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MBA论文_金融科技类公司并购估值研究-以Sunyard收购KJ为例DOC

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随着金融科技公司的持续快速发展,借助并购手段迅速聚拢资源、抢占市场 份额、确立行业地位的外延式扩张方式逐渐成为主流发展趋势,相应的并购案件 规模、数量都在逐年增加中。但此类并购事件中的标的公司天然具备“重智力、 轻资产、高成长”等内生属性,传统的估值定价模型很难对此类标的形成公允的 评估定价,因此,对于金融科技公司并购标的估值的研究就显得尤为必要和迫切。 本文在回顾梳理并购估值相关理论与文献的基础上,以金融科技公司并购标 的估值为研究对象,首先结合并购的特点、并购的主要动因和常用估值法,从外 部环境因素、行业特征因素、并购方因素、标的方因素等维度对影响因素进行分 析,并对企业自由现金流量模型(FCFF)的部分关键权重指标进行了拆解和优 化分析;其次,以Sunyard收购KJ案件为例,结合真实业务数据,利用优化估值 模型对并购标的KJ公司进行估值,并与原评估模型的估值结果进行比较,结果表 明,从金融科技公司行业特征出发对市场平均收益率、特定风险调整系数等关键 指标进行优化,构建的模型更加符合金融科技公司并购标的的估值。在进行金融 科技公司并购估值时,应充分考虑行业的特殊性。从案例中可以看到,由于行业 的特殊性,金融科技公司风险会比较大,原评估模型没有考虑行业特殊性,估值 相对偏高。 综上,本文是以金融科技公司并购标的估值业务实践为出发点的探索研究, 明确指出了估值定价时应关注的影响因素和可参考的影响权重,在丰富并购标的 估值理论的同时,对金融科技类公司并购标的估值管理实务也有一定的现实参考 价值。 关 键 词,金融科技,并购标的,估值模型 论文类型,应用研究浙江工业大学硕士学位论文 金融科技类公司并购估值研究——以Sunyard收购KJ为例 II RESEARCH ON M&A VALUATION OF FINANCIAL TECHNOLOGY COMPANIES,TAKING SUNYARD'S ACQUISITION OF KJ AS AN EXAMPLE ABSTRACT With the sustained and rapid development of financial technology companies, the expansion of resources by means of mergers and acquisitions, the rapid expansion of resources, the occupation of market share, and the establishment of an industry-wide expansion mode have become mainstream trends. The size and quantity of corresponding market mergers and acquisitions are increasing year by year. However, the target companies of such mergers and acquisitions naturally have endogenous attributes such as “heavy intelligence, light assets, and high growth”. It is difficult for traditional valuation pricing models to form fair evaluation pricing for such targets. Therefore, the valuation of M&A targets of financial technology companies is difficult. Value research is particularly necessary and urgent. On the basis of reviewing the relevant theories and literatures of M&A valuation, this paper takes the valuation of M&A targets of financial technology companies as the research object, firstly combining the characteristics of M&A targets, the main motives of M&A and common valuation methods, from external environmental factors and industries. The characteristics, factors of the acquirer and the factors of the target are used to quantify the influencing factors and corresponding weights, and some key weight indicators of the free cash flow model (FCFF) of the enterprise are disassembled and optimized. Secondly, Sunyard Taking the case of KJ as an example, combined with real business data, using the optimized valuation model to evaluate the KJ company of the M&A target, and comparing it with the valuation result of the original evaluation model, the results show that the market average is based on the industry characteristics of financial technology companies. Key indicators such as浙江工业大学硕士学位论文 金融科技类公司并购估值研究——以Sunyard收购KJ为例 III yield and specific risk adjustment factors are optimized, and the model is more in line with the valuation of the financial technology company's M&A targets. In the valuation of M&A targets of financial technology companies, the particularity of the industry should be fully considered. It can be seen from the case that due to the particularity of the industry, the risk of the financial technology company will be relatively large, and the original evaluation model does not consider the particularity of the industry, and the valuation is relatively high. In summary, this paper is based on the research and development of the valuation practice of the listed companies of financial technology companies, and clearly points out the influencing factors and the impact weights that should be considered when pricing pricing, while enriching the valuation theory of mergers and acquisitions. It also has certain practical reference value for the valuation management practice of financial technology companies. KEY WORDS: Financial Technology;M&A Targets;Valuation Pricing TYPE OF THESIS: Application Fundamentals浙江工业大学硕士学位论文 金融科技类公司并购估值研究——以 Sunyard 收购 KJ 为例 IV 目 录 1 绪论 ................................................... 1 1.1 研究背景....................................................... 1 1.2 研究意义....................................................... 2 1.3 研究内容与框架................................................. 2 1.3.1 研究内容................................................... 2 1.3.2 研究路线................................................... 3 1.3.3 总体框架................................................... 4 1.4 研究方法....................................................... 4 1.5 本文创新之处................................................... 4 2 文献综述 ............................................... 6 2.1 金融科技并购相关概念 ........................................... 6 2.1.1 金融科技的内涵 ............................................. 6 2.1.2 并购的概念 ................................................. 8 2.2 并购估值影响因素相关研究 ....................................... 8 2.2.1 外部环境因素............................................... 9 2.2.2 行业特征因素............................................... 9 2.2.3 并购方因素................................................ 10 2.2.4 标的方因素................................................ 12 2.3 并购估值方法相关研究 .......................................... 14 2.3.1 收益法.................................................... 14 2.3.2 市场法.................................................... 17 2.3.3 成本法.................................................... 18 2.4 文献述评.................................................... 18 3 金融科技公司并购估值模型构建 .......................... 20 3.1 模型构建原则.................................................. 20 3.2 模型构建方法.................................................. 23 3.2.1 基础模型构建.............................................. 23 3.2.2 基础模型优化.............................................. 26 3.3 构建的估值模型................................................ 29 4 金融科技公司并购估值模型应用 .......................... 30 4.1 并购案例简介.................................................. 30浙江工业大学硕士学位论文 金融科技类公司并购估值研究——以 Sunyard 收购 KJ 为例 V 4.1.1 并购案例选择标准.......................................... 30 4.1.2 并购案例情况介绍.......................................... 30 4.2 原估值模型定价过程和结论...................................... 32 4.3 新估值模型定价过程和结论...................................... 33 4.3.1 未来现金流评价............................................ 33 4.3.2 折现率确定分析............................................ 34 4.3.3 最终的评估测算............................................ 37 4.4 估值结论比较与评价............................................ 38 5 结论与展望 ............................................ 43 5.1 标的资产估值模型优化研究结论.................................. 43 5.2 不足与未来改进方向............................................ 44