随着我国资本市场的深入发展，上市公司的并购重组愈加活跃。在并购重组中，对 目标企业进行合理估值非常重要，它决定了一项并购能否顺利完成，以及并购效益能否 成功实现。现实中，并购动机、市场环境、企业业绩等诸多因素都会对目标企业的估值 产生影响。在本案例中，黑牛食品并购国显光电不仅展示了企业并购多方的利益博弈过 程，而且其并购估值有很多值得行业借鉴和总结的地方。 黑牛食品和国显光电，在并购发生时双方都是严重亏损的企业，这为并购及其估值 增加了难度。本文从宏观到微观、从行业到企业，首先描述了并购的宏观、行业背景， 以及公司的产业发展、经营管理现状；其次，介绍了黑牛食品并购国显光电的整个过程； 最后，重点介绍了这次并购的估值，包括估值的方法选择、依据等。在案例描述的基础 上，本文探讨了黑牛食品并购国显光电的动机、产业环境以及并购活动。研究发现，并 购双方在并购时都处于严重亏损状态下，被并购方国显光电的估值主要是因为它掌握了 AMOLED 核心专利技术，具有很强的研发实力和潜力，而 AMOLED 正是当前市场发 展潮流和趋势，具有巨大的市场前景；而且，这类技术也得到了国家政策鼓励，可以享 受国家税收政策及资金等多项支持。可见，并购估值是一个系统工程，不仅受到方法选 择本身的影响，还会受到并购动机、产业环境以及国家政策等多种因素影响。 本文认为公司的发展既要契合市场发展，同时也要配合国家产业政策和国家战略发 展方向，这样公司才能迅速发展壮大，国显光电的并购估值也是基于这种考虑展开的。 本文为企业转型升级中并购重组估值方法选择、估值影响因素衡量，提供了借鉴，为并 购及其估值监管的完善提供了参考。 关键词，上市公司；并购重组；并购估值；产业环境II Abstract With the in-depth development of China's capital market, mergers and acquisitions of listed companies are becoming more active. In merger and acquisition reorganization, it is very important to evaluate the target enterprise .It determines whether a merger and acquisition can be successfully completed and whether the M&A benefits can be successfully realized. The valuation of target firms will be affected bya variety of factors, For example, M&A motivation, market environment, enterprise performance, etc. Black Cattle Food Mergers and Acquisitions Guoxian Photoelectricity not only shows the multi-stakeholder interest fighting process, but also has many M&A valuations worthy of reference and summary by the industry. Black Cattle Food and Guoxian Photoelectricity, When M&A occurs, both sides are enterprises with serious losses. This makes M&A and its valuation more difficult. From macro to micro, from industry to enterprise, this paper first describes the macro of M&A, industry background and the company's industrial development and management status. Secondly, it introduces the whole process of Black Cattle Food merger and acquisition of Guoxian Photoelectricity. Finally, it focuses on the valuation of this merger and acquisition, including the selection of valuation methods & basis, etc.On the basis of the case description, this paper discusses the motivation, industrial environment and merger and acquisition activities of the black cattle food merger and acquisition of Guoxian Photoelectricity. The study found that both parties in the merger and acquisition are in a serious loss. The valuation of Guoxian hotoelectricity is mainly due to its mastery of AMOLED core patent technology, which has a strong research and development potential. AMOLED is the current market development trend and has huge market prospects. Moreover, this kind of technology is also encouraged by the policy of “13 five” National development plan for strategic emerging industries, which can enjoy national tax policies and funds.It can be seen that the valuation of M&A is a systematic project, which is not only affected by the method selection itself, but also affected by various factors such as M&A motivation, industrial environment and national policies. This paper believes that the development of the company should not only conform to the market development, but also to the national industrial policy and the direction of national strategic development. Then the company can grow rapidly. The M&A valuation of Guoxian Photoelectricity is also based on this consideration.This paper provides a reference for the selection of valuation methods and the measurement of influencing factors in M&AIII reorganization in the process of enterprise transformation and upgrading,And also provides a reference for the improvement of mergers and acquisitions and its valuation supervision. Key words: Listed company；mergers and acquisitions； M&A valuation；Industrial environmentIV 目 录 摘要...........................................................................................................................................I Abstract ..................................................................................................................................... II 图表清单.................................................................................................................................VII 第一章 绪论..............................................................................................................................1 1.1 选题背景与意义............................................................................................................. 1 1.1.1 研究背景.................................................................................................................. 1 1.1.2 研究意义.................................................................................................................. 2 1.2 文献综述......................................................................................................................... 4 1.2.1 并购估值文献回顾.................................................................................................. 4 1.2.2 文献总体评述.......................................................................................................... 7 1.3 研究内容与方法............................................................................................................. 7 1.3.1 研究内容.................................................................................................................. 8 1.3.2 研究方法.................................................................................................................. 9 第二章 理论基础....................................................................................................................11 2.1 并购及其动因............................................................................................................... 