企业并购商誉的价值评估研究

发布时间：2018-03-23 02:26

本文选题：企业并购商誉　切入点：价值评估　出处：《西安建筑科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年10月,习近平总书记在讲话中提出了“供给侧改革”,其根本所在就是对供给主体进行改革,即对企业的改革,目的是通过资源配置的优化达到产业结构的调整,从而将效率水平有效提升,促进国民经济的稳步增长。在此背景下,并购重组作为企业整合行业资源的方式渐渐进入人们的视野,以期获得协同效应,从而提高供给的质量。在并购愈演愈烈的时代,对于企业并购商誉的价值评估就显得愈发重要,一方面是为了作为股权交易的定价基础;另一方面是为了在并购后开展有效的商誉管理,尽可能带来更多的超额收益,促使并购重组的成功。本文站在并购企业的角度,首先对企业并购商誉价值评估的相关基础理论进行了分析,主要内容包括商誉与企业并购商誉的内涵界定以及企业并购协同效应的理论。其次,全方位分析了企业并购商誉价值评估在我国现实应用中存在的问题。并针对该问题借鉴国外的研究经验,以超额收益法为基础同时引入协同效应的计量,建立出企业并购商誉价值评估模型。然后选取国内企业的并购案例,将所建立的模型进行应用,评估出企业并购商誉的价值,并对评估结果进行简要的分析与论证。最后,根据模型在案例中的应用情况对完善企业并购商誉的价值评估研究提出了几点建议。本文所构建出的企业并购商誉价值评估模型为企业并购商誉的价值研究提供了新的思路,对新时代背景下资产评估在我国的发展起到了强有力的助推作用。
[Abstract]:In October 2015, General Secretary Xi Jinping put forward the "supply-side reform" in his speech, which is based on the reform of the main body of supply, that is, the reform of the enterprises, with the aim of adjusting the industrial structure through the optimization of the allocation of resources. In this context, M & A, as a way of integrating industry resources, gradually enters people's vision, in order to obtain the synergy effect, so as to improve the efficiency level and promote the steady growth of the national economy. So as to improve the quality of supply. In the era of increasingly fierce M & A, the value evaluation of goodwill of M & A becomes more and more important, on the one hand, it is the basis of pricing equity transactions; On the other hand, in order to carry out effective goodwill management after M & A., bring as much excess income as possible, promote the success of M & A. First of all, it analyzes the basic theory of the value evaluation of goodwill, including the definition of goodwill and goodwill of M & A, and the theory of synergetic effect of M & A. This paper analyzes on the problems existing in the practical application of corporate M & A goodwill value evaluation in China, and draws on the experience of foreign countries and introduces the measurement of synergistic effect on the basis of excess income method. The value evaluation model of goodwill of M & A is established, and then the case of M & A of domestic enterprises is selected, the model is applied to evaluate the value of goodwill of M & A, and the evaluation result is analyzed and demonstrated briefly. According to the application of the model in the case, some suggestions are put forward to perfect the research on the value evaluation of the goodwill of M & A. The model constructed in this paper provides a new idea for the study of the value of the goodwill of M & A. It has played a powerful role in the development of asset evaluation in our country under the background of the new era.
【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72;F406.7

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