国际并购交易中的资产定价与企业估值.ppt

国际并购交易中的资产定价与企业估值Asset&Business Valuation for M&A in China,周赤宾 Joe Zhou华南首席代表 Chief Representative美国评值 American Appraisal 广州 Guangzhou2007/6/19,今日议题 Outline of Discussion Today,资产评估在并购中的重要性 Importance of Valuation in M&A Transactions评估概念 Valuation Concepts评估方法 Valuation Methodologies 影响企业整体价值的因素 Factors Affecting Business Enterprise Values在中国进行固定资产评估的存在困难 Practical Difficulties of Fixed Asset Valuation in China中外并购资产评估应注意的地方 Sino-Foreign M&A Valuation Considerations全球商业趋势及评估服务 Global Business Trends&Valuation Services案例分享 Case Studies,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,资产评估在并购中的重要性Importance of Valuation in M&A Transactions,Introductory Comments引言,成本 与 价值Cost vs Value独立资产 与 整体企业Individual Assets vs Entire Business不同专长技巧Different skill sets对於没有现成参考价格的资产及证券,评估只能提供价值意见For assets and securities not having readily available reference price,a valuation provides an opinion as to value,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,Introductory Comments(Contd)引言(续),通常以下原因带来评估的需要:Usually Triggered By:税务法例及其他监管条例Tax law and other regulatory requirements会计常规Accounting practice银行监管法例及常规Banking regulation and practice保险监管法例及常规Insurance regulation and practice良好业务管理Good business management practice资产管理工作Stewardship of asset持有人个人要求Personal requirements of owners,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,Valuation Purposes评估目的,M&As企业并购,Corporate Reorganization 公司重组,Spin-offs and Divestitures 剥离与分拆,American Appraisal 美国评值,Bankruptcy&Restructuring破产与改组,Asset Based Financing 资产抵押融资,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估报告的使用者Users of Valuation Report,American Appraisal美国评值,Outside Legal Counsel 外部法律顾问,Auditors 审计师,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,资产评估在并购中的重要性Importance of Valuation in M&A Transactions,交易前 Pre-transaction:有时是会计规则上的要求,如 Fair Value(公平值)Sometimes there is an accounting requirement for an independent value:e.g.Fair Value 用于交易的定价谈判,尢其在买卖双方有分歧时 Independent valuation can be useful on pricing negotiations especially when there is value opinion differences between buyer and seller评估师可以帮助管理层了解资产、整体企业价值，特别是知识产权和无形资产的价值 Valuers can assist management to understand the asset or business enterprise values,especially intellectual property and intangible asset values,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,资产评估在并购中的重要性Importance of Valuation in M&A Transactions,交易后 Post-transaction:交易后根据相关的税务和财务、会计规则出具独立的评估报告(如美国财务会计准则委员会(FASB)的“财务会计准则(SFAS)141”;以及“国际财务报告准则(IFRS)3”/“国际会计准则(IAS)36”)To issue independent valuation reports according to the related tax,financial and accounting rules(e.g.FASBs“SFAS 141”in US,and“IFRS 3”/“IAS 36”)保障公司董事及股东 如果公司在并购过程中不能提供决策依据而令股东利益受损,董事便要负上责任 To protect the directors and shareholders In the process of M&A,directors can be at risk if the company cannot provide a support to a decision which has caused a loss to shareholders 因此，Fairness Opinion(公平值意见)及 Solvency Opinion(偿付能力意见)，在国外都较为普遍 Therefore,Fairness Opinions and Solvency Opinions are common in western countries,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估概念Valuation Concepts,评估的目的及标准Purpose and Standard of Valuation,估值目的=为了知道资产的价值 Purpose of valuation=To know the value of assets 一般而言评值的标准多采取公平市值(Fair Market Value)，有时也有使用其它的如公平价值(Fair Value)及 投资价值(Investment Value)Fair Market Value is commonly adopted while sometimes Fair Value and Investment Value are also used公平市值 Fair Market Value:自愿的买方/自愿的卖方 A willing buyer/seller非强迫性 Non-compulsory均拥有相关的知识和信息 Both have related knowledge and information一般假设为持续经营(value as going concern)Generally assumed as“Value As Going Concern”,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,个别资产价值评估 及 企业整体价值评估 Individual Asset Valuation&Business Enterprise