而要想实施成功的并购，正确计算目标企业的价值是关键。
And the correct calculation of the value of target enterprises is the key to implement successful merger.
并购中的核心内容就是对目标企业价值进行评估，而目标企业价值评估的重点在于如何选择和使用适当的价值评估方法。
In this process, the key point is how to evaluate the target company and then how to choose the appropriate approach to valuate.
并购企业只有其支付不超过目标企业价值时，此时并购方可以接受，并购才是可行的。
Only when the enterprises pay no more than the value of the target enterprises, the business mergence is feasible.
最后结合案例，使收益法在并购中目标企业价值评估的应用更加清晰。
Finally case, the proceeds of the acquisition target enterprise value in the assessment of the application more clearly.
其并购的目标主要是那些经济效益好、具有较强行业优势及较高资源价值的企业。
The aim of M&A is the enterprise with high economic efficiency and strong superiority and higher resource value.
价值评估是企业并购决策的核心内容，对目标企业的价值估算的准确与否将直接关系着并购活动的成败。
The value appraisal is the core of mergers and acquisitions of enterprises, and the estimation of the enterprises' value will directly affect mergers and acquisitions.
研究发现，共同价值是双方实现各自并购战略目标的基础，企业并购收益需要经过一段时期才能实现。
It points out that mutual value is the base for the parties to merge. The profit of the merged enterprise will not be made until a certain period of time.
在企业并购中，虽然决定并购价格的因素很多，但目标企业自身的价值是最终成交价格的基础。
Firm value is the basis to successful acquisition price, although there are many other valuation factors involved.
第二部分，包括第2，3两章，研究企业并购中目标企业价值确定的实物期权方法。
The second part, include 2 and 3, is the study on corporate valuation using the real option theory.
公司并购能否取得预期的成功，关键问题要看能不能合理评估并购中目标企业的价值。
The key of M&A can achieve the desired success or not depends on a reasonable assessment of the enterprise target value.
公司并购能否取得预期的成功，关键问题要看能不能合理评估并购中目标企业的价值。
The key of M&A can achieve the desired success or not depends on a reasonable assessment of the enterprise target value.
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