基于不同竞争状况的威斯通并购估价模型研究  

A Study of Weston Model for Valuation of Corporate M&A Based on Different Competitive Conditions

作　　者：黄学庭[1] 

机构地区：[1]上海大学金融系,上海200444

出　　处：《运筹与管理》2007年第3期151-154,共4页Operations Research and Management Science

基　　金：上海市教委社科基金资助项目(2L847)

摘　　要：本文首先根据收益增长率等于再投资额与再投资收益率的乘积这一基本结论,对超常增长而后无增长的威斯通模型作了一点修正;接着分析了该模型中隐含的企业总投资资本利润率;最后根据微观经济学理论探讨了企业在无增长阶段可能面临的不同竞争状况对其未来盈利能力和现金流的影响,建立了更具普遍性的估价模型。Based on the conclusion that revenue growth rate equals the product of the reinvestment amount and incremental rate of revenue,this article makes a minor modification of Weston model with the zero growth after supernormal increasing period.Then the implied overall return on the invested capital is analyzed.Finally,according to microeconomic theory,the effects of different competitive conditions during the zero growth period on corporate profitability and cash flow are examined closely,and the more general valuation model is developed.

关 键 词：企业并购估值 总投资资本利润率 贴现现金流法 威斯通模型 

分 类 号：F224.5[经济管理—国民经济]