Valuation,个别资产价值评估-只考虑该项资产(如某厂房、某土地、某设备)，而不是整个企业的经济利益或股权利益 Individual Asset Valuation to value a certain asset only(e.g.a factory,land,equipment)instead of the economic interests of the whole business enterprise or equity interests,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,个别资产价值评估 及 企业整体价值评估 Individual Asset Valuation&Business Enterprise Valuation,企业整体价值评估 Business Enterprise Valuation是根据公司由各项有形和无形资产一道所产生的现金流、盈利情况和前景而作出的评估;而不是计算企业的单项资产价值多少This is value based on the cash flow,profit,prospects resulting from various tangible and intangible assets,instead of calculating the value of a single asset of enterprise由于公司的总资产是由“总投入资本”(即股本与负债之和)融资而得，企业整体价值亦等于“总投入资本”的价值Business enterprise value equals to the value of“Total Invested Capital”(sum of equity and debt)because the purchases of a companys total assets are financed by“Total Invested Capital”,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,企业整体价值述要 Value of Business Enterprise,右图为典型的资产负债表This is a typical Balance Sheet 资产方(A)的總值=负债方(L)的總值Total Asset=Total Liability股东权益=“投入的资本”(L)的總值-“负债”的總值Equity=Invested Capital-Total Liability,股东权益Equity,资产Asset,负债Liability,流动资产Current Asset,长期债务Long-term Debt,固定及其他资产(包括无形资产)Fixed and other assets(incl.Intangible assets),短期债务Short-term Debt,其他流动负债Other Current Liability,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,未來收益決定企业价值Present Worth of Future Benefits of Ownership,价值,收益Income,B,D,C,A,200,100,0,(-ve),(-ve),50,0,100,150,固定资产残价值,固定资产强迫清算价值,固定资产有秩序清算价值,继续使用之固定资产价值,重置成本,重置成本,商誉价值,可鉴定之无形资产和继续经营元素,企业价值,Value,NoEnterpriseValue,无企业价值,Business Enterprise Value(Net of Working Capital),企业整体价值（不包括流动资金）,Goodwill Value,Value of Fixed Assets in Continued Use,Orderly Liquidation Value of Fixed Assets,Auction Value of Fixed Assets,Scrap Value of Fixed Assets,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估过程 Process of Valuation,成本法,完成估值报告,估值参数的相关性,市场法,收益法,Valuation Purpose,Preliminary Research,Examination&Planning,Due Diligence,Cost Approach,Market Approach,Income Approach,Estimated Parameters,Valuation Report Done,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,估值方法Valuation Methodologies,Subtitle Here,估值的三大方法The 3 Main Valuation Methodologies,成本法(予以重整或取替所带来的成本)Depreciated Replacement Cost Approach(“DRC”)(Cost of reproduction or replacement)市场法(以最接近的市场交易作比较)Market Approach(Comparable transactions)收益法(所拥有资产会带来的将来经济收益的现时价值)Income Approach(Present worth of future economic benefits of ownership),成本法Cost Approach,收益法Income Approach,市场法Market Approach,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,影响企業整体价值的重要因素Factors Affecting Business Enterprise Value,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,可引致企业价值減少的因素Possible Factors leading to the decrease of Enterprise Value,失去要人风险Key Man Risk 或然债务,如与环境及法律有关的事宜Contingent Liabilities投资组合折扣Portfolio Discount缺乏控制权Lack of Control缺乏市场流通量Lack of marketability无投票权股票Non-voting shares公司个别风险Company Specific Risk,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估师角度 View of Valuers,在以下情况，评估师可能提高折现率以反映企业的风险:Under the following conditions,valuers may increase the discount rate to reflect the higher risk level of enterprise:过度乐观的财务预算An over-optimistic budget 缺乏理据支持的财务预算A lack of historical evidence to support the budget缺乏业绩的公司(创投公司对初始企业的折现率可高达50%)Company lacking results(discount rate of new enterprise by Venture Capital can be up to 50%)对企业的可延续性有怀疑(如是否在牌照到期后获得续牌)There is doubt on the continuity of an enterprise(for example,will there be renewal for license when it expires),并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,可增加企业价的因素 Possible factors for increasing Business Values,非经营资产(Non-operating Asset)若资产:(i)并不参予公司主业务运作(如空置的楼宇)(ii)而其有关收入(如空置楼宇出租后的租金)亦未有包括在财务预算中，则此非经营资产的价值可加于以收益法计算的企业整体价值之中 Non-operating Asset-if an asset:(i)doesnt take part in the major operation of an enterprise(e.g.a vacant property)(ii)and the related income(e.g.the rent income of the vacant property being rented out)is not included in the budget,then the value of non-operating asset can be added to the business enterprise value calculated by income approach整合作用(Synergy)两个单位合作、合并后的价值为 1+1=3.