中国经历了改革开放三十年，正不断融入到世界这个大舞台中去，因此，
并购对中国经济来说已经不再是一个新鲜词了。它犹如一针强心剂，给21世纪的中国经济注入了新鲜的血液。
并购依靠的是巨额资金的支持，由此换股并购这一方式就有了其自身的舞台。因为它能摆脱因巨额的并购交易给企业带来的资金压力和不受并购规模的限制。
本文将运用理论和实际相结合的方式着重研究两个问题：如何在换股并购中确定企业的价值评估以及如何确定换股比例。
第一章 企业的价值确定方法
在换股并购中用合理的方法确定企业的价值评估方法是十分重要的。本章主要论述三个常见的企业价值评估法，并且分别阐述这三种常见方法的异同，最后得出那一种方法更具有操作性在实际并购中
第二章 换股比例的确定方法
这是换股并购研究的核心问题。同上一章一样，本章也先罗列出五种常见的换股比例确定方法，然后再讨论每一种方法的优缺点，最后再联系实际案例讨论这些常见方法是如何运用的。
第三章 典型案例分析
在这一章里，我将详细分析一个案例，介绍案例的背景，合并双方的概况，以及如何得出具体的换股比例。
笔者虽然对换股并购在我国运用的文献进行了一定量的阅读和相关问题的长时间分析思考，然而由于实际经验和理论知识水平有限，一定还有许多不完善和欠缺的地方有待进一步改进。
关键词：换股并购，换股比例，企业价值评估
ABSTRACT
After thirties years reform and opening up, China has been playing a more important role in the world economy, thus M&A is no longer a new word to me and it injects vitality to China’s economy.
The increasing transaction scale and amount of M＆A caused the stock-for-stock merger obtain a widespread utilization.
Detailed analysis would be adopted combined with real cases, through which the author wants to explore the two common puzzles in the field of merger and acquisition, which is evaluation of the goal enterprise’s value and the determination of exchange ratio.
The method to evaluate the enterprise would be introduced in the first chapter. The author would give a detailed explanation of three common methods, and discuss the advantage and disadvantage of each one, in a hope to draw a conclusion that is which one is the most practical one.
Determination of the proportion of bartering shares would be discussed in the following chapter. The author would first list five common methods to determine the proportion, and then interpret each one’s advantage and disadvantage separately, and finally analyze how they are applied in the real case.
There would be a real case study in the chapter three. The background of the cast, the condition of each party, and how the proportion is calculated would be interpreted in a detailed way in this chapter, in a hope to put the methods mentioned in chapter one and chapter two into practice.
Key words
Stock-for-stock Merger, Exchange Ratio, Evaluation of Enterprise
*若需了解更多与协助请咨询↓→[电脑QQ][手机QQ]【数据协助】
