Research On Target Enterprise Value In Enterprise Strategic M & A

With economic globalization,mergers and acquisitions activities have become increasingly frequent. M & A is considered to be an important way for enterprises to optimize resource allocation and enhance competitiveness at home and abroad in recent years has been rapid development. However,throughout the acquisition process,the core part is a reasonable and accurate value of the target company to assess the accuracy of the assessment results is directly related to the success of M & A activity. Therefore,the acquisition of enterprise value assessment study has very important significance.Based on this background the theory research,the combination of quantitative and qualitative research method. First of all,literature analysis, acquisition enterprise value evaluation theory of domestic and foreign relevant analysis and finishing,and relevant theories of merger synergies are summarized and summed up. Through the introduction to traditional target enterprise value evaluation methods,analyzed their advantages and disadvantages and applicable limits, and combined with the characteristics of strategic M&A, points out that the purpose of strategic M&A is to obtain synergy value after M&A. Enterprise value assessment, however, because of the traditional evaluation method is just the value of target enterprise itself,does not take into account the synergy value. To solve this problem, this article in M&A target enterprise value can be divided into itself value and synergy value of two parts; And use the traditional DCF Model with B-S real option model method of combining the evaluation value of target enterprise. Enterprise itself the value of the part can be used to evaluate traditional DCF model,for the synergy value part, there is no specific method to evaluate, in this article,considering the merger and acquisition has the characteristics of real option, so try to use the real option pricing model to assess the B-S, the synergy value quantification, is a reasonable estimate value of mergers and acquisitions,comprehensive,and also improve the target enterprise value evaluation methods.Then,a case is introduced,and the above evaluation methods, and test its applicability and feasibility; Finally,the paper summarizes the whole article, and pointed out in this paper,we study the shortcomings.