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1、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周赤宾周赤宾 Joe Zhou华南首席代表华南首席代表 Chief Representative美国评值美国评值 American Appraisal 广州广州 Guangzhou2007/6/19American Appraisal: Presentation Title Here2今日议题 Outline of Discussion Today资产评估在并购中的重要性资产评估在并购中的重要性 Importance of Valuation in M&A Transacti
2、ons评估概念评估概念 Valuation Concepts评估方法评估方法 Valuation Methodologies 影响企业整体价值的因素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中外并购资产评估应注意的地方 Sino-Foreign M&A Valuation Considerations全球全球商业趋势及评估
3、服务商业趋势及评估服务 Global Business Trends & Valuation Services案例分享案例分享 Case Studies并购交易的资产与企业评估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 TransactionsAmerican Appraisal: Presentation Title Here4Introductory Comments引言成本成本 与与 价值价值Cost vs Value独立资产独立资产
4、与与 整体企业整体企业Individual Assets vs Entire Business不同专长技巧不同专长技巧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并购交易的资产与企业评估 Asset & Business Valuation
5、for M&A in ChinaAmerican Appraisal: Presentation Title Here5Introductory Comments (Contd)引言(续)通常以下原因带来评估的需要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税务法例及其他监管条例Tax law and other regulatory requirements会计常规会计常规Accounting practice银行监管法例及常规银行监管法例及常规Banking regulation and practice保险监管法例及常规保险监管法例及常规I
6、nsurance regulation and practice良好业务管理良好业务管理Good business management practice资产管理工作资产管理工作Stewardship of asset持有人个人要求持有人个人要求Personal requirements of owners并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here6Valuation Purposes评估目的M&As企业并购企业并购
7、Corporate Reorganization 公司重组公司重组Spin-offs and Divestitures 剥离与分拆剥离与分拆American Appraisal 美国评值美国评值Regulatory Reporting法定报告法定报告Purchase Accounting for Financial Reporting 财务报告中关于采购的财务报告中关于采购的会计处理会计处理Fairness Opinions公平意见公平意见Bankruptcy & Restructuring破产与改组破产与改组Asset Based Financing 资产抵押融资资产抵押融资并购交易的资产与
8、企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here7评估报告的使用者Users of Valuation ReportLenders贷款人贷款人Shareholders股东股东Management and equity participants 管理层及股东管理层及股东American Appraisal美国评值美国评值Outside Legal Counsel 外部法律顾问外部法律顾问Auditors 审计师审计师Investment B
9、ankers投资银行投资银行Board of Directors董事会董事会Taxing Authority税务机关税务机关并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here8资产评估在并购中的重要性Importance of Valuation in M&A Transactions交易前交易前 Pre-transaction:有时是会计规则上的要求有时是会计规则上的要求, 如如 Fair Value (公平值公平值) S
10、ometimes there is an accounting requirement for an independent value: e.g. Fair Value 用于交易的定价谈判用于交易的定价谈判, 尢其在尢其在买卖双方有分歧时买卖双方有分歧时 Independent valuation can be useful on pricing negotiations especially when there is value opinion differences between buyer and seller评估师可以评估师可以帮助管理层了解资产帮助管理层了解资产、整体企业价值整
11、体企业价值，特别是知识产权和无形资产的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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here9资产评估在并
12、购中的重要性Importance of Valuation in M&A Transactions交易后交易后 Post-transaction:交易后根据相关的税务和财务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如美国财务会计准则委员会(FASB)的的“财务会计准则财务会计准则(SFAS)141”; 以及以及“国际财务报告准则国际财务报告准则(IFRS)3”/ “国际会计准则国际会计准则(IAS)36”) To issue independent valuation reports according to the relat
13、ed 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保障公司董事及股东 如果公司在并购过程中不能如果公司在并购过程中不能提供决策依据而提供决策依据而令股东利益受损令股东利益受损, 董事便要负董事便要负上责任上责任 To protect the directors and shareholders In the process of M&A, directors can be at risk if the company cannot provid
