企业并购估值中的威斯通模型扩展研究

威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。在威斯通固定增长模型的基础上,建立了考虑未来经营失败概率的估值模型;对威斯通超常增长而后无增长模型进行了修正,探讨了企业在超常增长期采取不同投资策略对其价值的影响,建立了一个更为简明的估值模型,并给出隐含超常增长期限的一种计算方法。

On the Extension of Weston Models For Valuation in Corporate M&A

Weston models are very popular among the discounted cash flow models for mergers and acquisitions valuation.This article presents a valuation model with failure probability based on Weston fixed growth model.A minor modification of Weston model with the zero growth after supernormal increasing period is made,a simple valuation model with different investment policy is developed,and an approach for the determination of implied supernormal growth period is offered.