| As a kind of proprietorship transaction, Merge & Acquisition (M&A) is becoming more and more active in modern capital market. But the risks are often ignored. One of the important reasons in unsuccessful cases is the problem of Enterprise Value, which did not appraise the value properly. The higher the value was appraised, the more difficult the profit could be obtained. To clear up these problem, finding out a correct method and appraising enterprise value properly is the best way out.The theories of enterprise value are discussed at first, which are the foundation of the factor analyse about principal appraise methods. Then the application condition of these methods is mentioned. This paper, from a Chinese listed company's point of view, discusses the main influence on enterprise value which arose in Chinese peculiar capital market and M&A. After analyzing theoretically, this paper processes a demonstration to establish a model of enterprise value based on asset value. The specimen is the listed company's M&A in Shanghai and Shenzhen stock market in recent years. In demonstration, these company's financial data is operated to find out a model which is based on asset value. Some suggestions are raised with regard to apply the asset value based model. At last, this paper concludes with the basic principals and basic steps to appraise enterprise value by asset valuebased model properly.Generally speaking, there is few theory and appraise method in our country. This paper's innovation has such aspects: l)Comparing the principal appraise methods and concluding with the basic fundamental in M&A appraise; 2)Analyzing the adaptability of asset value appraise in China; 3)Ameliorating and improving the method of asset value appraise in Chinese listed company's M&A, especially finding out the connection between the price of share and net assets per share, profit, asset-debt rate which is purchased and sold in non-circulated stock market. |
PDF Full Text Request