14、e a support to a decision which has caused a loss to shareholders 因此因此，Fairness Opinion (公平值意见公平值意见) 及及 Solvency Opinion (偿付能力意见偿付能力意见)，在国外都较为在国外都较为普遍普遍 Therefore, Fairness Opinions and Solvency Opinions are common in western countries并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in Ch
15、ina评估概念Valuation ConceptsAmerican Appraisal: Presentation Title Here11评估的目的及标准Purpose and Standard of Valuation估值目的估值目的 = 为了知道资产的价值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有时也有使用其它的如公平价值 (Fair Value) 及及 投资价值投资价值
16、(Investment Value) Fair Market Value is commonly adopted while sometimes Fair Value and Investment Value are also used公平市值公平市值 Fair Market Value: 自愿的买方自愿的买方 /自愿的卖方自愿的卖方 A willing buyer/ seller非强迫性非强迫性 Non-compulsory均拥有相关的知识和信息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一般假设为持续经营
17、(value as going concern) Generally assumed as “Value As Going Concern”并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here12个别资产价值评估 及 企业整体价值评估 Individual Asset Valuation & Business Enterprise Valuation个别资产价值评估个别资产价值评估 - 只考虑该项资产只考虑该项资产 (如某厂房
18、如某厂房、某土地某土地、某设备某设备)，而不是整个企而不是整个企业的经济利益或股权利益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并购交易的资产与企业评估 Asset & Business Valuation for M&A in Chin
19、aAmerican Appraisal: Presentation Title Here13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盈利情况和前景而作出的评估评估; 而不是计算企业的单项资产价值多少而不是计算企业的单项资产价值多少This is value based o
20、n 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由于公司的总资产是由“总投入资本总投入资本” (即股本与负债之和即股本与负债之和) 融资而得融资而得，企业整体价企业整体价值亦等于值亦等于“总投入资本总投入资本”的价值的价值Business enterprise value equals to the value of
21、“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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here14企业整体价值述要 Value of Business Enterprise右图为典型的资产负债
22、表右图为典型的资产负债表This is a typical Balance Sheet 资产方资产方(A)的總值的總值=负债方负债方(L)的總值的總值Total Asset = Total Liability股东权益股东权益= “投入的资本投入的资本” (L)的總值的總值 - “负债负债”的總值的總值Equity = Invested Capital - Total Liability 股东权益股东权益Equity资产资产Asset负债负债Liability流动资产流动资产Current Asset长期债务长期债务Long-term Debt固定及固定及其他资产其他资产(包括包括无形资产无形资
23、产) Fixed and other assets (incl. Intangible assets)短期债务短期债务Short-term Debt其他流动负债其他流动负债Other Current Liability并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here15未來收益決定企业价值Present Worth of Future Benefits of Ownership价值价值收益收益IncomeB BD DC C
24、A A2001000(-ve)(-ve)500100150固定资产残价值固定资产残价值固定资产强迫清算价值固定资产强迫清算价值固定资产有秩序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继续使用之固定资产价值重置成本重置成本重置成本重置成本商誉价值商誉价值可鉴定之无形资产和可鉴定之无形资产和继续经营继续经营元素元素企业价值企业价值ValueNoEnterpriseValue无企业价值无企业价值Business Enterprise Value(Net of Working Capital)企业整体价值（不包括流动资金）企业整体价值（不包括流动资金）Goodwill ValueValue
25、of Fixed Assets in Continued UseOrderly Liquidation Value of Fixed AssetsAuction Value of Fixed AssetsScrap Value of Fixed Assets并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here16评估过程 Process of Valuation初步调研和评估计划初步调研和评估计划尽职调查尽职调查评估目的评估目
26、的成本法成本法完成估值报告完成估值报告估值参数的相关性估值参数的相关性市场法市场法收益法收益法Valuation PurposePreliminary Research, Examination & PlanningDue DiligenceCost ApproachMarket ApproachIncome ApproachEstimated ParametersValuation Report Done并购交易的资产与企业评估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