一般整合作用应在财务预算反映 Synergy the value of 2 cooperating or merged units is 1+1=3.Synergy is usually revealed in the budget,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,在中国进行资产评估存在的困难Practical Difficulties of Valuation in China,市场不尽成熟市场对评估的认识有限各兼管部门对价值的不同认识人为大于技术中国特色,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,中外并购资产评估应注意的地方 Sino-Foreign M&A Valuation Considerations,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,国内评估行业的监管Regulation of Professional Valuers,不同监管机构同时监管不同评估资格.主要的资格为:Valuation qualifications administered by separate regulatory authorities that co-exist.The main qualifications are:注册房地产评估师-建设部Certified Real Estate Valuer-Ministry of Construction注册土地评估师-国土资源部Certified Land Valuer-Ministry of Land and Resources注册资产评估师-财政部(经中国评估协会)Certified Public Valuer-Ministry of Finance(via China Appraisal Society)有些评估事务所获中国证券监督管理委员会认可,能评估上市公司资产和金融资产Some firms have additional recognition from CSRS to value assets of listed companies and“financial assets”,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估要求Valuation Requirements,全国人民代表大会之财务经济委员会正考虑定立评估法Appraisal Law under consideration by Finance and Economic Committee of NPC以往评估师只有在涉及到国有资产的并购才被委任 In the past,outside valuers were only clearly mandated in the case of acquisitions involving transfers of state-owned assets根据2006并购条例:被收购的国内企业资产评估应采用国际通行的评估方法 2006 M&A Regulations:The assets of domestic enterprises being acquired must be valued according to“internationally accepted principles”,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,评估要求Valuation Requirements,2006 并购规则加强对独立评估之要求:2006 M 并要求披露责任equity or asset transfer at below“fair value”prohibited.Disclosure onus on target股份的交换:海外股份必需要被证明其价值share swap:overseas share must have proven value有向有关审批部门提交评估报告的要求formal submission to relevant authorities of valuation report required,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,在国内评估需注意的事项Valuation Issues in China,国资委对国有资产流失的保护“Protection of State Assets”by SASAC欠缺充份计算折旧的会计制度Lack of full accounting for depreciation有时侯对进行尽职调查的能力不足Sometimes inability to perform full due diligence缺少充份市场资料Inadequate market data国家划拨土地令业主在转让土地使用权时,需要作出交换/支付补偿金State allocated land creates need for exchange/premium with acquisition of use rights,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,在中外合资/合作项目验资时审批部门采用的一般态度Valuation of Contributed Assets in Sino-foreign JVs,根据中外合资规定Under Sino-foreign JV Regulations:就外资而言,无形资产及技术的投入应不多於投资总值的20%For the foreign party,intangible assets and technology contributions generally must be kept to no more then 20%of the total investment value,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,在中外合资/合作项目验资时审批部门采用的一般态度Valuation of Contributed Assets in Sino-foreign JVs,其他一般原则:Other“Rules of Thumb”:所有由中方投入的资产不论其状况或效用,都有一个最低的价值要求,通常为成本的15%All assets contributed by the Chinese side will usually have a minimum value of 15%of cost,regardless of condition or utility评估如超过了资产帐面价值以下的10%会受到监察Valuations more than 10%below the book value of the assets will receive careful scrutiny 经协商的交易价格通常需为评估价值的10%以内The negotiated transaction price must usually be within 10%of the appraised value,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,Global Business Trends&Valuation Services全球商业趋势及评估服务,近年对资产评估需求上升之原因:Recent Drivers:知识型经济Knowledge-based economy跨国并购Cross border M&As会计丑闻(Enron及其他)-企业管治提升(Sarbanes Oxley)Accounting scandal(Enron&others)-higher corporate governance(Sarbanes Oxley)会计准则国际性融合-公允价值的计量Global convergence of accounting standards-fair value measurement,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,Global Business Trends&Valuation Services(Contd)环球商业趋势及评估服务(续),会计财务用途之评估成为必然;对企业评估技巧的需求殷切Accounting Valuation becomes a necessity,Business Valuation skills in demand例子:Examples:收购价格分配Purchase price allocation商誉减值Goodwill impairment雇员股票期权及衍生工具Employee stock option and embeded derivatives中国上市公司从2007年1月1日起需符合国际会计准则.