企业并购估值与定价研究——以能源企业为例  

Research on the Valuation and Pricing of Enterprise’M&A--Taking Energy Companies as an Example

作　　者：严艳芳 YAN Yanfang(China Nuclear Huineng Zhongnan Branch)

机构地区：[1]中核汇能中南分公司

出　　处：《中国商论》2021年第15期140-142,共3页China Journal of Commerce

摘　　要：随着风力发电行业的发展,资本市场并购交易频繁增加,关注并购估值忽略的关键价值—协同效益,可有效规避并购中经常存在过高"估值"与"定价"的情况。本文以A公司并购风力发电企业为例,用企业自由现金流评估方法对并购估值与定价进行分析研究,并提出相关的建议。研究结果有助于并购的估值与定价,从而缓解实务中过高并购溢价的问题,可以为风力发电企业的并购估值与定价提供借鉴。With the development of the wind power industry,M&A transactions in the capital market have increased frequently.Focusing on the key value neglected in M&A valuation-synergy,can effectively avoid the frequent excessive"valuation"and"pricing"in M&A.This paper takes the acquisition of wind power company A as an example,uses the free cash flow evaluation method of the company to analyze the valuation and pricing of mergers and acquisitions,and puts forward relevant suggestions.The research results are helpful to the valuation and pricing of mergers and acquisitions,thereby alleviating the problem of excessively high merger and acquisition premiums,and can provide a reference for the valuation and pricing of mergers and acquisitions of wind power companies.

关 键 词：并购估值 定价 协同效益 定价分析 

分 类 号：F279.23[经济管理—企业管理]