27、Subtitle HereAmerican Appraisal: Presentation Title Here18估值的三大方法The 3 Main Valuation Methodologies成本法成本法 (予以重整或取替所带来的成本予以重整或取替所带来的成本) Depreciated Replacement Cost Approach (“DRC”) (Cost of reproduction or replacement)市场法市场法 (以最接近的市场交易作比较以最接近的市场交易作比较) Market Approach (Comparable transactions) 收益法收益法
28、 (所拥有资产会带来的将来经济所拥有资产会带来的将来经济收益的现时价值收益的现时价值) Income Approach (Present worth of future economic benefits of ownership)成本法成本法Cost Approach收益法收益法Income Approach市场法市场法Market Approach并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here19影响企業整体价值的重
29、要因素Factors Affecting Business Enterprise Value并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here20可引致企业价值減少的因素Possible Factors leading to the decrease of Enterprise Value失去要人风险失去要人风险Key Man Risk 或然债务或然债务, 如与环境及法律有关的事宜如与环境及法律有关的事宜Contingent
30、 Liabilities投资组合折扣投资组合折扣Portfolio Discount缺乏控制权缺乏控制权Lack of Control缺乏市场流通量缺乏市场流通量Lack of marketability无投票权股票无投票权股票Non-voting shares公司个别风险公司个别风险Company Specific Risk并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here21评估师角度 View of Valuers在以
31、下情况在以下情况，评估师可能提高折现率以反映企业的风险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过度乐观的财务预算An over-optimistic budget 缺乏理据支持的财务预算缺乏理据支持的财务预算A lack of historical evidence to support the budget缺乏业绩的公司缺乏业绩的公司 (创投
32、公司对初始企业的折现率可高达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%)对企业对企业的可的可延续性有怀疑延续性有怀疑 (如是否在牌照到期后获得续牌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
33、产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here22可增加企业价的因素 Possible factors for increasing Business Values1.非经营资产非经营资产 (Non-operating Asset) 若资产若资产: (i) 并不参予公司主业务运作并不参予公司主业务运作 (如空置的楼宇如空置的楼宇)(ii) 而其有关收入而其有关收入(如空置楼宇出租后的租金如空置楼宇出租后的租金)亦未有包括在财务预算中
34、亦未有包括在财务预算中，则此非经营资产的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可加于以收益法计算的企业整体价值之中价值之中 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
35、the budget, then the value of non-operating asset can be added to the business enterprise value calculated by income approach2.整合作用整合作用 (Synergy) 两个单位合作两个单位合作、合并后的价值为合并后的价值为 1 + 1 = 3. 一般整合作用应在财务一般整合作用应在财务预算反映预算反映 Synergy the value of 2 cooperating or merged units is 1 + 1 = 3. Synergy is usually re
36、vealed in the budget并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here23在中国进行资产评估存在的困难Practical Difficulties of Valuation in China市场不尽成熟市场不尽成熟市场对评估的认识有限市场对评估的认识有限各兼管部门对价值的不同认识各兼管部门对价值的不同认识人为大于技术人为大于技术中国特色中国特色并购交易的资产与企业评估并购交易的资产与企业评估 Asset
37、& Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here24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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here25国内评估行业的监管Regulation of Professional Valuers不同监管机构
38、同时监管不同评估资格不同监管机构同时监管不同评估资格. 主要的资格为主要的资格为: Valuation qualifications administered by separate regulatory authorities that co-exist. The main qualifications are:注册房地产评估师注册房地产评估师 - 建设部建设部Certified Real Estate Valuer - Ministry of Construction注册土地评估师注册土地评估师 - 国土资源部国土资源部Certified Land Valuer - Ministry of
39、 Land and Resources注册资产评估师注册资产评估师 - 财政部财政部 (经中国评估协会经中国评估协会) 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 “fin
40、ancial assets”并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here26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以往评
