The Research Of××Corporation For Investment Pricing Of Mergers And Aqusitions

This thesis analyzed the theory of investment assessment of mergersand acquisitions first. DCF method, means of cost, means of market aremostly applied in investment pricing of China.XX Corp. purchased60%stock equities of the King Corp. In thedecision-maker of investment, asset evaluation was applied in the King Corp.firstly. Then, XX Corp. validate the whole enterprise valuation of King Corp.by the means of DCF. At last, according to the marketing price, the finaldealing price is105%of the price of asset evaluation and lower than the priceof DCF.After two years’ management, in the after-appraisement of investmentproject, XX Corp. renewedly assess the value of the King Corp. by the meansof DCF and EVA and the parameter was adjusted too. DCF is the bettermeans in the investment assessment, but its validity is affected by theassumption of the parameter. In the investment practice, we must payattention to the wariness principle of DCF and consider the influence ofstrategy synergy.