企業의 引受·合倂去來時 對象企業의 價値評價 = The Valuation of Target Corporation in Merger and Acquisition

다국어 초록 (Multilingual Abstract)

Various methods can be used form computing a company's worth, but no set formula exists. It is obvious that valuation is subjective, depending on both what the business is worth to the buyer and on external influences such as economic outlook, company position, financial strength, and management.
The most commonly used methods for evaluating the worth of businesses are Asset Valuation, Stock Price Valuation, Relative Price Valuation, and Discounted Cash Flow Method.
In the Asset Valuation method, companies are evaluated by their assets. Assets are significant only as they enable a company to manufacture and sell products or services that generate profits. This profitability is reflected in book value, reproduction value, and liquidation value.
The value of corporation whose stocks are actively traded on the major exchanges is determined continuously by the investing public. Quoted prices on stock exchanges, usually define the current worth of a company.
Another widely used approach is to compare a private company's worth to a similar public corporation or group of corporations in the same industry.
Though the above methods are helpful tools for valuation, the Discounted Cash Flow Method seems to be the most effective methods. Two steps are used in the Discounted Cash Flow Method. First, you estimate a company's future earning, based on both its past experience and future probabilities. Second, you discount these earnings at an expected discount rate.
In this article, the most commonly used methods are studied and H Auto Co. Ltd. is evaluated by the most seemmingly effective method - Discounted Cash Flow Method.

목차 (Table of Contents)

• Ⅰ. 槪 要
• Ⅱ. 企業價値 評價方法
• Ⅲ. 經營環境 分析
• Ⅳ. 假處分現金흐름 割引法에 의한 企業價値 評價
• 1. 財務推定을 위한 基本假定
• 2. 假處分現金흐름의 算定
• 3. 割引率 決定
• 4. 現在價 算出
• Ⅴ. 結 論
• 부 록
• 참고문헌
• 영문초록