基于贴现现金流量的企业并购财务可行性分析方法  

Financial Feasibility Analysis of Corporate Merger and Acquisition Based on Discounted Cash Flow Method

作　　者：刘可新[1] 赵昱锋 赵春彦[3] 

机构地区：[1]上海应用技术学院经济与管理学院,上海201418 [2]中国电信股份有限公司海南分公司,海南海口570105 [3]上海交通大学安泰经济与管理学院,上海200052

出　　处：《东华大学学报（自然科学版）》2015年第3期398-401,共4页Journal of Donghua University(Natural Science)

摘　　要：从内部筹集和外部借贷两方面分析了并购方收购和重组的资金来源,以明确并购投资的组成.在此基础上,提出了用贴现现金流量法对目标企业的现金流量规划、盈利能力和偿债能力进行分析的方法,并讨论了并购方通过临界和敏感性分析进行风险与不确定性控制的手段.The sources of funds for acquisition and restructuring were studied from the two aspects of internal raise and external borrowing, in order to make clear the investment components of corporate merger and acquisition. On this base, the research methods for cash flow planning, profitability, debt paying ability of the target corporate, were put forward by the use of discounted cash flow method. The risk and uncertainty controlling methods were discussed through the criticality and sensitivity analysis.

关 键 词：企业并购 财务分析 贴现现金流量 可行性分析 

分 类 号：F279.245[经济管理—企业管理]