Research On The Impact Of Valuation Difference Based On The Stakeholders Perspective

With the economic transformation and upgrading in China,enterprises take merger and acquisition as an important method to achieve rapid listing,to obtain financing channels,to make enterprises bigger and stronger,and to transform industries.In the current market economy environment,the merger and acquisition of enterprises is for the purpose of merging or acquiring another enterprise.It refers to the equity transaction activity taken by the acquirer in order to obtain the control of the acquirer.And the merger and acquisition makes the enterprise value evaluation great progress in the domestic capital market.The accuracy of the enterprise valuation affects the investment decisions made by multiple participants such as institutional investors,small and medium investors and market regulators,which makes the enterprise valuation very important in the process of merger and acquisition.How to reasonably and accurately evaluate the enterprise valuation and satisfy the capital transaction activities of enterprises more specifically,which becomes the key of merger and acquisition.However,the participants of enterprise valuation are mainly institutions and enterprises themselves.And most investors are in a marginal position and unable to participate in the economic activities of enterprise valuation.As a result,enterprises and institutions have more autonomy over enterprise valuation.And the accuracy of enterprise market valuation cannot be fully guaranteed.In other words,enterprises or institutions may bias themselves in the process of the enterprise value evaluation for the sake of their own interests.Based on this,this paper attempts to explore the rationality of enterprise valuation difference in the process of merger and acquisition among Tianshan aluminum co.,LTD,Uni-vision university co.,LTD.and New Territories pump co.,LTD.Firstly,based on the research status of domestic and foreign literatures,this paper analyzes the effects of enterprise valuation and the reasons for the enterprise valuation difference.Then,this paper discuss the background of enterprise valuation in the merger and acquisition process of TianShan aluminum co.,LTD,Uni-vision university co.,LTD.and New Territories pump co.,LTD.And this paper compares the results and the reasons of enterprise valuation difference.It also studies the effect of the multiple participants’decision-making.Finally,the conclusion is drawn and some suggestions are put forward for the improvement of enterprise valuation difference.The contribution of this paper is to enrich the existing literature about the study of single enterprise valuation difference.Through the analysis and research of this case,,we can know about the background and the motivation of enterprise valuation difference..On this basis,this paper discuss the impact of enrerprise valuation difference on the behavior about institutional investors,secondary market investors and market regulators.And this paper summarizes the experience and draws relevant conclusions and inspirations to provide suggestions for investors and regulators to avoid the risk.The research content is relatively new.Moreover,the two M&A of Tianshan aluminumco.,LTD were carried out in recent years,which are relatively new cases.The author has not found an in-depth study.