上市公司并购中目标企业价值评估研究——以互联网企业为例  

Research on Value Evaluation of Target Enterprises in M&A of Listed Companies——Taking Internet Companies asan Example

作　　者：郭泰岳 GUO Tai-yue(Development Research Center of Shanxi Provincial People’s Government,Shanxi Academy of Social Sciences,Taiyuan Shanxi 030032,China)

机构地区：[1]山西省社会科学院(山西省人民政府发展研究中心)

出　　处：《技术经济与管理研究》2020年第1期73-78,共6页Journal of Technical Economics & Management

基　　金：山西省政府重大咨询课题项目（ZD201910）;山西省社会科学院（山西省政府发展研究中心）规划课题项目（YGH2019004）

摘　　要：随着"互联网+"模式的不断发展,互联网企业并购行为也随之增加,如何对并购活动中的目标企业进行价值评估成为投资者及学者关注的核心问题。本研究通过对国内外企业估值理论、互联网企业价值评估以及并购中目标企业估值理论的相关研究进行总结,并以此为理论基础,结合互联网企业用户规模比较庞大、用户粘性弱、服务特性等特点,提出应用综合评估法更加科学地分析目标互联网企业价值评估,构建能够较全面涵盖影响互联网企业价值的综合评价指标体系,选取上市公司中的30家互联网企业进行实证研究,经过标准化处理等步骤,最终得出综合得分,并获取样本互联网企业的市值。最后,结合实际发生的并购价值评估,更有力地证明本研究所运用的综合法比传统估值方法准确、科学,为现实中的互联网企业并购活动提供较好的视角及有效的决策依据。With the continuous development of the"Internet plus"model,the M&A behavior of Internet companies has also increased,and how to evaluate the target companies in M&A activities has become a core issue for investors and scholars.The relevant researches are summarized in the study on domestic and foreign companies’ valuation theory,Internet enterprise valuation,and target company valuation theory in mergers and acquisitions,and the summarizations are used as a theoretical basis,combining Internet enterprises with a relatively large user scale,weak user stickiness,and service characteristics and other characteristicsto apply a comprehensive evaluation method to analyze the valuation of target Internet companiesmore scientifically.Based on this,a comprehensive evaluation index system is established that can comprehensively affect the value of Internet companies with selected 30 Internet companies from listed companies to conduct empirical research. Through standardization and other steps,a comprehensive final score is obtained,and scientificcalculation is used to get the market value of sample Internet companies. Finally,combined with the actual valuation of mergers and acquisitions,it is better to prove that the comprehensive method used in this research is more accurate and scientific than traditional valuation methods,and provides a better perspective and effective decision-making basis for the actual M&A activities of Internet companies.

关 键 词：互联网上市公司 并购 目标企业估值 综合评估法 

分 类 号：F272.5[经济管理—企业管理]