目标企业分析指标体系。
目标企业支付的息票越高，负债率高，将加速被并购。
The higher of debt coupon payment, the higher debt and the higher drift will speed up mergers.
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.
最后针对我国特点建立了一个MBO目标企业的定价模型。
Lastly, aiming at characteristics of enterprises of our country set up a pricing-model on MBO's target firms.
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.
导致并购失败的原因有很多，其中重要的一项是对目标企业的选择不当所致。
An important one results from the reasons that the choice to target enterprises is improper.
目标企业自身的价值由传统的折现现金流法计算，并通过实物期权理论调整。
The value of objective corporation itself can be calculated by traditional firm valuation methods and then adjusted by real option theory.
新华信向客户提供目标企业的信用资料报告，为商业决策提供准确的信息支持。
SINOTRUST supports its clients on business decision making with accurate credit report of object enterprises.
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.
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.
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.
直接比较法使用关键因子从上市公司中选取可比企业，摘取可比数值计算出目标企业价值。
The direct comparison method utilize some key factors to choose comparable enterprise from listed companies, by which we can calculate the value of the target enterprise.
服务发现机制自动搜索目标企业环境中的服务，然后将对应的服务描述文档加载到Registry中。
The service discovery mechanism automatically searches a target enterprise environment for services and then loads the corresponding service description documents into Registry.
在企业贷款能力评价中，本文选用资产负债率和股权质押贷款率综合评价目标企业的贷款能力。
In the evaluation of loan capacity, I use the ratio of asset liability and the ratio of stock right mortgage loan to give an integrated evaluation of the target enterprises' loan capability.
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.
甚至，战略买家可以考虑与过去拒绝被收购的有吸引力的目标企业接洽；这一次，买家们会受到更热情的接待。
Indeed, strategic buyers might consider approaching attractive targets that have turned down offers in the past; this time around, they could receive a warmer reception.
同时，根据被并购企业自身文化力量及并购企业的文化吸引力强弱建立了目标企业的文化整合模式。
At the same time, the integration pattern of culture is built in line with the culture power of the merged enterprise and the culture abstraction of the merging enterprise.
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.
文章在考虑了目前存在的企业价值评估方法的优缺点之后，对适合目标企业的价值评估方法进行了探讨。
This article, considering both advantages and disadvantages of current value appraisal methods in enterprises, has probed into appropriate methods.
合理的目标企业价值是兼并收购顺利进行的基础，资产评估方法是实现评定估算目标企业价值的技术手段。
The exact assessment of target corporation value is considered to be the basis of the merger activity, and appraisal method is the technical way to appraise the assets value.
应用实物期权博弈理论和方法研究在随机市场环境下，目标企业存在财务杠杆情形下，企业并购的时间和条件。
Using a real option game theory and method, under a stochastic market, and assumption the target firm is both debt and equity financing, the paper analyzes the timing and terms of mergers.
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.
因此，充分了解各种目标企业价值评估方法及评估模型的优势及局限性，恰当地选择评估方法，是目标企业价值评估的关键。
Therefore, the key to the evaluation of target corporation value is to realize the advantages and disadvantages of different methods and select appraisal method properly.
本文从理论角度出发对管理层收购的目标企业定价问题进行的全面的研究，以指导中国企业的MBO实践，为相关法规完善提供参考。
The paper studies targeted company's pricing problem of MBO from theory Angle to instruct practice of Chinese MBO and offer reference for perfection of relevant regulations.
本文选取珠江三角洲著名台资企业“深圳富士康集团”作为目标企业进行研究，运用了调查法、比较研究法、模型分析法等多种研究方法。
This paper selected the famous enterprise " ShenZhen FOXCONN Group " from TaiWan to research, used various research methods such as investigation, comparison, mathematics model.
由于管理层可以为目标企业带来附加的管理价值，所以受各种因素的影响，交易双方主要围绕公平交易基础价值之上的管理价值进行搏弈，从而为自己创造利益。
As management can make additional value for target enterprise, each side of transaction bids for the value of management based on fundamental value of fair transaction, and makes benefit for itself.
总部位于亚特兰大的洲际交易所将得到目标企业的衍生品业务，包括纽约证券交易所LIFFE，总部设在纽约的纳斯达克证券交易所将得到股票交易业务和美国期权业务。
Atlanta-based ICE would get most of the target’s derivatives businesses, including NYSE Liffe. New York-based NASDAQ would take the stock exchanges and the American options business.
本文在相关文献研究的基础上，首先界定并购定价风险的概念，将其内容从单一的收购目标企业实际支付价格偏离期望价格的可能性及其程度扩展到由于定价的不准确而导致的并购结果不确定性。
Base on the researching of literature, this paper was to define the concept of the risk of evaluation in M&A at first, extended it from price departure to the uncertainty of trade outcome.
企业必须以长期增长为目标。
企业必须以长期增长为目标。
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