并购溢价

并购溢价水平是一个国家投资者保护程度的重要体现。

Acquiring premium is an important indication of a country 's protection of investors .

转型期渐进放松进入管制下的企业并购溢价分析

Analysis of M & A Premium under the Background of Gradually Loosening Entry Regulation in Transition Period

本文认为，目标企业的价值，是由现时价值、潜在价值和并购溢价三部分构成，对目标企业价值的评估，实际上就是对这三部分价值进行评估。

Actually , value evaluation of target firm is the evaluation of these three parts of value .

自由现金流量、并购溢价与我国上市公司并购绩效的实证研究

An Empirical Study on Free Cash Flow , M & A Premium and Performance of China 's Listed Companies

由于历史原因以及资本市场发展阶段的差异，我国上市公司并购溢价率的影响因素与西方发达资本市场上的并购溢价率影响因素存在很大的不同。

M & A premiums in China differ much from that of developed capital market in cause and influence , due to their different developing stages .

本文旨在运用产业周期理论解释多样化并购溢价之谜。

This paper aims at providing an explanation to the premium puzzle of Diversifying M & A by using the theory of Industry Life Cycle ( ILC ) .

其中，并购溢价理论认为并购能够带来正向收益，并购行为使得企业在追求协同效应、分散风险、税收优惠及市场控制力等方面有了明显提升。

M A premium theory , which regards positive benefit exist , assert M A would benefit companies in synergies effect , diversification of risk , tax incentives and market control power , etc. .

探索了对并购溢价的估计方法，分析了并购费用的构成，进而论证并购的可行性。企业并购最终目标是为了实现企业的价值增加。

Analysing the estimation method of M A premium and the components of M A expenses , and then proving the feasibility of M A.The ultimate aim of M A is to increase enterprise value .

传统的企业价值估价方法存在着诸多问题，不能准确地评价金融企业并购的溢价效应，为此本文引入实务期权评价方法。

There are many shortcomings in the old methods to evaluate the value of finance enterprise for that they could not exactly estimate the overflow value in finance MA . So we introduce the value assessment method of real option .

在公司并购中，溢价是并购公司向目标公司支付的协同效应的成本。

Acquisition premium is the cost acquiring firm pay to the acquired firm for the synergy .

随着并购交易的溢价上升，相关企业将受到越来越密切的关注，它们将不得不为交易的理由和潜在的协同效应辩护，他表示。

As premiums for deals go up companies will come under increasing scrutiny and will have to defend the synergies and rationale of deals , he said .

基于中国上市公司并购的控制权溢价影响因素分析

Analysis of control right at a premium 's influence factor basing on China listed company 's merging

并购的关键绩效动因是并购溢价更低和并购后的内部管理整合更易见效。

The key performance drivers are lower M & A price and more successful internal management after integration .

并购方愿意支付的并购协同溢价取决于国有企业的资源、产业地位、发展前景以及并购双方的讨价还价能力等非财务因素。

The premium that the buyers are ready to pay in M & A depends on the resourses , industrial standing , development prospect , and so on .

通过对目标企业价值评估的分析和对并购绩效评价的研究，寻找并购溢价产生的机理，判断并购的价值创造能力。

The mechanism of value creation is researched , through the analysis of evaluating the target firm and M & A performance .

首先分析了研究背景及意义，然后回顾了国内外对并购的研究，包括对并购动机、并购溢价、并购绩效的研究。

First analyzed the research background and significance , and then reviewed the study of mergers and acquisitions at home and abroad , including mergers and acquisitions motives , M A premium , M A performance study .

并购双方特别是并购方，谈判前应对目标企业进行科学、细致的估价，设定并购的最高限价，避免支付过高的并购溢价，造成并购成本过高，导致并购的失败。

Both side of the M & A , especially the purchase enterprise should estimate the object enterprise carefully before the negotiation . The purchaser should fix the ceiling price , avoiding the overflow payment .