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| 基于收益法下企业并购价值评估研究—以华策影视并购克顿传媒为例 内 容 摘 要 企业间的并购活动在随着经济全球化的迅猛发展而不断增加。 企业并购不仅为企业带来新的动力和机遇， 而且它可以在最短的时间内扩大企业的规模和加强企业的能力，因此， 可以说对外扩张最重要的手段之一就是并购。 与此同时，这可以获得规模经济、避免风险，加速调整社会产业结构， 充分利用资源，并提高经济的整体核心竞争力的发展。 目前，随着社会发展步伐和改革进程的加快，我国的经济市场正在迅速发展。 而文化传媒企业也是如此。 为了文化转型和文化产业结构改革的目的的实现，我国政府颁布了一系列扶持政策， 从而实现文化产业的建设。 在此基础上，文化领域的内部竞争日益激烈，尤其是影视行业的市场竞争更加严峻。 本文通过阐述国内外企业的并购现状，以华策影视并购克顿传媒为例， 结合两家企业的实际情况分析研究得出的评估结果， 选取了最适合目标企业价值评估的方法，即收益法。 本文着重讨论了收益法在企业并购价值评估中的应用。 本文分为七大部分对企业并购价值评估进行阐述：第一部分， 阐述了写作背景及选题意义； 第二部分，对并购的概念作了简要概述，同时介绍了三种常用的价值评估方法， 并分别分析了这三种方法的优缺点，得出收益法是最适合目标企业评估的方法； 第三部分，比较了国内外企业价值评估现状； 第四部分，采用收益法对华策影视并购克顿传媒进行了案例分析； 第五部分，从三个方面提出了案例中存在的问题； 第六部分，针对第五部分的问题提出了改进的对策； 第七部分，为本文结论部分。 关键词：收益法，并购，企业价值评估 Abstract With the rapid development of economic globalization, mergers and acquisitions among enterprises are increasing continuously. M&A not only brings new power and opportunities to enterprises, but also can expand the scale of enterprises and strengthen the ability of enterprises in the shortest time. Therefore, it can be said that one of the most important means of external expansion is M&A. At the same time, this can gain economies of scale, avoid risks, accelerate the adjustment of social industrial structure, make full use of resources, and improve the development of the overall core competitiveness of the economy. At present, with the acceleration of social development and reform process, China's economic market is developing rapidly. The same is true of culture and media companies. In order to realize the purpose of cultural transformation and structural reform of cultural industry, our government has promulgated a series of supportive policies to realize the construction of cultural industry. On this basis, the internal competition in the cultural field is increasingly fierce, especially the market competition in the film and television industry. In this paper, by expatiating the current situation of mergers and acquisitions of domestic and foreign enterprises, taking Huace Film and TV as an example, combining with the actual situation of the two enterprises to analyze the evaluation results, select the most suitable method for the target enterprise value evaluation, that is, the income method. This paper focuses on the application of income method in the value evaluation of M&A. This paper is divided into seven parts on the valuation of M&A: the first part, the writing background and the significance of the topic; In the second part, it gives a brief overview of the concept of merger and acquisition, introduces three commonly used value evaluation methods, and analyzes the advantages and disadvantages of these three methods respectively, and concludes that the income method is the most suitable method for the target enterprise evaluation. The third part compares the current situation of enterprise value evaluation at home and abroad; The fourth part, the use of income method to Huace film and television acquisition of Kelton Media case analysis; The fifth part puts forward the problems existing in the case from three aspects; The sixth part, in view of the fifth part of the problems put forward the improvement of the countermeasures; The seventh part is the conclusion of this paper. Key words: Income method, mergers and acquisitions, enterprise valuation |
