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在全流通时代,中国的上市公司的并购估值应将西方市场的估值方式与国内市场的特点充分结合,并参考在当前条件下的公司价值,将被并购公司的价值分为两部分,即公司的“壳价值”与自身价值,才能够建立并购被公司在当前条件下的估值公式。这种估值方式能够参考公司的“壳资源”带来的价值,是一种创新性的估值方式。本文将对国上市公司并购估值过程进行分析,探讨影响估值的重要因素,以解决中国上市公司在并购中遇到的估值问题。
In the era of full circulation, the valuation of mergers and acquisitions of Chinese listed companies should fully integrate the methods of valuing the western markets with the features of the domestic market. By referring to the company value under the current conditions, the value of the merged company will be divided into two parts, That is, the company’s “shell value” and its own value, to be able to establish the company’s valuation formula under the current conditions. This valuation method can refer to the value of the company’s “shell resources ”, is an innovative valuation method. This article will analyze the valuation process of M & A of listed companies in China, and discuss the important factors affecting the valuation in order to solve the valuation problems encountered by Chinese listed companies in M & A.