我国企业并购中的价值评估分析

我国企业并购中的价值评估分析
 
摘  要：近年来，随着我国市场经济的不断快速发展，企业并购活动在我国愈演愈烈。企业并购行为是市场经济发展的必然，它在我国经济生活中的地位越来越重要，作为能够迅速聚集资本、壮大企业规模的企业并购行为成为我国企业参与激烈国际竟争的必然选择。
在并购过程中，目标企业价值的正确评估是并购企业能够实施成功并购的1个关键环节。本文首先描述了企业价值评估的基本理论，再主要围绕并购中目标企业的价值评估，运用案例进行了分析，指出了各种价值评估方法的适用性和局限性：成本法的客观性与不考虑企业整体盈利能力；市场法的直观性、直接性与寻找相同可比企业难度大；收益法的反映企业整体未来盈利能力与主观性、取决于对企业未来的预测能力等等。另外，文中对评估方法的不当、无形资产评估的忽视、政府行政干预、投资银行未发挥应有作用等我国企业并购价值评估中现存的问题进行了探讨分析，提出了多种评估方法相结合、推动投资银行发展等具体的解决建议。

关键词:企业价值；价值评估；收益现值法；重置成本法；市场法

The Analysis on the Value’s Estimation in The Anexation of Our Country’s Enterprises
 
Abstract: In recent years, with the fast development of our country’s market economy, the annexation of the enterprises in our country becomes even more fiercely. The annexation of the company is inevitable under the development of market economy. It plays a more and more important role in the economy; it also becomes the inevitable choice of the enterprise to participate in the international fierce competition, as it can gather the capital and expand the scale rapidly. （转载自中国科教评价网http://www.nseac.com）
In the process of annexation, the correct valuation of the target enterprise is the key to the successful annexation for the buyer. This thesis begins with the basic theory of the annexation to the enterprise’s value, then center on the value annexation to the target enterprise, and analyze it with many examples, in order to point out the applicabilities and limitations: Cost method is objective, but it does not consider the whole profit; Market method is direct-viewing, but it is difficult to seek its counterpart, Income method reflects the ability of the whole profit in future, which is subjective, and it depends on the ability of forecasting. Moreover, in the areas such as: the inappropriate method of annexation; the neglecting to the intangible assess; the intervention of the government; the less function of the investing bank playing, this thesis also studies and analyzes these problems existing in the annexation, and it rises up a lot of specific suggestions,for instance, to make the multiple methods of estimation composite, to prove the development of investing banks.

Key Words:enterprise’s value; enterprise estimation; income current value; reset cost; market method