对企业并购估价中威斯通模型的进一步研究  

A Further Study of Weston Model for Valuation of Corporate 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：《价值工程》2008年第5期159-161,共3页Value Engineering

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。首先对超常增长而后无增长的威斯通模型作了一点修正;接着建立了企业在超常增长期采取不同投资策略时的估价模型;最后分析了新建模型与原模型的差异,并通过数例对两模型进行了敏感性分析。Weston models are very popular among the discounted cash flow models for mergers and acquisitions valuation. This article makes a minor modification of Weston model with the zero growth after supemormal increasing period, Then a new valuation model with different investment policy is developed. Finally, the different between the new model and the modified Weston model and their sensitivities are analyzed.

关 键 词：威斯通模型 企业并购估值 贴现现金流法 投资策略 

分 类 号：F271[经济管理—企业管理] N945.12[经济管理—国民经济]