The Study On Assessment Of Objective Enterprise Value In Merger & Acquisition

With the development of market economic and the boost of the global informationization, the Merger and Acquisition (M&A) is one of the most important management strategies for an enterprise from up-set,grow-up, stability,even to globalization.And the exact assessment of objective enterprises' value is considered to be the core of the merger activity and the key to success of M&A. Therefore, it's necessary to carry on the study on the theory and practice of assessment of objective enterprise in M&A ,so as to meet the needs of objective economic development. Based on the overseas value assessment theory and experience, the paper analyses the basic theories of enterprise's value,enterprise's value assessment and enterprise's value assessment methods in M&A. It discusses the principles,the model of value assessment and the suitable conditions for Discount Cash Flow(DCF), market comparative method and option pricing method. Above all, the thesis points out that, to different business departments of objective enterprises in M&A, different methods of value assessment should be taken. Then by means of option pricing, the paper assesses the value of the whole objective company according to each department' contribution to company's whole value.