Valuable Evaluation On The Merger And Acquisition--The Case Study Of Shanghai Fu-sun LTD Purchasing The State-owned Shares Of Chongqing Yao-you Pharmaceutical LTD

As the Enterprise's out-exchange statistic popular operating method and the capital operating core measure, Merger and Acquisition(M & A ) has become the tid and the guidance for enerprise's development with the market economic system steply perfecting ,the nation enterprise reforming deeply ,the moden enterprise system founding and perfecting.In the future , M & A will continuous happen between our enterprises.During the course of M & A , the evaluation of the objective unit is one of the key problem ,which is the trading marrow and the key factor to success and failure of M & A .At the same time it is not only the accordance for bargaining ,but also the base of the judgement of the loss of the nation's property or not.In introduction section ,it expounds the sense of researching the=valuable evaluation on Merger and Acquisition ,analys the several existing problems caused by the single-item property adds the total method at present in our nation and brings up the research way of thinking. At the same time it points out that we should select the correct valuation method fitting for the particular Merger and Acquisition actively to arrive our aim of Clear with science towards target business enterprise value ,since the method towards target business enterprise value takes the gauge of category many and it has its science rationality, also there is blemish and lack,The text part, First,simplely introduces some theory and Knowledge about Merger and Acquisition. Then It expounds and analyzes the researching statu of the enerprise's valuation of the world, especially on the discount cash flow valuation . Among them it detailed analys how to determine the discount rate, the increase rate and the cash flow.At the same time it introduces the two other means that is the ratio and the option valuation and theirs scope of application, promoting some valuation model fitting for different enerprise and different asset for the especially case of M & A ,and it expound how to use the cash flow discount to value the enterprise been placed in the circumstance of Periodic company, Operating the company in the difficulty, not listed company.Lastly checking it through a success case and bring up how to evade the lose of the state-owned property and insure that the state-owned property is worth to increase in value.Be sure that this will be the reference and theory guidence to the coming M & A .