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呂梁翻譯公司關(guān)鍵字：(A) the discounted cash flow-based measure of the intrinsic value of stockAt present, management buyouts of listed companies in China mainly uses the book value method (net assets method) to pricing, transfer of state-owned shares in relation to net assets per share purchase price will be the bottom line. However, this standard is not scientific, because the net assets per share is based on "historical principles" of corporate assets from an accounting point of view the records of the merits and does not represent assets of the company's future profitability, so the fine texture of state-owned assets even slightly Net assets per share by more than the sale price may also be a "loss." At the same time, net assets per share is calculated depends on the accounting method used, which makes the calculation haphazard. Furthermore, a number of intangible assets of enterprises, such as create their own goodwill, credit, etc. in the current accounting system is simply not reflected. Discounted cash flow method of asset pricing can overcome these deficiencies. Discounted cash flow method that is the discount rate for a certain period of expected future cash flows discounted to determine the capitalized value, reflects the company's ability to generate cash flow and future profitability, is a corporate value kinds of dynamic evaluation. The model is as follows:
Where, V is the target enterprise value; Cft explicit forecast period for the cash flow in year t; I for the discount rate; TV for the final value; n as a clear forecast period.
The model can be a good measure of desire for the management buyout of the listed company's stock value.First, management buyouts, leveraged buyouts is that the target company's managers or managers of the use of loans financing the purchase of shares of the Company, which requires companies in the future to generate enough free cash flow to repay the hospitality capital, ease financial pressure. Cash flow method to measure the use of a listed company's stock's intrinsic value, one can dynamically evaluate the enterprise the ability to generate future cash flow can provide the basis for the science of pricing, but also for the feasibility analysis of management buyouts provide a reference.
Second, using the above model to evaluate the enterprise value is the key to scientific estimates of the value of each parameter. As the target company's management, with regard to corporate cash flow, forecast period, discount rate, and final values ??of more adequate information to make the parameter estimation of subjectivity and uncertainty about to be greatly reduced. Of course, in this process, the management does not rule out the use of information asymmetry, that will benefit their own estimate of the possibility of land acquisition, which requires the participation of intermediaries rating agencies, but also a regulatory legal system to protect the pricing of impartiality.
Use of discounted cash flow model has been the target company's value, based on the management buyout of the company's management can be calculated the proportion of the acquisition price. Of course, this price can only be in the pricing process of a reference base price, final price is to be considered by the parties in the contribution of management buy-factors determined through negotiations.
(B) ensure the transparency of the negotiation processChina's implementation of the transfer agreement are based on management buyout approach, the final price is determined by the negotiations. Currently listed companies to transfer non-tradable state-owned shares and legal person shares, there is no personification of the shareholders, in the negotiating process, as an agent of the local government政府許可的定點(diǎn)正規(guī)翻譯公司s do not sufficiently active to fight for help state-owned assets of the pricing, but also for the target company management layer "rent seeking" to provide space. To reduce or eliminate this phenomenon, we must ensure the transparency of the whole negotiation process.
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