“财务报告评估”之需求使得中国监管机构急需了解国外经验及国际评估准则International Accounting Standards applied to Chinese listed companies from Jan 1,2007.“Financial Reporting Valuation”needs are driving regulatory authorities to examine foreign experience and relevance of International Valuation Standards,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,案例分享Case Studies,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,案例1:汽车行业并购Case Study 1:Automotive Sector M&A,一家日本大型汽车生产商(“日方”),当时在中国仍未大力进入中国市场A premier Japanese automotive supplier(“Japanese party”),but with limited penetration in China中国国内大型汽车生产商(“中方”),强於生产重型车辆,但在生产汽车方面较弱;亦因此难另外两家国内生产商竞争Big domestic automotive company(“Chinese party”),strong in trucks,but not in cars and losing ground to the two larger rivals,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,案例1:汽车行业收购合并Case Study 1:Automotive Sector M&A,日方在收购合并的投资达20亿美元,是中国汽车行业最大宗的并购项目M&A structured with up to US$2 billion of investment by Japanese party largest ever in China automotive sector日方雇用美评去保障其并购中的角色及监察中方评估师.中方雇用了认可的国内评估师准备提交财政部以取得并购的批准American Appraisal hired by Japanese company to support their position and monitor Chinese valuer,Chinese party hired an approved Chinese valuer to prepare submittal to the MOF for M&A approval,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,汽车并购 范筹及评估Automotive M&A Scope and Valuation,122间工厂及子公司122 factories and subsidiary companies评估要在60日内完成Valuation to be completed in 60 days中方投入的资产的净账面价值为86亿人民币(10.5亿美元)Chinese party contribution of assets with net book value of RMB 8.6 billion(US$1.05 billion),并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,汽车业并购 范筹及评估Automotive M&A Scope and Valuation,日方投入的包括了资金、技术及专门知识Japanese party contribution a combination of cash and technology and know-how采用综合了重置成本法及市场比较法的评估方法.我们准备了收入的分析,但这分析并没有包括在提交给有关机关批准的并购资产评估文件中Used a combination of the depreciated cost and market comparable approaches,we prepared an income analysis,but it was not used in the submittal of the M&A valuation for approval,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,汽车业并购 评估差异Automotive M&A-Valuation Discrepancies,中方评估师过於依赖现有的资产明细表 当中包括了记在明细表上但已不存在的资产Chinese valuer relied heavily on existing asset registers which included a reasonable amount of assets that were not in existence对经济陈旧化的考虑不足Insufficient allowance was made for economics obsolescence这令到总结得来的公平价值大於一台拥有更多功能及较便宜的新设备This results in a FMV conclusion that is greater then the price of new equipment with higher functionality and lower cost,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,汽车业并购 评估差异Automotive M&A-Valuation Discrepancies,所有固定设备也包括在估值范围之内,而且无论是永久闲置或废弃的设备也被评估为不少於原价的15%All fixed equipment is included and valued at a minimum of 15%of original cost,even that which is permanently idle or scrap中方对己方拿出的土地的作出了很高的估值Chinese party assigns a very high value to any land being contributed日方的技术及专有技术并没有被独立评估,而是被当作为并购中议价的工具The value of the Japanese partys technology and know-how were not independently valued-it was presumably a bargaining item for the relative M&A contribution,并购交易的资产与企业评估 Asset&Business Valuation for M&A in China,汽车业并购 结果Automotive M&A Summary of Results,中方评估师得出的公平价值比账面价值高10%The Chinese valuer concluded fair market value of 10%more then book value美评得出的公平价值比账面价值低10%-与中方评估的差异为20%即10亿美元American Appraisal concluded f