41、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根据根据2006并购并购条例条例: 被收购的国内被收购的国内企业资产评估应采用国际通行的评估方法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 a
42、ccording to “internationally accepted principles”并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here27评估要求Valuation Requirements2006 并购规则加强对独立评估之要求并购规则加强对独立评估之要求:2006 M&A Regulations further strengthened independent valuation requirements:禁
43、止股权或资产禁止股权或资产在明显低在明显低於於“公允价值公允价值”下转移下转移; 并要求披露责任并要求披露责任equity or asset transfer at below “fair value” prohibited. Disclosure onus on target股份的交换股份的交换: 海外股份必需要被证明其价值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有向有关审批部门提交评估报告的要求formal submission to relevant authoritie
44、s of valuation report required并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here28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欠缺充份计算折旧的会计制度Lack of full accounting for depr
45、eciation有时侯对进行尽职调查的能力不足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国家划拨土地令业主在转让土地使用权时, 需要作出交换需要作出交换/支付补偿金支付补偿金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并购交易的资产与企业评估 Asse
46、t & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here29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根据中外合资规定根据中外合资规定Under Sino-foreign JV Regulations:就外资就外资而言而言, 无形资产及技术的投入应不多於投资总值的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 asse
47、ts 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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here30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其他一般原则其他
48、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都有一个最低的价值要求, 通常为成本的通常为成本的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评估如超过了资产帐面价值以下的10%会受到监察会受到监察Valuations more than 10%
49、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经协商的交易价格通常需为评估价值的10%以内以内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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here3
50、1Global 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近年对资产评估需求上升之原因:Recent Drivers:知识型经济知识型经济Knowledge-based economy跨国并购跨国并购Cross border M&As会计丑闻会计丑闻(Enron及其他及其他) - 企业管治提升企业管治提升 (Sarbanes Oxley)Accounting scandal (Enron & others) - higher corporate governance (Sarbanes Oxley)会计准则国际性融
51、合会计准则国际性融合 - 公允价值的计量公允价值的计量Global convergence of accounting standards - fair value measurement并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here32Global 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会计财务用途之评估成为必然成为必然;
52、对企业评估技巧的需求殷切对企业评估技巧的需求殷切Accounting Valuation becomes a necessity, Business Valuation skills in demand例子例子:Examples:收购价格分配收购价格分配Purchase price allocation商誉减值商誉减值Goodwill impairment雇员雇员股票期权及衍生工具股票期权及衍生工具Employee stock option and embeded derivatives中国上市公司从中国上市公司从2007年年1月月1日起需符合国际会计准则日起需符合国际会计准则. “财务报告评
53、估财务报告评估”之需求使得之需求使得中国监管中国监管机构机构急需急需了解国外经验及国际评估准则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 Standar
54、ds并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here33案例分享Case Studies并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here34案例1: 汽车行业并购Case Study 1: Automotive Sector M&A一家一家日本大型汽车
55、日本大型汽车生产商生产商(“日方日方”), 当时在中国仍未大力进入中国市场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中国国内大型汽车中国国内大型汽车生产商生产商(“中方中方”), 强於生产重型车辆强於生产重型车辆, 但在生产汽车方面较弱但在生产汽车方面较弱; 亦亦因此因此难另外两家国内生产商难另外两家国内生产商竞争竞争Big domestic automotive company (“Chinese party”),
