由于新三板市场是一个新兴的市场，新三板并购尽管起步比较晚，但是案例还是 比较多的，在并购当中如何进行估价，这是相关各方都非常关注的课题，所以本文选 择新三板公司A并购B公司的案例进行研究。公司并购过程中最为重要的工作就是 估值，选择恰如其分的估值方法有利于促成并购的成功，提高并购效率，因此对并购 目标公司B的估值进行研究就显得十分有意义。 本文应用案例分析法、比较分析法，并结合并购理论对新三板公司A并购B公 司的估值进行研究。首先介绍了AB公司的基本情况，A并购B公司的交易支付方法 以及使用的估值方法。接着运用收益法、市场法和资产基础法对新三板公司A并购B 公司估值详细分析，然后对三种方法进行比较，认为收益法（FCFE）更适合于企业 并购估值。其次，是通过分析发现新三板A公司在并购中没有考虑到并购的协同效应， 所使用的估值方法选择和折现率估算不当，究其原因是资本性支出与经营性支出难区 分，无形资产生命周期的影响，易受到主观因素的影响造成的，通过分析证明，收益 法还是最适合A并购B公司的估值方法。最后，提出需要在估值时考虑到并购后的 协同效应，选择正确的估值方法以及合理调整好折现率。 通过研究得出的结论：（1）通过三种估值方法比较后，得知收益法估值是39,495 万元，市场法估值是20,525万元，资产基础法不适用B公司的估值。可见，市场法 估值结果缺乏合理性，而收益法估值结果与B公司披露价值（39,500万元）非常接近。 也即是收益法（FCFE模型）更适合于目标公司B的估值中应用。（2）对目标公司B 估值后，发现并购估值存在估值方法选择、折现率估算、资本性支出与经营性支出区 分方面的问题，究其原因是估值模型较复杂，易受到主观因素的影响、无形资产生命 周期的影响、对B公司业务发展速度预测缺乏准确性等造成的。（3）针对估值问题， 提出了需要选择正确的估值方法、合理调整折现率以及估值时考虑并购后公司未来收 益预测等措施，从而可以使企业在并购估值时更加准确。 关键字：新三板企业并购并购估值 II ABSTRACT Asthenewthirdboardmarketisanemergingmarket,althoughthenewthirdboard mergerandacquisitionstartedlate,therearestillmanycases.Howtoevaluateitinthe processofmergerandacquisitionisatopicofgreatconcerntoallpartiesconcerned.So thispaperchoosesthecaseofthenewthirdboardcompanyAmergerandacquisitionB companytostudy.ValuationisthemostimportantworkintheprocessofM&A. Choosingappropriatevaluationmethodisconducivetopromotingthesuccessof M&AandimprovingtheefficiencyofM&A.Therefore,itisverymeaningfulto studythevaluationofM&ACompanyB. Thispaperappliescaseanalysis,comparativeanalysisandmergerandacquisition theorytostudythevaluationofnewthirdboardcompanyAandB.Firstly,itintroducesthe basicsituationofABcompany,thetransactionpaymentmethodofAmergerand acquisitionofBcompanyandtheuseofvaluationmethod.Thenuseincomemethod, marketmethodandasset-basedmethodtoanalyzethevaluationofnewthirdboard companyaandBindetail,thencomparethethreemethods,andthinkthatincomemethod (FCFE)ismoresuitableforthevaluationofM&A.Secondly,throughanalysis,itis foundthatthesynergisticeffectofM&AisnottakenintoaccountintheM&Aof NewThirdBoardACompany.Theimproperselectionofvaluationmethodsandestimation ofdiscountrateareattributedtothedifficultyindistinguishingcapitalexpenditurefrom operatingexpenditure.Theimpactofintangibleassets'lifecycleiseasilyinfluencedby subjectivefactors.Throughanalysis,itisprovedthattheincomemethodisstillthemost suitablemethodforM&AandBcompany.Division'svaluationmethod.Finally,itis proposedthatthesynergyeffectafterM&Ashouldbetakenintoaccountinvaluation, andthecorrectvaluationmethodshouldbechosenandthediscountrateshouldbeadjusted reasonably. Theconclusionsareasfollows:(1)Aftercomparingthethreevaluationmethods,we knowthatthevaluationofincomemethodis394.95millionyuan,thevaluationofmarket methodis205.25millionyuan,andthevaluationofasset-basedmethodisnotapplicableto thevaluationofBcompany.Itcanbeseenthattheresultsofmarketmethodvaluationare unreasonable,whiletheresultsofincomemethodvaluationareveryclosetothedisclosed III valueofCompanyB(395millionRMB).Thatistosay,theincomemethod(FCFEmodel) ismoresuitableforthevaluationoftheacquiredcompanyB.(2)AfterthevaluationofB Company,theacquiredpartyfindsthattherearesomeproblemsinthevaluationof M&A,suchastheselectionofvaluationmethods,thecalculationofdiscountrate,the distinctionbetweencapitalexpenditureandoperatingexpenditure.Thereasonisthatthe valuationmodeliscomplex,vulnerabletosubjectivefactors,theimpactofintangibleasset lifecycle,andthelackofaccuracyinpredictingthebusinessdevelopmentspeedofB Company.(3)Aimingatthevaluationproblem,thispaperputsforwardthemeasuresthat needtochoosethecorrectvaluationmethod,adjustthediscountratereasonablyand considerthefutureearningsforecastofthecompanyafterM&Awhenvaluating,soas tomaketheenterprisemoreaccurateinM&Avaluation. KEYWORDS:NewThirdBoardMergersandAcquisitionsValuationofMergers andAcquisitions IV 目录 摘要.................................................................................................................................I ABSTRACT...........................................................................................................................II 第一章绪论.....................................................................................................................1 1.1课题研究的背景和意义............................................................................................1 1.1.1课题研究的背景..............................................................................................1 1.1.2论文研究的意义..............................................................................................2 1.2国内外研究现状.......................................................................................................2 1.2.1国外研究现状..................................................................................................2 1.2.2国内研究现状..................................................................................................4 1.2.3国内外研究现状述评......................................................................................6 1.3本文研究方法及技术路线........................................................................................7 1.3.1研究方法..........................................................................................................7 1.3.2研究技术路线..................................................................................................7 1.4本文的创新点............................................................................................................8 第二章相关理论与方法.....................................................................................................9 2.1并购理论....................................................................................................................9 2.1.1代理成本理论..................................................................................................9 2.1.2战略发展和调整理论......................................................................................9 2.1.3利润动机理论..................................................................................................9 2.1.4投机动机理论...............................................................................................10 2.2概念界定..................................................................................................................10 2.2.1新三板............................................................................................................10 2.2.2企业并购........................................................................................................10 2.3估值评估的方法......................................................................................................11 2.3.1收益法............................................................................................................11 2.3.2市场法............................................................................................................14 2.3.3资产基础法....................................................................................................15 2.3.4三种估值方法比较........................................................................................15 第三章新三板公司A并购B公司的估值...................................................