The Applied Research Of The Discount Cash Flow Method In The Absorption And Merger Of The Group Of TCL

Absorption and merger is the behavior of a enterprise still reserving the corporative position in the two enterprises after merging, but another enterprise losing the corporative position which originally possessed.There are account value, market value, clearing up value, discount cash flow value etc. in the form of the enterprise value evaluation. There are discount cash flow method, market method, cost method , clean property coefficient addition method etc. in the method of enterprise value evaluation,. But the discount cash flow method is a method of the evaluation to the enterprise value that the expecting cash flow is discounted to be the current value according to the certain discount rate in the conditions that the enterprise keeps on operating in the future. The discount cash flow method suffers to recommend all the more firmly in the modern financial environment of emphasizing the " cash sovereign", because of its regarding cash flow estimate as the foundation and fully considering the ability that the enterprise creates cash flow .This kind of value doesn't considerate the tangible assets of the business enterprise, but synthesizes and analyzes the management ability, opportunity to increase store and the customers long-term business relations excluding of the business enterprise property accounting value. Then it estimates the enterprise value.The group of TCL realizes the whole appear on the market through the absorbing to merge the communication of TCL, this is the first case example to aim at the listed company by exchanging stocks in our country stock market. The thesis first analyzes the value evaluation in ≤The manual of predicting the case≥ . Each stock price of the communication of TCL is estimated as the foundation of the communication of TCL in ≤The manual of predicting the case≥ .The market earning rate is 10-20 times among the 52 stocks published for the first time in our country since 2003. Regarding this as the premise, 10-20 times of market earning rate was considered to be the calculating scope of market earning rate of the group of TCL published for the first time. Our country stock market is not prosperous , market earning rate can't reflect the actual operating conditions of the business enterprise accurately and its analyzing results are not accurate too. The thesis analyzes two historical results of company respectively, predicts the free cash flow of two companies, then estimates the discount rate, computes the discount evaluation value of thetwo enterprises with the discount cash flow method and proceeds the sensitivity analysis for the enterprise value. The conclusion agrees with the actual conditions.Finally, the thesis analyzes some problems in the application of discount cash flow in our country and puts forward the homologous counterplans.