| At present, the sustainable development of China’s economic faces many challenges:some industries have excess capacity and the industry concentration is low;Thehomogeneity and horizontal competition of listed companies in capital market isserious.There is lack of big companies which can drive the development and the growth ofthe industry;Compared with the developed countries such as America,Japan and Germany,the listed companies in China are lack of core competitiveness and the advancedtechnologies;In the backdrop of rising currency value, the company’s demand for resourcesand technology is growing, they need a fast entrance into the international market andenhance the international competitiveness;The corporate governance of listed companies isnot standard, they need to perfect the internal control system and pay more attention to theconstruction of enterprise culture, etc.So our country is in the period of solving excess capacity,adjust the economicstructure and promote industrial upgrading through the way of M&A.Mergers andacquisitions is changing from the same control to market-oriented, the involving industry isalso changing from manufacturing,heavy industry to strategic emerging industries.M&Atarget’s valuation is facing new challenges,especially the valuation method of M&Ainvolving obstacle that the difference of the two methods’result is bigger, so the pricing ofthe deal is of difficulty.Both the reality and academic world must face the problem.This paper expounds the principles of Wall Street Investment Banking’s advancedvaluation methods,make statistical analysis of the method selection of M&A cases from2012to2013.Sep, reveals some pratical problems,such as the methods don’t match witheach other, the result is not cohesion and the pricing basises are not adequate.Finally usingthe comparable company analysis to revaluation the case of mergers and acquisitions andexplore the feasibility of the application of comparable company analysis in our country. |
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