本文關(guān)鍵詞： 城市燃?xì)馄髽I(yè) 并購(gòu) 價(jià)值評(píng)估　出處：《山東大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：面對(duì)日益競(jìng)爭(zhēng)激烈的市場(chǎng)環(huán)境,現(xiàn)代企業(yè)為更好地生存,改善經(jīng)營(yíng),提高管理水平、技術(shù)水平,產(chǎn)生規(guī)模經(jīng)濟(jì)效應(yīng),并購(gòu)成為了當(dāng)下企業(yè)發(fā)展的重要舉措。并購(gòu)是企業(yè)吸收合并優(yōu)勢(shì)產(chǎn)業(yè),進(jìn)行產(chǎn)業(yè)結(jié)構(gòu)升級(jí),合理配置資源、提高技術(shù)水平、管理水平的重要手段,同時(shí)也是企業(yè)擴(kuò)大資產(chǎn)規(guī)模的重要方式。企業(yè)并購(gòu)對(duì)于企業(yè)的持續(xù)健康經(jīng)營(yíng)是一把雙刃劍,科學(xué)和正確的并購(gòu)對(duì)企業(yè)發(fā)展是起積極作用的,促進(jìn)企業(yè)持續(xù)健康的發(fā)展。而失敗的并購(gòu)活動(dòng)對(duì)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(gòu)造成的。在并購(gòu)活動(dòng)中導(dǎo)致并購(gòu)失敗的原因有很多,但是并購(gòu)目標(biāo)企業(yè)的價(jià)值評(píng)估是其中一項(xiàng)重要原因。對(duì)目標(biāo)企業(yè)價(jià)值估算不準(zhǔn)確,溢價(jià)并購(gòu)會(huì)導(dǎo)致企業(yè)生產(chǎn)經(jīng)營(yíng)成本增加,估值過(guò)低會(huì)導(dǎo)致競(jìng)爭(zhēng)時(shí)喪失并購(gòu)機(jī)會(huì),所以根據(jù)企業(yè)的經(jīng)營(yíng)情況采用科學(xué)、合理地評(píng)估方法,估算企業(yè)價(jià)值成為了企業(yè)并購(gòu)中的重點(diǎn)。目標(biāo)企業(yè)價(jià)值評(píng)估是指并購(gòu)中,并購(gòu)企業(yè)與被并購(gòu)企業(yè)根據(jù)并購(gòu)目標(biāo)與經(jīng)營(yíng)情況、市場(chǎng)情況進(jìn)行科學(xué)地價(jià)值估算,為確定并購(gòu)雙方接受的交易價(jià)格提供依據(jù)。本文通過(guò)對(duì)國(guó)內(nèi)外企業(yè)并購(gòu)活動(dòng)和并購(gòu)理論的研究,在此基礎(chǔ)上,介紹了企業(yè)評(píng)估四種方法,即資產(chǎn)法、市場(chǎng)法、收益法、實(shí)物期權(quán)法,分析了四種方法的優(yōu)缺點(diǎn)和適用范圍。并以TY能源收購(gòu)HZ燃?xì)鉃榘咐?采用四種評(píng)估方法對(duì)目標(biāo)企業(yè)進(jìn)行了價(jià)值評(píng)估,分析和比較了四種評(píng)估方法得到的結(jié)果。其中,由于城市燃?xì)馄髽I(yè)存續(xù)時(shí)間較長(zhǎng),企業(yè)增值空間較大,對(duì)目標(biāo)企業(yè)進(jìn)行價(jià)值評(píng)估時(shí),不僅要對(duì)現(xiàn)實(shí)資產(chǎn)的價(jià)值進(jìn)行評(píng)估,還應(yīng)對(duì)機(jī)會(huì)價(jià)值進(jìn)行評(píng)估即期權(quán)價(jià)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(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F271;F426.2;F224

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本文編號(hào)：1445520