Research On The Reconstruction And Application Of Target Enterprise Value Appraisal Model In Cross-Border M&A

In today's world constant development and change of environment, M&A as enterprise develop and expand of the important way in recent years, acts on global market staged frequently. Acquisition is a complicated systems engineering, the target enterprise value appraisal is one of the important link, in a certain sense, the success of merger activity in a certain extent depends on the level of the acquisition prices paid. Therefore, evaluating the value of the target enterprise will become very important.Today in the theory and practice from different angles, many scholars of reaching target enterprise value evaluation was studied, and the main evaluation theory model common have discounter-cash-flow model, Eva model and real option model. These theories for the present model in a certain extent, to target enterprise to carry on the reasonable pricing, but they all have certain scope and limitations, i.e. focused on of the target enterprise value assessment, and entity ignore the target enterprise strategic value and the value of the synergy produced in the process of M&A. This paper on the basis of previous studies, in view of the above phenomenon, puts forward a kind of full consideration of the target enterprise strategic resource value and M&A synergies value on the basis of the value appraisal method of the target enterprise, for the comprehensive accurate pricing, think the target enterprise value of the target enterprise should be made by the independent value, the target enterprise strategic value and M&A activity in the synergy produced three parts. The target enterprise independent value using discounted cash flow method to calculate by real option, strategic value model to calculate. When in the calculation of the strategic value the merger process is divided into two parts, before the acquisition of decision-making stage and the integration of the stage after the merger, using backwards way, first calculated using trigeminal tree model after the merger of strategic value integration period. After the merger integration in the calculation of the process of strategic value based on the materiality principle, only considered the expansion options and give up the option. Again according to the calculated period of strategic value after the merger integration using binary tree model calculated decision stage before the acquisition of strategic value. This paper calculated the value of merger effect by financial synergies, brand synergies and operating synergy effect of value, and the analytical hierarchy process (ahp) and expert scoring method is used to determine the proportion of the target enterprise contribution, and both multiplications identify target enterprise contribution synergy value.Finally combined 2004 Lenovo acquisition IBM PC division, according to this article constructs the model to calculate the IBM PC division value. And after the merger of new Lenovo according to actual situation to recalculate the IBM PC division, the value of the model validation this paper construct accuracy and practical.