Shipping Mergers And Acquisitions In The Valuation Study

Merger and acquisition(M&A), as an important manner of capital operation, has been playing a vital role in international shipping industry history. In recent years, M&A among shipping enterprises occur continually, and scales are more and more big. At the same time, China's shipping magnates also attempt M&A for overseas shipping enterprises.To achieve success in enterprise M&A, the primary step for a decision-maker is to evaluate the value of target enterprises, which can be obtained only by intergrating the goal of M&A and characteristics of enterprises in different industries. This paper believes that a valuable tool of valuation must have following functions that to evaluate the value of accrual ability that target enterprises have been obtained, and that will obtain certainly, and that will obtain probably in the future. For attaining above-mentioned results, through the research on the characteristics of shipping enterprises, M&A strategies of shipping enterprises and the theories of valuation, integrated with real option theory, this paper educes a valuation model in the shipping enterprise M&A, v_m = v_t +v_t1 +v_t2. This paper believes that this model can illustrate all the three aspects of enterprise value well and truly.To avoiding theories too empty and coming close practice, this paper follow the principle that qualitative analysis combined with case analysis.The textual research frame mainly launches according to the following problems: 1, Analysing the risk source of the shipping market to educes what factor should be considered in the shipping enterprise valuation? 2,Why conventional valuation methods can not evaluate the value of the shipping enterprise correctly? 3, How to improve traditional methods according to real option thought?The ultimate aim of M&A is to increase the enterprise value. The application of real option into valuation is the need of flexible management in shipping enterprises and reflects the value concept of modern enterprises, which plays an important role in strengthening the ability of decision, improving the scientificity of decision, and avoiding decision risk.