跨国并购涉及至少两个国家或地区,无论宏观还是微观层面都面临巨大差异与评估的不确定性,从而加大了价值评估的难度。本文针对跨国并购价值评估存在的问题,如无形资产估价、国家间制度的差异、政府过度干预、跨国并购存在的特定风险、评估方法的选取等方面问题,提出针对性的对策,同时提出修正的情景现金流收益法,并试图将其准确运用到高成长跨国企业并购价值评估中。 Cross-border M & As involves at least two countries or regions, and they face huge differences and uncertainties at both the macro and micro levels, thus increasing the difficulty of value assessment. This article aims at the problems in cross-border M & A value assessment, such as the valuation of intangible assets, the differences among countries, the excessive government intervention, the specific risk of cross-border M & A and the selection of evaluation methods. At the same time, Scenario Cash Flow Approach, and attempts to apply it accurately to M & A valuation of high-growth multinationals.