本文關(guān)鍵詞：基于L-G模型的換股合并中換股比例問題探析　出處：《財(cái)會(huì)通訊》2017年32期 　論文類型：期刊論文

  更多相關(guān)文章： 換股合并動(dòng)因 價(jià)值評(píng)估 換股比例

【摘要】：隨著并購的發(fā)展,換股合并已經(jīng)成為一種主要的并購形式。換股比例是換股合并最為關(guān)鍵的因素,不僅影響交易的成敗,還決定合并后公司的股權(quán)結(jié)構(gòu)及利益分配。本文選取美的集團(tuán)換股合并美的電器的案例,在并購方案、換股比例確定等方面進(jìn)行分析,得出結(jié)論:第一,進(jìn)行目標(biāo)企業(yè)價(jià)值評(píng)估是確定換股比例的前提,只有并購雙方對(duì)企業(yè)價(jià)值達(dá)成共識(shí),并購才會(huì)繼續(xù)進(jìn)行;第二,換股比例的確定是換股合并的核心問題;第三,應(yīng)用L-G模型計(jì)算可知美的集團(tuán)的換股比例范圍是[0.1369,0.3754],本案例中的實(shí)際換股比例0.3582落在上述區(qū)間,可以認(rèn)為該換股比例是公允的,體現(xiàn)了并購雙方的利益。
[Abstract]:With the development of M & A, stock exchange merger has become a main form of M & A. the proportion of stock exchange is the most important factor, which not only affects the success or failure of trading. Also decided after the merger of the company's equity structure and benefit distribution. This paper selects Midea stock exchange merger of the United States electrical case, in the M & A plan, share exchange ratio determination and other aspects of the analysis, draw a conclusion: first. The evaluation of target enterprise value is the premise to determine the proportion of stock exchange. Only when both sides reach a consensus on enterprise value can M & A continue. Second, the determination of the proportion of stock exchange is the core issue of the merger; Thirdly, the L-G model is used to calculate the range of stock exchange ratio of Midea Group. [0.1369 / 0.3754], the actual proportion of stock exchange in this case falls to the above interval 0.3582, which can be considered fair and reflects the interests of both sides of the merger and acquisition.
【作者單位】： 河南經(jīng)貿(mào)職業(yè)學(xué)院;
【分類號(hào)】：F426.6;F832.51
【正文快照】： 一、引言公司并購過程中,合并方為了獲得目標(biāo)方的股權(quán)或資并購即兼并與收購,指兩家公司通過合并以達(dá)到特定產(chǎn),需要付出相應(yīng)的對(duì)價(jià),對(duì)價(jià)的形式可以是現(xiàn)金、股票或的戰(zhàn)略目標(biāo)和商業(yè)目標(biāo)。并購可以整合雙方的資源,形成者兩者的組合。換股合并指收購方用自身股份或合并后企規(guī)模經(jīng)，

本文編號(hào)：1427859