摘要
企业并购是有特定目的的,在评估实务中,对并购目标公司的评估大多出具的是市场价值类型评估报告,且并购的成交价格大多等于市场价值评估值乘以并购股权比例,这是有一定瑕疵的。本文通过对成交价格与市场价值的数量关系分析,认为成交价格应在市场价值评估值基础上考虑协同效应、协同效应减值因素、业绩对赌、谈判能力等其他因素,并给出了协同效应减值因素扣除比例、业绩对赌协议价值和谈判能力等其他影响因素的量化方法和公式。
Enterprise merger and acquisition are for specific purpose.In appraisal practice,the appraisal of the target company of merger and acquisition is mostly issued by the type of market value valuation report,and the transaction price of merger and acquisition is mostly equal to the market value appraisal result multiplied by the proportion of merger and acquisition equity,which is a certain flaw.Through the analysis of the quantitative relationship between transaction price and market value,this article believes that transaction price should consider other factors such as synergy,synergy impairment factors,valuation adjustment mechanism,negotiation ability and other factors on the basis of market value appraisal,and gives the quantitative methods and formulas for deduction ratio of synergy impairment factors,value of valuation adjustment mechanism,negotiation ability and other influencing factors.
作者
王进江
孙建忠
Wang Jinjiang;Sun Jianzhong(China Enterprise Appraisals Co.,Ltd.,Beijing100020)
出处
《中国资产评估》
2021年第7期57-64,共8页
Appraisal Journal of China
关键词
成交价格
市场价值
投资价值
减值因素
对赌协议
Transaction Price
Market Value
Investment Value
Impairment Factor
Valuation Adjustment Mechanism
