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企业并购活动是一项不确定性的投资活动,企业并购的财务分析主要包括四个方面:目标企业的价值评估、并购活动的成本-效益分析、并购活动对每股收益及每股市价的影响分析以及并购分析等,其中对目标企业的价值评估是并购决策的核心问题。目标公司估价,就是并购双方根据各方面因素,对目标企业的价值做出判断。目标企业的价值评估(财务股价)是指对目标企业的资产(净资产)价值的估计。对一般来说,企业并购中,评估目标企业价值的基础主要有三种:资产价值、现金流量、实物期权法。
The M & A activity is an uncertain investment activity. The financial analysis of the M & A mainly includes four aspects: the valuation of the target company, the cost-benefit analysis of the M & A activity, the impact of M & A activity on the earnings per share and the market price per share Analysis and analysis of mergers and acquisitions, etc., of which the value of the target business evaluation is the core issue of mergers and acquisitions decision-making. The valuation of the target company means that both parties to the merger and acquisition make judgments on the value of the target enterprise according to various factors. The valuation of the target company (financial share price) is the estimate of the value of the target company’s assets (net assets). In general, in M & A, there are mainly three kinds of basis for evaluating the value of the target enterprise: asset value, cash flow and real option method.