56、 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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here35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日方在收购合并的投资达20亿美元亿美元, 是中国汽车行业最大宗的并购项目是中国汽车行业最大宗的并购项目
57、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
58、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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here36汽车并购 范筹及评估Automotive M&A Scope and Valuation122间工厂及子公司间工厂及子公司122 factories a
59、nd subsidiary companies评估要在评估要在60日内完成日内完成Valuation to be completed in 60 days中方投入的资产的净账面价值为中方投入的资产的净账面价值为86亿人民币亿人民币(10.5亿美元亿美元)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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican A
60、ppraisal: Presentation Title Here37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日方投入的包括了资金、技术及专门知识技术及专门知识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我们准备了收入的分析, 但这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并没有包括在提交给
61、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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Titl
62、e Here38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当中包括了记在明细表上但已不存在的资产产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对经济陈旧化的考虑不足Insufficient allow
63、ance 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并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Ap
64、praisal: Presentation Title Here39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
65、对中方对己方拿出己方拿出的土地的土地的作出了很高的估值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
66、the relative M&A contribution并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here40汽车业并购 结果Automotive M&A Summary of Results中方中方评估师得出的公平评估师得出的公平价值比账面价值高价值比账面价值高10%The Chinese valuer concluded fair market value of 10% more then book value美美评得
67、出的公平评得出的公平价值比账面价值低价值比账面价值低10% - 与中方评估的差异为与中方评估的差异为20%即即10亿美元亿美元American Appraisal concluded fair market value of 10% below book value a swing of 20% on US $1 billion并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here41汽车业并购 结果Automotive M&A
68、 Summary of Results最终日方通过谈判获得低于我们评估值的投入价值。最终日方通过谈判获得低于我们评估值的投入价值。 中国中央政府及财政中国中央政府及财政部把这项并购视为与一个主要伙伴的策略性并购部把这项并购视为与一个主要伙伴的策略性并购, 所以日方能协商并使项目所以日方能协商并使项目获得批准获得批准 Japanese party was able to negotiate and get approved a final contribution value that was below our number, as the Chinese central government
69、/MOF directly viewed this as a strategic M&A with a key partner这例子说明了如果是高层次的庞大并购这例子说明了如果是高层次的庞大并购, 有例外情况是可能发生的有例外情况是可能发生的 The lesson here was that with very high level buy-in, exception to the general rule may sometimes be possible并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaA
70、merican Appraisal: Presentation Title Here42案例2: 电力行业并购Case Study 2: Power Sector M&A一家香港上市电力公司一家香港上市电力公司(“香港公司香港公司”)及中国国企的合资项目及中国国企的合资项目A joint venture between a Hong Kong-listed Power Sector company (“HK company”) and a Chinese State Owned Enterprise partner双方分别投入营运中的发电厂双方分别投入营运中的发电厂, 价值超过价值超过100亿
71、人民币亿人民币(12亿美元亿美元). 采用了现金流量折采用了现金流量折现法进行资产评估现法进行资产评估Each contributed operating power stations, value over RMB 10 billion (US$ 1.2 billion). Assets valuation was based on the discounted cash flow (DCF)美评代表香港公司美评代表香港公司, 采用现金流量折现法采用现金流量折现法, 为发电厂进行资产评估为发电厂进行资产评估, 并与中方评估并与中方评估师讨师讨论得出合理的贴现率论得出合理的贴现率On beha
