Reseach On Appraising The M&A Value Of Logistics Enterprise

Since2010, under the impetus of the national policy of expanding domestic demand, the logistics market, accelerate the pace of merger integration. However, in the course of the logistics market, mergers and acquisitions, the success rate of mergers and acquisitions is not satisfactory. According to statistics, the success rate of mergers and acquisitions in many cases is about30%-40%. In determining success factors in M&A, the value of M&A target is undoubtedly one of the important factors.Therefore, this article focuses on the logistics M&A valuation study on the applicability of existing assessment methods to assess the value of logistics enterprises,analyze M&A value of logistics enterprises. what’s more, dividing the value into two parts: intrinsic value and synergistic value. The net asset value and asset value added logistics enterprises intrinsic value, synergy value represents a premium part due to the acquisition synergies generated. Appropriate premium is the basis of successful M&A activity, but led to the acquisition premium paid too high-risk cases have occurred. Given the acquisition premium is the result of the action of the two sides, so this paper uses AHP and expert scoring method to allocate the premium between the acquirer and the acquired party so as to pricing the acquired, just for improving the success rate of M&A.Finally, analyzing the case of the Yangtze River Maritime Logistics acquired29.98%equity interest in Tianjin. use the free cash flow the company Tianjin Maritime to analyzing the intrinsic value, and combined synergies of M&A produces to analyzing the premium, then using the AHP and expert scoring method to allocate it between the acquirer and the acquired party, eventually calculated the price range of the acquisition. Through the analysis and calculation of the case, conduct the contents of the above studying into actual example.