本文關(guān)鍵詞： 城市燃氣企業(yè) 并購 價值評估　出處：《山東大學》2015年碩士論文　論文類型：學位論文

【摘要】：面對日益競爭激烈的市場環(huán)境,現(xiàn)代企業(yè)為更好地生存,改善經(jīng)營,提高管理水平、技術(shù)水平,產(chǎn)生規(guī)模經(jīng)濟效應,并購成為了當下企業(yè)發(fā)展的重要舉措。并購是企業(yè)吸收合并優(yōu)勢產(chǎn)業(yè),進行產(chǎn)業(yè)結(jié)構(gòu)升級,合理配置資源、提高技術(shù)水平、管理水平的重要手段,同時也是企業(yè)擴大資產(chǎn)規(guī)模的重要方式。企業(yè)并購對于企業(yè)的持續(xù)健康經(jīng)營是一把雙刃劍,科學和正確的并購對企業(yè)發(fā)展是起積極作用的,促進企業(yè)持續(xù)健康的發(fā)展。而失敗的并購活動對于企業(yè)的發(fā)展是有害的,往往企業(yè)的破產(chǎn)都是由失敗的并購造成的。在并購活動中導致并購失敗的原因有很多,但是并購目標企業(yè)的價值評估是其中一項重要原因。對目標企業(yè)價值估算不準確,溢價并購會導致企業(yè)生產(chǎn)經(jīng)營成本增加,估值過低會導致競爭時喪失并購機會,所以根據(jù)企業(yè)的經(jīng)營情況采用科學、合理地評估方法,估算企業(yè)價值成為了企業(yè)并購中的重點。目標企業(yè)價值評估是指并購中,并購企業(yè)與被并購企業(yè)根據(jù)并購目標與經(jīng)營情況、市場情況進行科學地價值估算,為確定并購雙方接受的交易價格提供依據(jù)。本文通過對國內(nèi)外企業(yè)并購活動和并購理論的研究,在此基礎(chǔ)上,介紹了企業(yè)評估四種方法,即資產(chǎn)法、市場法、收益法、實物期權(quán)法,分析了四種方法的優(yōu)缺點和適用范圍。并以TY能源收購HZ燃氣為案例,采用四種評估方法對目標企業(yè)進行了價值評估,分析和比較了四種評估方法得到的結(jié)果。其中,由于城市燃氣企業(yè)存續(xù)時間較長,企業(yè)增值空間較大,對目標企業(yè)進行價值評估時,不僅要對現(xiàn)實資產(chǎn)的價值進行評估,還應對機會價值進行評估即期權(quán)價值。
[Abstract]:In the face of increasingly competitive market environment, modern enterprises to better survive, improve management, improve the level of management, technical level, produce economies of scale effect. M & A has become an important measure for the development of enterprises. M & A is an important means for enterprises to absorb and merge superior industries, upgrade the industrial structure, allocate resources rationally, improve the level of technology and management. At the same time, it is also an important way for enterprises to expand the scale of assets. M & A is a double-edged sword for the sustained and healthy operation of enterprises, and scientific and correct M & A plays a positive role in the development of enterprises. The failure of M & A activities is harmful to the development of enterprises, and often the bankruptcy of enterprises is caused by failed M & A. there are many reasons for the failure of M & A activities. But the value evaluation of M & A target enterprises is one of the important reasons. Too low valuation will lead to the loss of M & A opportunities when the competition, so according to the business situation of the enterprise to adopt a scientific, reasonable evaluation method. Estimation of enterprise value has become the focus of M & A. objective enterprise value evaluation refers to M & A enterprises and M & A enterprises according to M & A objectives and operating conditions, market conditions to carry out scientific valuation. In order to provide the basis for determining the transaction price accepted by both parties, this paper introduces four methods of enterprise evaluation, namely, asset law and market method, through the study of M & A activities and M & A theories at home and abroad. Income approach, real options method, analyzed the advantages and disadvantages of the four methods and the scope of application. Taking TY energy acquisition of HZ gas as a case, four evaluation methods were used to evaluate the value of the target enterprises. The results obtained by four evaluation methods are analyzed and compared. Because the city gas enterprises exist for a long time and the value-added space of the enterprises is large, the value evaluation of the target enterprises is carried out. It is necessary not only to evaluate the value of real assets, but also to evaluate the value of opportunity, that is, option value.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F271;F426.2;F224

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本文編號：1445520