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一、并购的常见定价方法西方国家在并购行为中通常由独立的第三方对目标企业的价值进行评估,然后依据所评估的价值制定并购的价格。采用的评估方法主要有以下三种。(1)贴现法:即以目标企业可以获得的未来回报的折现值估算企业价值。由于该方法具有坚实的理论基础,因此被广泛接受。但该方法假设太严谨,在现金流量和期间的预测以及折现率的选择上有很大的不确定性。
1. Common pricing methods for M&As In western M&As, the value of target companies is usually assessed by an independent third party, and then the price of the M&A is determined based on the assessed value. The following three assessment methods are used. (1) Discounting method: The value of the company is estimated based on the discounted value of future returns that can be obtained by the target company. Because this method has a solid theoretical basis, it is widely accepted. However, this method is presumed to be too rigorous, and there is great uncertainty in the prediction of cash flow and period and the choice of discount rate.