企業兼併與收購的財務分析--以新光金控兼併元富證券為例

Abstract

隨著市場經濟的加速發展，企業兼併和收購已經成為非常普遍的商業行為，越來越多的企業加入全球產業鏈，走進全球行業的競爭格局中。企業併購的成功運行與精準的財務分析密不可分，本文以案例研究的形式，基於估值理論以及方法概述，計算新光金控對於兼併元富證券的估值分析，探索此次併購在財務分析上的合理性。本文運用現在主流的市盈率法和現金流折現法分別估值元富證券，詳細演示了企業併購中財務分析和方法的計算步驟，並提供了相關建議。

The global economy is developing very rapidly. Mergers and acquisitions have become very common business activities. More and more enterprises join the global industry chain and enter the global industry competition pattern. The successful operation of M&A is closely related to accurate financial analysis. Based on the overview of valuation theory and methods, this paper calculates Shin Kong Financial Holdings mergers MasterLink Securities and explores the rationality of the M&A in financial analysis in the form of case studies. This paper evaluates MasterLink Securities using the current mainstream P/E ratio method and cash flow discount method respectively. This paper demonstrates in detail the calculation steps of financial methods in enterprise mergers and acquisitions and provides relevant suggestions.