72、lf of the HK company, we performed our own DCF valuation of the plants, and negotiated with the Chinese valuer over the proper discount rate并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here43电力行业并购: 现金流量折现组成的不同Power Sector M&A: Difference
73、s in DCF Components中方评估中方评估师在现金师在现金流量折现流量折现中采用很中采用很低低的贴现率的贴现率, 为中方的资产评估为中方的资产评估出了一个很出了一个很高的高的价值价值The Chinese valuer assigned a very high value to the Chinese partners assets, based on the use of a very low discount rate in the DCF 无风险利率无风险利率: 中方评估师采用当地货币的一年存款率中方评估师采用当地货币的一年存款率 (2-3%). 国际投资者使用美国长国际投资
74、者使用美国长期公债的标准利率期公债的标准利率 (5-6%).Risk free rate: The Chinese valuer used a local currency one year deposit rate number (2-3%). International investors use the standard US$ T-bond rates (5-6%).公司的独特因素公司的独特因素: 公司公司值及公司特有风险因素并未完全被考虑或被选择性使用值及公司特有风险因素并未完全被考虑或被选择性使用 导导致致明显低的贴现率明显低的贴现率Company specific factors
75、: company beta and company specific risk factors are not fully taken into account, or used selectively leading to significantly lower discount rates 并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here44加权平均资本加权平均资本成本成本 (WACC): 中方评估师采用资本成本里中
76、方评估师采用资本成本里, 假设性及较高的权益负债假设性及较高的权益负债率率, 导致一个人为的低成本投资资本导致一个人为的低成本投资资本. 美评则使用了实际的美评则使用了实际的权益负债数目权益负债数目WACC (weighted average cost of capital) : the Chinese valuer used a hypothetical and high debt/equity ratio in the WACC, leading to an artificially low cost of invested capital. We used the actual debt
77、/equity number此外中方评估师此外中方评估师使用在计算使用在计算资本资本成本时使用的帐面股权价值成本时使用的帐面股权价值, 而不是市场价值而不是市场价值. 这都这都降低降低了权益的成本而影响到贴现率了权益的成本而影响到贴现率Additionally they used book value of equity in the WACC calculation, rather then market value, which also reduces the cost of equity and resulting discount rate结果是中方评估师结果是中方评估师的开始时采用
78、贴现率的开始时采用贴现率为为7%, 而而我们估算的贴现率是我们估算的贴现率是13%The net result in this case was the Chinese valuer started with a 7% discount rate, compared to our estimate of a discount rate of 13%电力行业并购: 现金流量折现组成的不同Power Sector M&A: Differences in DCF Components并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A
79、 in ChinaAmerican Appraisal: Presentation Title Here45电力行业并购: 评估差异的分析Power Sector M&A: Resolution of Valuation Differences我们与中方评估师进行了多次会议我们与中方评估师进行了多次会议, 讨论及讨论及商议现金流量折现商议现金流量折现的确定的确定We conducted a series of meetings with the Chinese valuer, to review and negotiate over the DCF determination无风险利率无风险利
80、率: 因为并购的回报全以当地货币计算而且不会汇存因为并购的回报全以当地货币计算而且不会汇存到境外到境外, 我们同意使用我们同意使用当地货币的无风险利率当地货币的无风险利率Risk free rate: as the M&A returns are all in local currency, and will not be repatriated, we agreed to use the local currency risk-free rate公司特殊风险公司特殊风险: 我们说服到中方评估师在评估时同时考虑公司的规模及特殊风险因素我们说服到中方评估师在评估时同时考虑公司的规模及特殊风险因素
81、Company specific risk: we prevailed upon the Chinese valuer to take into account company size and specific risk factors并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here46电力行业并购: 评估差异的分析Power Sector M&A: Resolution of Valuation Differences
82、资本成本资本成本: 我们说服了中方评估师我们说服了中方评估师在计算资本成本时使用较高值的资产成分在计算资本成本时使用较高值的资产成分, 以及使以及使用市场价值而用市场价值而不是帐面不是帐面价值价值. 因为股本回报要求较高因为股本回报要求较高, 从而导致教高的贴现率从而导致教高的贴现率WACC: we convinced the Chinese valuer to use a higher equity component in the WACC determination, as well as a market value rather then book value for equity.
