A Study On Value Analysis Of Enterprises M&A

M&A is the focus of economy, and is being paid great attention by the academe. But the mostly concerned studies are the mode, motivation, and performance of M&A. Some studies were about the analysis of the value of M&A, but they were just based on the target firm valuation and something lack of practicability. So it is a nodus to put forward a theory on M&A valuation with high practicability. To such questions, here we firstly discuss the importance of valuation of M&A in the M&A process. Then, an analysis system on M&A valuation is put forward based on the M&A process. After that, an M&A case which I took part in is quoted. Finally, some conclusions are drew and some advice are given for further study.Based on M&A process, we put forward an analysis system on M&A valuation. The analysis is made up of two stages. The first stage is qualitative analysis, which answer the question that if it is necessary to carry on the M&A. The second stage is quantitative analysis, which answer the question that how much will be paid to control the target firm. So, the system is composed by two formally integrated sub-systems.M&A process can be described as resource input, target firm controlling, target firm conformity and value output. The first sub-system is to judge if the M&A process can run smoothly, while the second sub-system is to estimate the value of controlling the target firm by using appropriate means, such as DGF, Ratio, EVA and real-option.Analysis on M&A valuation is full of practicability. In order to make the analysis system put forward in this thesis can be understood easily. Here the M&A case-BIOK merged Xinaote is quoted, and the case were analyzed by the analysis system.At last, some deficiencies in this thesis are pointed out, and some advice is given for further study on the topic of M&A valuation.