本文選題：并購(gòu)估值　切入點(diǎn)：輕資產(chǎn)企業(yè)　出處：《廣東工業(yè)大學(xué)》2017年碩士論文

【摘要】：在企業(yè)并購(gòu)過(guò)程中,目標(biāo)企業(yè)價(jià)值評(píng)估是整個(gè)交易的重要環(huán)節(jié),直接影響到并購(gòu)時(shí)的交易價(jià)格,影響并購(gòu)雙方的利益和決策行為,影響并購(gòu)后企業(yè)的未來(lái)經(jīng)營(yíng),甚至是并購(gòu)活動(dòng)成敗的關(guān)鍵。在我國(guó)社會(huì)不斷發(fā)展的背景下,人們的文化生活不斷豐富,促進(jìn)了互聯(lián)網(wǎng)、游戲、影視傳媒等非傳統(tǒng)行業(yè)的壯大,這類(lèi)公司的特點(diǎn)是無(wú)形資產(chǎn)占總資產(chǎn)比例較重,因此它們被稱(chēng)為“輕資產(chǎn)公司”。隨著輕資產(chǎn)行業(yè)的壯大,輕資產(chǎn)公司之間的并購(gòu)事件也在逐年增多。與傳統(tǒng)企業(yè)相比,評(píng)估輕資產(chǎn)公司價(jià)值更為特殊。輕資產(chǎn)公司在估值方法的選用、估值時(shí)應(yīng)注意的關(guān)鍵點(diǎn)以及計(jì)算估值模型中的參數(shù)方面,均有難點(diǎn)。本文應(yīng)用規(guī)范研究法、案例研究法以及對(duì)比研究法,在概述了企業(yè)價(jià)值評(píng)估的基本理論后,分析了輕資產(chǎn)企業(yè)及其評(píng)估的特殊性,接著闡述了M輕資產(chǎn)公司并購(gòu)估值的案例概況,之后對(duì)案例進(jìn)行了分析,包括對(duì)案例所利用的評(píng)估方法選擇的分析,模型參數(shù)的確定分析以及估值時(shí)應(yīng)注意的關(guān)鍵點(diǎn)的分析等。探究評(píng)估M公司時(shí)存在的不足及難點(diǎn),針對(duì)這些不足與難點(diǎn),得到相關(guān)的啟示及建議。這對(duì)未來(lái)輕資產(chǎn)企業(yè)的并購(gòu)估值具有一定的現(xiàn)實(shí)意義。筆者嘗試用不同的方法對(duì)案例中的輕資產(chǎn)企業(yè)進(jìn)行估值計(jì)算和分析。筆者認(rèn)為,與其他方法相比,股權(quán)自由現(xiàn)金流折現(xiàn)模型(FCFE)比較適合輕資產(chǎn)企業(yè),但在運(yùn)用該方法中,往往會(huì)存在許多疑點(diǎn)。為了提高估值的合理性與科學(xué)性,在使用股權(quán)自由現(xiàn)金流折現(xiàn)模型時(shí),我們應(yīng)該綜合考慮被評(píng)估企業(yè)的實(shí)際情況,全面了解其行業(yè)狀況、企業(yè)戰(zhàn)略,注意估值時(shí)的一些關(guān)鍵點(diǎn)。同時(shí),在防范輕資產(chǎn)企業(yè)的估值風(fēng)險(xiǎn)方面,筆者也給出了一些建議。
[Abstract]:In the process of enterprise merger and acquisition, the value evaluation of target enterprise is an important link of the whole transaction, which directly affects the transaction price, the interests and decision-making behavior of both sides of the merger and acquisition, and affects the future management of the enterprise after the merger and acquisition.Even M & A is the key to success or failure.Under the background of the continuous development of our society, people's cultural life has been enriched, which has promoted the expansion of non-traditional industries such as the Internet, games, film and television media, etc. The characteristics of such companies are that intangible assets account for a heavy proportion of the total assets.So they are called light assets companies.With the expansion of light assets industry, mergers and acquisitions between light assets companies are also increasing year by year.Compared with traditional enterprises, it is more special to evaluate the value of light assets companies.There are some difficulties in the selection of valuation methods, the key points to be paid attention to and the calculation of the parameters in the valuation model.This paper applies standard research method, case study method and contrast research method, after summarizing the basic theory of enterprise value evaluation, analyzes the particularity of light assets enterprise and its evaluation.Then, the case of M & A valuation is described, and then the case is analyzed, including the selection of the evaluation method used in the case, the determination of the model parameters and the analysis of the key points that should be paid attention to in the valuation.This paper explores the shortcomings and difficulties in the evaluation of M Company, and obtains some enlightenment and suggestions in view of these shortcomings and difficulties.This is of practical significance to the M & A valuation of light assets enterprises in the future.The author tries to use different methods to calculate and analyze the valuation of enterprises with light assets.The author thinks that compared with other methods, FCFE (discounted free cash flow model) is more suitable for enterprises with light assets, but there are many doubtful points in the application of this method.In order to improve the reasonableness and scientificalness of valuation, we should consider the actual situation of the evaluated enterprise synthetically when we use the discounted model of free cash flow of equity, fully understand its industry condition, enterprise strategy, and pay attention to some key points of valuation.At the same time, in the aspect of guarding against the valuation risk of light assets enterprises, the author also gives some suggestions.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F49

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