| 企业并购估值贴现现金流模型研究 |
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| 引用本文： | 黄学庭. 企业并购估值贴现现金流模型研究[J]. 大连理工大学学报(社会科学版), 2007, 28(1): 32-34,56 |
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| 作者姓名： | 黄学庭 |
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| 作者单位： | 上海大学,金融系,上海,200444 |
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| 基金项目： | 上海市教委社科基金资助项目(2L847) |
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| 摘 要： | 威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。文章针对威斯通模型讨论了企业是否具有真正增长机会的条件;研究了企业在超常增长期采取不同投资策略对其价值的影响,建立了新的估值模型,并对两种模型在估值上的差异进行了分析。
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| 关 键 词： | 威斯通模型 贴现现金流法 企业并购估值 |
| 文章编号： | 1008-407X(2007)01-0032-03 |
| 修稿时间： | 2007-02-12 |
Research on the discounted cash flow models for valuation of corporation M&A |
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| HUANG Xue-ting. Research on the discounted cash flow models for valuation of corporation M&A[J]. Journal of Dalian University of Technology(Social Sciences), 2007, 28(1): 32-34,56 |
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| Authors: | HUANG Xue-ting |
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| Abstract: | Weston model is very popular among the discounted cash flow models for mergers and acquisitions(M&A) valuation.This article discusses the conditions in which firms have real growth opportunity.Then the effect of different investment policies on corporation value is studied,and a new valuation model is introduced.Finally,numerical examples are offered to illustrate the differences between the new model and Weston model. |
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| Keywords: | Weston model discounted cash flow approach valuation for corporation M&A |
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