论并购国有企业中资产价值的确定

我国正处于向市场经济转轨时期，虽然资本市场已经运行十多年，但由于我国资本市场大的特殊性，企业的资产并没有一个合理的参考价，同时，缺乏确定国有企业价值的有效办法．针对这一情况，建立了企业并购中资产价值确定的模型。根据模型我们可以得到结论：被并购的目标企业的价值应该等于被并购企业总收益的贴现值。我国政府会逐步制定出相关的规定对国有资产价格的确定进行规范，但这些规定可能本身也需要不断的完善。从更长远的角度看，外资在华并购的实践会为相关法律的制定提供依据，而外资在华并购的更加深入的发展会使相关的法律不断走向完善．

Analysis on the important of value estimation in M&A

Since 1990s, the fifth merger and acquisition wave(M&A) swept over the main developed countries in Europe and America, which was characterized in cross -border M&A. The cross -border M&A in China is determined by many factors that should be analyzed by systematic method instead of simple modes. Only by this way, the relative M&A cases can be understood comprehensively. Value estimation become very important in M&A. Based on the studies of the M&A experience, this paper give an analysis of what is determinant factor of state-owned enterprises'value.