摘要
并购是两家或更多的独立企业或公司合并组成一家公司,并购的前提是并购的经济收益要大于并购成本,通过对并购经济收益和并购成本的界定和分析,建立了6个数学模型,推导出理想财务模型:ΔV=NRA+NRB;根据财务模型分别分析现金支付和股票支付下的并购成本,现金支付的并购成本主要是确定支付价格,股票支付下的并购成本的关键是确定换股比率。
The merger means the combination of two or more commercial companies. The precondition of the merger is that economic returns are more than merging cost. Through the definition and analysis on the economic returns and cost of the merger, we can make six math models and get the ideal financial model, that is AV = NRA ＋ NRB ;According to the financial model, we can analyze the merging cost separately in cash payment and stock payment. On the cash payment, the key is to find the paying price, and on the stock payment, the key is to find the proportion of stock exchanging.
出处
《淮南职业技术学院学报》
2007年第1期70-72,共3页
Journal of Huainan Vocational Technical College
关键词
并购
财务模型
成本
the merger
financial model
cost
