信息技术企业并购中市场法估值模型应用研究——以矽塔科技为例  

A Study on the Application of Market Valuation Model in the M&A of Information Technology Interprises——Take Silicon Tower Technology as an Example

作　　者：胡晓明[1] 张琼琼 黄昊晨 陈默 Hu Xiaoming;Zhang Qiongqiong;Huang Haochen;Chen Mo(School of Accounting,Nanjing University of Finance and Economics,Nanjing Jiangsu 210000,China)

机构地区：[1]南京财经大学会计学院,江苏南京210000

出　　处：《中国资产评估》2023年第11期4-15,共12页Appraisal Journal of China

基　　金：2023年江苏省资产评估行业研究课题“基于CAPM模型的企业特定风险量化与应用研究(苏评协[2023]74号)”;江苏省研究生实践创新计划项目“基于改进的Interbrand模型企业品牌价值评估研究——以家电企业为例(SJCX23_0640)”;江苏省研究生实践创新计划项目“短视频企业价值评估——以快手为例(SJCX23_0639)”的阶段性成果。

摘　　要：二十大报告指出,当前为促进数字经济与实体经济的快速融合,应推动新兴产业融合集群发展,构建新一代信息技术新的增长引擎。在整理并总结国内外相关文献后,从信息技术企业并购估值现状入手,提出以价值乘数贯穿改进全过程,构建可操作性强的市场法估值新思路。选择上海贝岭并购矽塔科技作为案例公司得到的结果表明,改进的市场法所评估出的结果与收益法评估值差异率较小,说明贴近信息技术企业特点构建相应指标体系与采用创新组合模型选取可比公司和确定价值乘数具有一定适用性。以市场法在信息技术企业并购估值中的现状与难点为切入点,从多方面研究改进思路,构建合适的市场法估值思路对并购定价具有重要理论意义和实践意义。In order to promote the rapid integration of digital economy and real economy,the report of the 20th National Congress of the Communist Party of China points out that it is necessary to promote the development of new industry convergence clusters and build a new engine of growth for the new generation of information technology.After sorting out and summarizing the relevant literature at home and abroad,starting with the current situation of M&A valuation of information technology enterprises,this paper puts forward a new idea of constructing an Operability market valuation method through the whole process of improvement by value multiplier.The results of the case study of Shanghai Beling M&A with SITA technology show that the difference between the results estimated by the improved market method and those estimated by the income method is small,it shows that it is feasible to build the index system close to the characteristics of it enterprises,select comparable companies and determine the value multiplier with the innovation portfolio model.Taking the present situation and difficulties of market method in M&A valuation of information technology enterprises as the Breakthrough Point,it is of great theoretical and practical significance to study the improvement ideas from various aspects and construct the suitable market method valuation ideas for M&A pricing.

关 键 词：企业并购 信息技术企业 市场法 并购价值 

分 类 号：F270[经济管理—企业管理]