Hotel 24 Group. Finally, the valuation results obtained in this paper are compared with the actual M & A price, which confirms the conclusion of this paper. This paper hopes to establish a reasonable and effective valuation model through the analysis of specific cases, to provide a strong basis for both sides of M & A, especially for evaluating the merger and acquisition integration of NASDAQ listed enterprises and hotel industry.
【學(xué)位授予單位】：寧夏大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F715.5;F719.2

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