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对交易价格的评估,是当今收购兼并活动运用金融技术作为实务指导最为复杂的一个环节,运用现金流贴现法(DCF),在一定假设下获得估价区间,并以此作为衡量交易价格谈判的基础,是目前国际购并业务在实用理论方面讨论最多的热点领域。本文结合交易结构设计及类型确定,以贴现现金流估价模型为基础,探讨并购类型与整合效应的价值评估关系,及实证分析交易结构设计与并购估价的关联范畴。分析旨在讨论并购估价如何利用交易结构的不同设计使并购和约双方达到购并整合效果最大化。
The evaluation of the transaction price is the most complicated part of today’s M & A activity using financial technology as the practical guidance. Using the DCF method, the valuation range is obtained under certain assumptions and used as the basis for the negotiation of the transaction price , Which is the hot area where the international mergers and acquisitions business is the most discussed in practical theory. Based on the discounted cash flow valuation model, this paper discusses the relationship between M & A type and the value of the integration effect and the empirical analysis of the relationship between transaction structure design and M & A valuation. The analysis aims to discuss how M & A valuation can make use of the different designs of the transaction structure to maximize the effect of mergers and acquisitions on the merger and acquisition integration.