| Several Queries about the Weston Model of Valuation in M ＆ A |
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| 作者姓名： | Lin Zhou Qiusheng Zhang Siwei Zhou |
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| 作者单位： | [1]Mailbox 235, School of Economics and Management, Beijing Jiaotong University,100044 [2]Economics and Management School, Beijing Jiaotong University [3]student of Advanced Education School, Beijing Normal University |
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| 摘 要： | Weston model supposes ＂Income after tax will grow at the same velocity as sales and capital＂. However, due to the inappropriate forecast procedure, the forecast results of several significant parameters contradict to the assumption and the change for value can＇t be calculated properly when making the sensitivity analysis. On the other hand, the model supposes that ‘＂There is no growth since N＋1 year＂, but this disagrees with the DCF （discounted cash flow） formula under the zero growth after supernormal increasing period and it will overestimate the corporation value.
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