本文選題：并購(gòu)定價(jià) + 資源型企業(yè)�。� 參考：《天津財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：資源和能源安全是國(guó)家戰(zhàn)略的重要組成部分,我國(guó)雖是資源大國(guó),但人均資源儲(chǔ)量水平卻非常低,而且我國(guó)還存在著資源消耗速度過快資源利用率過低的問題,我國(guó)的能源資源可持續(xù)發(fā)展形勢(shì)不容樂觀。對(duì)外的資源型收購(gòu)是我國(guó)拓展海外能源資源市場(chǎng)保障國(guó)家資源供應(yīng)穩(wěn)定的重要方式,近年來我國(guó)企業(yè)掀起了對(duì)外并購(gòu)的浪潮這其中資源型企業(yè)的跨國(guó)并購(gòu)占據(jù)了相當(dāng)大的比例,但是本文研究發(fā)現(xiàn)我國(guó)資源型企業(yè)在進(jìn)行跨國(guó)并購(gòu)時(shí)普遍存在并購(gòu)定價(jià)過高的問題。并購(gòu)定價(jià)是企業(yè)進(jìn)行并購(gòu)時(shí)重要的環(huán)節(jié),它直接關(guān)系到并購(gòu)的成敗,及并購(gòu)后企業(yè)的經(jīng)營(yíng)業(yè)績(jī)。本文關(guān)注中國(guó)資源型企業(yè)的跨國(guó)并購(gòu)定價(jià)問題,資源型企業(yè)是我國(guó)近年來進(jìn)行跨國(guó)并購(gòu)的主體,其所進(jìn)行的并購(gòu)?fù)?guī)模較大。而我國(guó)資源型企業(yè)大多是國(guó)有企業(yè)或國(guó)務(wù)院直屬企業(yè),其進(jìn)行并購(gòu)時(shí)確定的并購(gòu)定價(jià)往往關(guān)乎國(guó)計(jì)民生,對(duì)這類并購(gòu)的并購(gòu)價(jià)格的確定,應(yīng)做到精確合理既保證并購(gòu)交易的順利進(jìn)行又保證企業(yè)的并購(gòu)能達(dá)到預(yù)期效果。目前對(duì)于并購(gòu)定價(jià)的研究大多聚焦在具體定價(jià)方法及具體方法中參數(shù)選擇的討論上,而從整體上把握并購(gòu)過程來討論企業(yè)并購(gòu)過程定價(jià)的研究不多。本文認(rèn)為企業(yè)并購(gòu)定價(jià)應(yīng)該是一個(gè)有機(jī)的過程,并購(gòu)各環(huán)節(jié)的相互作用同時(shí)影響著最終定價(jià)的高低。因而本文著重梳理了企業(yè)并購(gòu)的整體過程,將并購(gòu)定價(jià)的過程融入其中試圖找出科學(xué)合理的并購(gòu)定價(jià)方法。在基本的定價(jià)方法歸納的基礎(chǔ)上,本文還研究了并購(gòu)中實(shí)物期權(quán)方法的運(yùn)用,在最后雙方討價(jià)還價(jià)的環(huán)節(jié)本文引入并總結(jié)了博弈理論在討價(jià)還價(jià)中的相關(guān)應(yīng)用。結(jié)合中國(guó)資源型企業(yè)及資源型行業(yè)具體特點(diǎn),及中國(guó)資源型企業(yè)跨國(guó)并購(gòu)定價(jià)影響因素的分析,本文還做了相關(guān)的案例討論融入了理論分析中介紹的方法,結(jié)合理論分析及實(shí)際案例分析的結(jié)果本文提出了改進(jìn)我國(guó)資源型企業(yè)跨國(guó)并購(gòu)定價(jià)方法的幾點(diǎn)合理性建議。
[Abstract]:Resource and energy security is an important part of the national strategy. Although our country is a large country of resources, the level of per capita resource reserves is very low, and our country still has the problem of too fast consumption of resources and too low utilization of resources. The situation of sustainable development of energy resources in China is not optimistic. Resource-based acquisition is an important way for our country to expand the overseas energy and resources market to ensure the stability of national resource supply. In recent years, Chinese enterprises have set off a wave of foreign mergers and acquisitions, in which transnational mergers and acquisitions of resource-based enterprises occupy a considerable proportion. However, this paper finds that the problem of overpricing of M & A is common in Chinese resource-based enterprises. M & A pricing is an important link in M & A, which is directly related to the success or failure of M & A and the business performance after M A. This paper focuses on the pricing of cross-border mergers and acquisitions of resource-based enterprises in China. Resource-based enterprises are the main body of cross-border mergers and acquisitions in China in recent years. However, most of the resource-based enterprises in China are state-owned enterprises or enterprises directly under the State Council. The pricing of mergers and acquisitions determined by them is often related to the national economy and the people's livelihood, so the M & A price of such mergers and acquisitions is determined. It should be accurate and reasonable not only to ensure the smooth progress of M & A transactions, but also to ensure that the M & A of enterprises can achieve the desired results. At present, most of the research on M & A pricing focuses on the discussion of the specific pricing methods and the parameter selection in the specific methods, but there is not much research on how to grasp the M & A process as a whole to discuss the pricing of the M & A process. This paper holds that M & A pricing should be an organic process, and the interaction of each link of M & A affects the final pricing at the same time. Therefore, this paper focuses on combing the whole process of M & A, and tries to find out a scientific and reasonable method of M & A pricing by incorporating the process of M & A pricing. On the basis of the induction of the basic pricing methods, this paper also studies the application of the real option method in M & A, and introduces and summarizes the relevant application of the game theory in the bargaining in the last part of the bargain. Combined with the specific characteristics of China's resource-based enterprises and resource-based industries, and the analysis of the factors affecting the pricing of cross-border mergers and acquisitions of resource-based enterprises in China, this paper also makes a relevant case discussion and introduces the methods introduced in the theoretical analysis. Based on the results of theoretical analysis and practical case analysis, this paper puts forward some reasonable suggestions for improving the pricing method of cross-border mergers and acquisitions of resource-based enterprises in China.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F279.2;F271

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