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目前我国并购贷款业务的发放对象基本集中于大型国企和声誉良好的大型民企中国银监会于2008年12月发布《商业银行并购贷款风险管理指引》,针对境内企业以受让现有股权、认购新增股权、收购资产、承接负债等方式实现合并或实际控制并持续经营目标企业的并购行为,允许符合条件的商业银行对其发放并购贷款,以满足日益增长的并购融资需求。相对于房地产抵押贷款等成熟贷款形式,并购贷款中的资产评估业务尚未有完善的理论和方法研究,本文拟就并购贷款中资产评估的作用和评估思路进行阐述,以期为今后开拓与并购贷款相关的资产评估新兴市场业务提供一些有益的思路。
At present, China’s M & A loan business is basically targeted at large state-owned enterprises and reputable large-scale private-owned enterprises. The CBRC released the “Guidelines on M & A Loan Risk Management in Commercial Banks” in December 2008, targeting domestic enterprises to acquire existing shares and subscribe for new Equity, acquisition of assets, liabilities, etc. to achieve the merger or actual control and continue to run the target M & A, allowing eligible commercial banks to issue M & A loans to meet the growing demand for M & A financing. Relative to real estate mortgage loans and other mature loans, M & A loan assets assessment business has not been a sound theoretical and methodological study, this paper intends to assess the role of M & A loans in asset evaluation and evaluation ideas, with a view to opening up and M & A loans for the future Asset valuation of emerging markets business to provide some useful ideas.