企业并购估值贴现现金流模型研究  

Research on the discounted cash flow models for valuation of corporation M&A

作　　者：黄学庭[1] 

机构地区：[1]上海大学金融系,上海200444

出　　处：《大连理工大学学报（社会科学版）》2007年第1期32-34,56,共4页Journal of Dalian University of Technology(Social Sciences)

基　　金：上海市教委社科基金资助项目(2L847)

摘　　要：威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。文章针对威斯通模型讨论了企业是否具有真正增长机会的条件;研究了企业在超常增长期采取不同投资策略对其价值的影响,建立了新的估值模型,并对两种模型在估值上的差异进行了分析。Weston model is very popular among the discounted cash flow models for mergers and acquisitions(M&A) valuation.This article discusses the conditions in which firms have real growth opportunity.Then the effect of different investment policies on corporation value is studied,and a new valuation model is introduced.Finally,numerical examples are offered to illustrate the differences between the new model and Weston model.

关 键 词：威斯通模型 贴现现金流法 企业并购估值 

分 类 号：F270[经济管理—企业管理]