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在企业之间进行并购,首先要对目标企业的价值进行全面评估,除了要对目标企业基本生产经营和财务状况、内部管理及行业发展趋势进行定性分析以外,更重要的是对目标企业的价值进行定量评估,这往往成为决定企业并购成败的一个关键,也是主并双方谈判的焦点。如何估算企业的价值?一般而言,估算企业价值的依据有两个,一是根据公司未来盈利水平进行评价,二是根据公司的资产进行评价,由此而形成了企业价值评估的三种方式,即资产评估模型、贴现模型和直接采用股票市场价格的市场模型。其中对贴现模型的应用,目前在现实经济活动中一般是采用的会计收益贴现,但笔者认为与会计收益贴现模型比较,现金流量贴现模型有着更为明显的优势。
In the merger between enterprises, we must first conduct a comprehensive assessment of the value of the target company, in addition to the basic production and management of the target business and financial status, internal management and industry development trends qualitative analysis, more importantly, the value of the target business Quantitative assessment, which often become the key to determining the success of corporate mergers and acquisitions, but also the main and the two sides negotiations. How to estimate the value of an enterprise? Generally speaking, there are two bases for estimating an enterprise’s value. One is to evaluate the future profitability of the company, the other is to evaluate the company’s assets, and thus form three ways of evaluating the enterprise’s value , Namely the asset valuation model, the discount model and the market model that directly uses the stock market price. Among them, the application of the discount model is currently discounted in the actual economic activity, but I think the discounted cash flow model has more obvious advantages compared with the discounted accounting income model.