基于企業(yè)價值評估的并購效應分析.pdf

1、分類號UDCy855859密級——單位代碼1Q151基于企業(yè)價值評估的并購效應分析韓穎指導教師周東生職稱副教授學位授予墮位大連海事大學申請學位級別碩i學科與專業(yè)企業(yè)管理論文完成r期2006年2月論文答辯日期答辯委員會主席坦Z壘i臼塹日塑竺翌TheAnalysisofM&AAffectInEvaluationofTheCompanyAbstractM&A(mergerandacquisition)hasbeendominatingposi

2、tionintheexpansionanddevelopmentofwesternenterprises，recentlythewaveofM&AalmostinvolvesthealltheindustriesMeanwhile，withfurtherdevelopmentofChinesemarketeconomyandestablishmentofmodementerprisesystem，theroleofjoint—stock

3、companyandM&Ahasbeenmoreactive，alongwithcapitalmanagementactivitywithinChinesebusinesswhicharousestheattentiontocorporatevalueevaluation(CVE))theory，Amongwhich，oneofthemostimportantfactoristochoosescientificandpracticale

4、valuationmethodsUnderthemacrobackgroundcharacterizedbypopularM&A，CVEtheoryprovestobeusefulformanagersandcompanyownersinanalyzinginternalfirm’Ssituationandtargeted—firms’valueanddevelopmentprospect，furtherstrategicpolicyi

5、nM&A，salesandetcInpractice，thecorporatevalueliesonthecorporatepotentialprofitcapacitywhileCVEisbasedonthecorporaterealitymoduleandrelativeexperienceofpractitioners，thereforetheresultinCVEhasdirectcausalitywiththetransact

6、ionofM&AThisexactlyistheimportanceofacademicmadpracticalstudyintoCVEtheoryWhichisthetradingmarrowandthekeyfactortoSuccessandfailureofM&AAtthesametimeitisnotonlytheaccordanceforbargining，butalsothebaseofthejudgmentofthelo

7、ssofthenation’SpropertyornotToaccuratelyevaluatethetargeted—firms’value，theappropriateassessmentmethodologyisinthefirstplaceThisdissertationgenerallyanalyzesthecurrentpopularfourevaluationmethods，looksintotheirmodules，SW

8、OTcharacteristicsandapplicabilityconditionFurthertheauthorfocusesonthepracticalapplicationofCVEintargeted—firms，whichconcentratesonindependentvalueofmergerpursuitfinns，targeted—firmsandthenewcreatedfirmsEventuallytheauth