Research On The Value Evaluation Of Internet Enterprises In M ​​& A Activities

With the development of Internet technology,the scale of Internet enterprise scale is growing, the role of the Internet technology in enterprise management and operation is more and more important, the rise of mobile Internet brings Internet companies a revolutionary change. In order to get into the mobile Internet market quickly and get ahead of other competitors to won the first mover advantage in the mobile Internet market, Internet enterprises and traditional enterprises get the mobile Internet business included in the strategic planning of the company in the near future. Enterprise itself through a lot of money for research not only requires huge money and time cost, and in the long development period, the uncertainty of the market is also can not be predicted, therefore, investors will turn to the capital market, through the acquisition of the mobile Internet enterprise to achieve their strategic layout, small and medium-sized mobile Internet companies also need to rely on large company resources to expand their own strength, in the case of mergers and acquisitions both sides will have been,a new wave of mergers and acquisitions will start.In the case of the m&a of mobile Internet unprecedentedly active, according to previous cases of mergers and acquisitions, The price of zhe m&a is higher, the source of the acquisition price,the mobile Internet enterprise m&a premium source of value and the high price is match with the enterprise strategy has become the focus of the theorists and practical home.The traditional valuation theory focus on the financial performance of the enterprise, and the premium of the m&a is based on estimates of enterprise’s accounting information, due to the background of mobile Internet enterprise mergers and acquisitions and the uniqueness of the mobile Internet enterprises, the traditional valuation theory has not accurate acquisition value of the Internet enterprise mergers and acquisitions.In this paper, based on the Internet, the difficulty of enterprise mergers and acquisitions valuation, with mobile Internet merger and acquisition activity as the research object, through the comparison of traditional enterprise valuation theory analysis in the mobile Internet enterprise m&a find their shortcomings, the combined with the history of mobile Internet companies and business characteristics, and deeply study of the characteristics and motivations of the mobile Internet m&a, then reference analytic hierarchy process(AHP) to evaluate the mobile Internet enterprise value. Division the influence factors of m&a value: financial, non-financial value and strategic value. Use the fuzzy comprehensive evaluation method comprehensive score of mergers and acquisitions, then through the industry’s senior experts to estimate the value of various factors to estimate the enterprise value. Finally, With the examples of baidu acquire 91 wireless,using the analytic hierarchy process(AHP) to estimate the m&a valuation, then contrast with the actual value of the m&a and the value of the enterprise after the merger integration value,validated the accuracy of the valuations.