股票并购中确定换股比率的两种方法比较  

Two Mechods of Realizing Stock-swap Ratio

作　　者：孙大利[1] 来君[1] 

机构地区：[1]浙江大学经济学院,浙江杭州310027

出　　处：《商业研究》2002年第17期93-96,共4页Commercial Research

摘　　要：探讨股票并购交易中确定换股比率的两种主要方法。在并购的价值分析的基础上,阐述自由现金流折现法与P/E指标法,比较两者在理论前提和假设条件上异同,确定其应用条件和换股比率最优区域,以期为股票并购交易的实现提供一个客观基础。This article discusses two methods of confirming stock-swap ratio in stock-swap deal. On the basis of the analysis of company's value, the paper expounds the FFCF model and the P/E model, compares their differences in premise and hypothesis, and confirms the exchange-ratio extension and the application conditions, in order to get the success of stock-swap deal.

关 键 词：股票并购 换股比率 价值 

分 类 号：F830.9[经济管理—金融学]