11 2.1.1 并购内涵................................................................................................................ 11 2.1.2 并购动因................................................................................................................ 11 2.2 并购类型与借壳上市................................................................................................... 12 2.2.1 财务型并购与战略型并购.................................................................................... 12 2.2.2 借壳及其动机........................................................................................................ 16 2.3 并购估值....................................................................................................................... 17 2.3.1 并购估值的方法.................................................................................................... 17 2.3.2 并购估值影响因素................................................................................................ 21 2.4 并购估值的法规........................................................................................................... 22 2.5 本章小结....................................................................................................................... 22 第三章 案例介绍....................................................................................................................23 3.1 并购双方概况............................................................................................................... 23 3.1.1 壳公司黑牛食品概况............................................................................................ 23 3.1.2 借壳方国显光电概况............................................................................................ 25V 3.2 并购估值的背景........................................................................................................... 26 3.2.1 宏观背景................................................................................................................ 26 3.2.2 产业背景................................................................................................................ 28 3.3 并购估值的过程........................................................................................................... 31 3.3.1 黑牛食品定向增发及新股估值............................................................................ 31 3.3.2 国显光电估值与新设合并..................................................................................... 32 3.4 并购整合与估值修复................................................................................................... 33 3.4.1 战略整合与价值再造............................................................................................ 33 3.4.2 并购估值修复........................................................................................................ 35 3.5 本章小结....................................................................................................................... 36 第四章 案例分析....................................................................................................................37 4.1 并购估值形成的分析................................................................................................... 37 4.1.1 资产基础法运用分析............................................................................................ 37 4.1.2 收益法运用分析.................................................................................................... 38 4.1.3 方法选择与估值的形成........................................................................................ 40 4.2 产业因素与估值........................................................................................................... 41 4.2.1 产业环境对估值的影响........................................................................................ 41 4.2.2 产业政策对估值的影响........................................................................................ 42 4.2.3 产业周期对估值的影响........................................................................................ 43 4.3 并购动机与估值........................................................................................................... 44 4.3.1 黑牛食品的并购动机............................................................................................ 44 4.3.2 国显光电置入的动机............................................................................................ 45 4.3.3 并购动机对估值的影响........................................................................................ 45 4.4 并购融资、支付与估值............................................................................................... 46 4.4.1 并购融资对估值的影响........................................................................................ 46 4.4.2 并购支付对估值的影响........................................................................................ 47 4.5 本章小结....................................................................................................................... 49 第五章 案例启示....................................................................................................................50 5.1 来自并购动机的启示................................................................................................... 50 5.1.1 战略转型与估值.................................................................................................... 50VI 5.1.2 财务并购与估值.................................................................................................... 50 5.2 来自融资、支付的启示............................................................................................... 51 5.2.1 并购融资与估值.................................................................................................... 51 5.2.2 并购支付与估值.................................................................................................... 51 5.3 估值方法选择的启示................................................................................................... 51 5.4 本章小结....................................................................................................................... 52 结 论........................................................................................................................................53