并购中CAPM资本资产定价模型与研究

企业并购的目是实现财富与价值的增加，公司并购投资具有类似于金融的特证，对并购企业进行期望收益评估的是购并的核心和难点问题，近几年来，有很多学者以股权结构、资产结构、治理结构等多角度，对公司购并中价值进行了广泛深入研究，但对并购原企业能否产生预期效果，未给予有效量化．根据资本资产定价模型运用在公司并购中目标企业期望收益的评估，对有关变量进行了修正，提出其量化思路、

CAPM capital price model and its study of combination and purchase

Combination and purchase are a kind of economic activity about the transfer and transition of the property right and an important means that can enlarge and build up the corporation's scale and competition. The corporation's investment on combination and purchase has a similarly character of finance and the corporation's purpose of combination and purchase is to increase wealth and value. An important and difficult problem of the combination and purchase is to evaluate the corporation's expected win, so many scholars have studied in detail the value of combination and purchase on basis of section frame, capital frame and manage frame. But these studies haven't proposed the detailed measurement about whether the proto-corporation can produce the expected effect. This paper uses the CAPM capital price model to evaluate the expected win of the aim-corporation during the combination and purchase and puts forward an idea of detailed measurement.