83、 This increased the discount rate due to the higher return requirement on equity在商讨后在商讨后, 我们我们把贴现率改为把贴现率改为10.8%，而，而中方评估中方评估师将折现率提高至师将折现率提高至11.8%After the review and negotiation, we revised our discount rate down to 10.8% and the Chinese valuer increased theirs to 11.8%并购交易的资产与企业评估并购交易的资产与企业评估 Asset
84、& Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here47中国并购 汲取的经验Chinese M&As - Valuation Lessons Learned如双方评请不同评估师时，项目初期如双方评请不同评估师时，项目初期便要便要与对方评估与对方评估师师保持沟通并提出可能的评估保持沟通并提出可能的评估差异差异Keep in constant communication with the domestic valuers in early stages of the engagement t
85、o point out valuation traps and obvious discrepancies保持合作的态度保持合作的态度, 避免发生冲突避免发生冲突Maintain a cooperative attitude, avoid situations where conclusions are hardened, or that lead to a loss of face了解并购对方的了解并购对方的其他外部要求其他外部要求Understand the external requirements of the M&A counterparty并购交易的资产与企业评估并购交易的资产与企
86、业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here48中国并购 汲取了的经验Chinese M&As-Valuation Lessons Learned了解中方评估师在进行评估时所遇到的限制或缺少市场的支持了解中方评估师在进行评估时所遇到的限制或缺少市场的支持Understand the restrictions or lack of market appreciation of the Chinese appraisers要有要有互相指导互相指导的思想准备的思想准
87、备Prepare to spend considerable time to coach and allow yourself to be coached最好的解决方法不是评估师的事后被动参与，而是需要买卖或合作双方从一开始便最好的解决方法不是评估师的事后被动参与，而是需要买卖或合作双方从一开始便互相了解各自对价值的理解并在聘请评估师时大致达成基本共识，如此将会另到整互相了解各自对价值的理解并在聘请评估师时大致达成基本共识，如此将会另到整个交易程序顺利进行。个交易程序顺利进行。经验丰富的评估机构可以使的好的项目谈判时间缩短，促使项目获得成功，从而为经验丰富的评估机构可以使的好的项目谈判时间缩短
88、，促使项目获得成功，从而为企业赢得时间和市场企业赢得时间和市场并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here49案例3？Case Study 3？并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in ChinaAmerican Appraisal: Presentation Title Here50Worldwide Offices of Ameri
89、can AppraisalAAA, Canada VancouverAAA, Mexico AAA , Canada TorontoAAA, Canada MontrealAAA, VenezuelaAAA, BrazilAAA, ArgentinaAAA, MoroccoAAA, China Hong Kong, Beijing, ShenzhenShanghaiAAA, JapanAAA, ThailandAAA, Russia St. Petersburg MoscowAAA, United Kingdom London, Manchester AAA, Spain Barcelona,
90、 Madrid, SevilleAAA PortugalAAA Italy Milan, Padua, Rome, TurinAAA GreeceAAA TurkeyAAA HungaryAAA Czech RepublicAAA United StatesAAA, PhilippinesOffices with Real Estate StaffAA GermanyAA CroatiaAmerican Appraisal: Presentation Title Here51我们的服务我们的服务 资产评估资产评估 交易咨询交易咨询 房地产顾问房地产顾问 资产管理资产管理 111111年的跨国经
91、验年的跨国经验 - - 全球规模最大历史最悠久的评估集团全球规模最大历史最悠久的评估集团 在中国在中国3030多年的经验多年的经验 全球超全球超过过6 60 0个分公司个分公司 每年每年发发出出价值超过价值超过$ $4 4000000亿亿美元美元资产的报告资产的报告American Appraisal: Presentation Title Here52联络联络资料资料China Team ContactWorldwide Offices: Canada, China, Czech Republic, France, Germany, Greece, Hungary, Italy, Japan
92、, Kazakhstan, Poland, Portugal, Romania, Russia, Spain, Thailand, United Kingdom, USA世界各地办事处世界各地办事处: 加拿大加拿大, 中国中国, 捷克捷克, 法国法国, 德国德国, 希腊希腊, 匈牙利匈牙利, 意大利意大利, 日本日本,哈萨克哈萨克, 波兰波兰, 葡萄牙葡萄牙, 罗马尼亚罗马尼亚, 俄罗斯俄罗斯, 西班牙西班牙, 泰国泰国, 英国英国, 美国美国并购交易的资产与企业评估并购交易的资产与企业评估 Asset & Business Valuation for M&A in China 周赤宾周赤宾 首席代表首席代表美国评值有限公司美国评值有限公司地址：广州天河北路中信广场地址：广州天河北路中信广场2303电邮电邮l: jzhouamerican-电话电话: (86-20) 3891-2300/03/08传真传真: (86-20) 38912878手机：手机：13503021507
