摘要
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摘要
随着中国经济的迅猛发展，截止 2016 年末中国国内 A 股上市公司数量增长到
了 3000 余家，中国资本市场实力也不断加强和壮大。借助资本市场这个良好的融
资平台，上市公司能快速筹集到自己所需要资金，这为上市公司通过并购重组方
式做大做强提供了资本优势。目前，通过并购重组的方式，大量上市公司实现了
资源整合，降低了生产成本，提高了核心竞争力，增强了经济效益和壮大了实力

本文以新希望并购重组六和集团及其相关公司的资本运作作为研究对象，主
要介绍了并购重组相关理论和并购重组的双方的背景，从并购重组的动因和战略，
目标公司价值评估，评估方法选择，评估结果影响因素及存在问题，涉税事项及
其对并购重组影响等方面，结合公司法律，金融学，财务管理学，会计学，数据
与模型，战略管理，税收学和管理经济学等经济管理理论及金融学知识，探索研
究解决并购重组中并购战略、价值评估和涉税事项问题

文中首先介绍了本次研究的背景和意义，国内外价值评估方法的研究状况，
同时对并购重组进行了定义和分类，对价值评估方法的理论知识及各种评估方法
的优缺点及适用条件进行了阐述。其次，通过实例的形式，介绍了本次并购重组
双方的背景欧亿·体育（中国）有限公司和交易方案的实际情况，采用 SWOT 法对并购战略进行了详细分
析，同时收集欧亿·体育（中国）有限公司对本次并购重组的动因进行了分析。随后，本文结合本次并购
重组案例，采用成本法和收益法两种方法对目标公司进行了价值评估，并对两种
方法及其影响因素进行了分析，根据实际情况得出两种计算方法的优势和存在问
题，为并购双方确定公平的评估结果提供指导和实践经验，结合本次收购情况对
并购重组中目标公司估值提出了建议。再次，本文结合税收相关法规知识，对并
购重组中的涉税事项及其对并购重组影响进行了分析，并提出了税收政策建议

最后，本文利用市场法对本次并购重组估值合理性进行了评价，采取比较分析法
等对本次并购重组为上市公司带来的绩效和影响进行了详细分析

关键词：并购重组 价值评估 收益法 市场法 成本法 涉税事项ABSTRACT
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ABSTRACT
With the rapid development of Chinese economy, by the end of 2016, the number
of A-share listed companies in China has exceeded 3,000, realizing a total market value
of CNY 55.68 trillion. The strength of China’s capital market has been enhanced and
improved. With the help of such a good financing platform of capital market, the listed
companies can raise the funds they required, which provides the capital advantage for
making the listed companies bigger and stronger through merger & acquisition (“M&A”)
and reorganization. At present, by M&A and reorganization, a large number of listed
companies have realized the resources integration, reduced the production cost, im-
proved the core competitiveness, enhanced the economic benefit and expanded the
strength.
In this paper, the capital operation for the M&A and reorganization of Liuhe Group
and the related companies (“the target companies”) by New Hope are taken as the object
of study and the various related aspects are introduced, including the relevant theories
and both parties’ backgrounds of the M&A and reorganization from the motivation and
strategy of the M&A and reorganization, value assessment of the target companies, se-
lection of assessment method, influencing factors of assessment result and existing
problems, and tax-related matters and the corresponding impacts on the M&A and re-
organization. In combination with the economic management theories and knowledge of
finance, including company law, finance, financial management, accounting, data and
model, strategic management, taxation and managerial economics, the issues of merger
and acquisition strategy, value assessment and tax-related issues in the M&A and reor-
ganization are explored, studied and solved.
Firstly, the background and meaning of the study, literature of value assessment at
home and abroad are introduced; the M&A and reorganization are defined and classified
and the theoretical knowledge of value assessment methods and the advantages and
disadvantages of all kinds of assessment methods are discussed. Secondly, through ex-
amples, the background information about both parties involved in the M&A and reor-
ganization and the practical situations of trading scheme are introduced, the motivation
of the M&A and reorganization is analyzed, and the merger &acquisition strategy is an-
alyzed in details by means of SWOT method. Besides, materials and information areABSTRACT
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collected and the reasons for the M&A and reorganization are analyzed. Thirdly, in
combination with the case of M&A and reorganization, the value assessment of the tar-
get companies is made by use of both cost method and income method and the two
methods and their influencing factors are analyzed. The advantages and problems in the
two methods are found from the actual situation, which provides guidance and practical
experience for both parties to confirm the fair assessment results, and suggestions are
made for the value assessment for the target companies in the M&A and reorganization.
Fourthly, in combination with the knowledge of tax-related laws and regulations, the
tax-related matters the corresponding impacts on the M&A and reorganization are ana-
lyzed and corresponding suggestions are proposed. Finally, market method is adopted
for evaluating the rationality of the value assessment in the M&A and reorganization,
and a detailed analysis is made on the performance and impact of the M&A and reor-
ganization on the company listing by means of comparison method.
Keywords: merger & acquisition and reorganization, value assessment, income ap-
proach, market approach, cost approach, tax-related matter.目录
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目录
第一章 绪论........ 1
1.1 研究的背景及意义 ......... 1
1.2 价值评估方法研究状况 . 3
1.2.1 国外研究状况 ....... 3
1.2.2 国内研究状况 ....... 4
1.3 研究方法 . 4
1.4 创新点 ..... 5
第二章 并购重组及价值评估理论综述 6
2.1 并购重组的含义 . 6
2.1.1 并购的含义 ........... 6
2.1.2 重组的含义 ........... 7
2.2 并购重组发展历史及现状 ......... 7
2.3 价值评估方法 ..... 9
2.3.1 收益法 ....... 9
2.3.2 市场法 ..... 10
2.3.3 成本法 ..... 10
2.3.4 实物期权法 ..........11
2.4 主要评估方法适用范围及优缺点 ..
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