基于投资价值评估的企业并购协同效应量化与跟踪评价  

Quantification and Tracking Valuation of Synergy Effects of M&A Based on Investment Valuation

作　　者：陈蕾[1] 毛宇凯 邢盼盼 Chen Lei;Mao Yukai;Xing Panpan

机构地区：[1]首都经济贸易大学财政税务学院,北京100070 [2]中国工商银行北京市分行,北京100007

出　　处：《中国资产评估》2024年第5期40-49,共10页Appraisal Journal of China

基　　金：产学研合作项目“企业并购投资价值评估实务与案例研究”的阶段性研究成果。

摘　　要：协同效应的获取是企业并购投资的关键动因。科学合理地量化协同效应,并对其实现效果进行跟踪评价,对于经济新常态下的企业高质量发展具有重要意义。文章基于投资价值评估的理论和现实需要,尝试构建企业并购协同效应的量化与跟踪评价框架。从不同类型协同效应的机理剖析入手,设计企业并购协同效应的量化技术体系;从基准验证、完善协同计划、跟踪实现进度、审查回顾四个方面,探索协同效应实现的跟踪评价手段;在此基础上,进一步提出相关建议。研究认为,协同效应的量化与跟踪评价是一个互相联系的有机整体,二者的互补关系有助于协同效应量化结果更加科学合理、协同效应的实现更卓有成效。The acquisition of synergy effect is the key motivation of enterprise M&A investment.It is of great significance for the high-quality development of enterprises under the new normal of economy to scientifically and reasonably quantify the synergy effect and track and valuate its realization efect.Based on the theoretical and practical needs of investment value valuation,this paper attempts to construct a quantitative and tracking valuation framework for the synergy effect of M&A.Starting from the analysis of the mechanism of different types of synergies,the quantitative technical system of M&A synergies is designed;explore the tracking and valuation methods of synergistic effect realization from four aspects:benchmark verification,improvement of collaborative plan,tracking implementation progress and review;on this basis,further relevant suggestions are put forward.Research suggests that the quantification and tracking valuation of synergistic effects are an interconnected organic whole,and their complementary relationship helps to make the quantification results of synergistic effects more scientific and reasonable,and the implementation of synergistic effects more effective.

关 键 词：企业并购 并购估值 投资价值评估 协同效应量化 跟踪评价 

分 类 号：F275[经济管理—企业管理]