企图通过并购方式增加财富的公司很多,但真正成功者寥寥.并购能否成功取决于多种因素,而并购的定价是否恰当、并购公司向目标公司支付的并购溢价的多少,往往起着十分重要的作用.如何量化并购溢价一直是并购理论和实务的一个重要问题.基于现金流贴现法(DCF)的并购溢价度量模型能准确量化并购溢价.%There are a lot of companies attempting to increase enterprise's wealth by merging or acquiring, but few can succeed. Although the success of M&A depends on many factors, the price paid and the premium paid for an acquisition are the main factor. How to quantify the premium of M&A has been an important theoretical and practical issue. The model based on DCF can accurately quantify the merger premium.
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