Research On The Assessment Of Value In Strategic Corporate Mergers And Acquisitions

When the economic globalization was formed as new trend of history at the end of the 20th century, the merge tides will move forward with more tempestuous tendency in the 21st century. The merged tide in new enterprises began since 2004, set a record the peak by 2006, it is 3,500 billion dollars to merge total value in the whole world. This situation is still continuing, the total value of the merger agreement has already been up to 2,000 billion dollars in January - April of 2007, increasing degree is up to 60% in the corresponding period. The characteristic of this merger is to pay attention to enterprise's development strategy, including finance, metal and exploiting, generating electricity, real estate, media, and consumer goods merged, etc. Enterprise's area no longer takes U.S.A as the leading factor, European market has already exceeded U.S.A, Asian markets, such as China and India, become the new favorite merging markets .The total value of Chinese enterprises merge already reach 90 billion dollars in 2006, it is up to 3000 of quantity. We can say that the merger market of China has been already very thriving and prosperous. But as the key factor of merging, it is the focus which the scholar studies both at home and abroad to merge prices and assess all the time. Especially the value assessment of goal enterprises in current strategy merging is worth scholars' studying especially. Because strategy merges is different from the past financial affairs merges, the main goal of merges is to obtain the cooperative effect. So the value assessment of goal enterprises is more complicated in strategy merging. This thesis will carry on research on it.This thesis is divided into five parts altogether. First part analyses the domestic and international documents about enterprise's value assessment and propose the goal in research of this theme and research route. Second part, explains strategic merger and relevant theory of enterprise's value assessment. Including the meaning that strategy merges mainly, characteristic of strategy mergers, the meaning and characteristic of enterprise's value assessment, four kinds of commonly used assessment methods, and explain the value assessment method especially, thought that offering the theoretical foundation for the following research. The third part is to analysis the enterprise's strategy merging in the current situation of our country. Utilize the latest materials to study the current situation of enterprises strategy merges in our country, to explore the motivation and the primal existing problems of strategic mergers. Propose that the value assessment of goal enterprises is very crucial in merging in strategy, worth studying. The fourth part set up the value evaluation systems of goal enterprises in strategic merger. This part is the focal point of this article. From the angle of enterprise's value, the value of goal enterprises divides into three parts: Net Assets, Assets Premium and Synergy Premium. According to the characteristic of every part of assets, the value of the net assets adopts the cost method, assets premium and synergies premium assessment by AHP, thus forming a complete assessment of the value system. The fifth part, utilize typical strategic merger case --GuoMei strategy merges Yongle to carry on analyses, verifies the value evaluation system.The assessment of enterprise's values is the foundation to confirm the price in strategy merging, establishing a complete value evaluation system which is helpful to the development of merging market in our country.