| Along with our country economy and the continuous development of science and technology, people’s spiritual and cultural life level unceasing enhancement, promoted such as film and television media, advertising, Internet, games, development and expansion of non-traditional industries, which the company has the characteristics of the intangible assets to total assets ratio is heavier, known as the "asset companies".With the development of such industry, light asset m&a events between the company increased year by year.After mergers and acquisitions to disclose, the external industry watchers, the financial media, professional investment institutions will revolve around market price were analyzed in many aspects, such as by comparing the similar case in the same industry, to evaluate whether the m&a price reasonable.At present, the appraisal institution for enterprise valuation more commonly using the cost method and income method and market method three kinds of evaluation method.For light companies such assets, tangible assets to total assets ratio is low, and intangible assets value is difficult to measure, so don’t usually used to cost method.With the premise of marketing is the active market and comparable mark, but at the current market information disclosure in our country and comparable sample quantity are the same trade did not reach the appropriate conditions.Therefore to evaluate the profitability of the target in the future as the standard for judgment enterprise value earnings method is more applicable asset light enterprise, is currently in a method widely used in the physical.Light assets of the company, however, are real cases of m&a, there are more and more value overrated phenomenon, and as a result of excessive abuse of the income method, caused by the unreasonable forecast earnings.Found access to traditional industry assets evaluation, regulators in the audit evaluation guidance when there are some normative system, but for the emerging asset light industry, such as media, games, without reference to how to value pricing, it is also hard to regulation, it is hard to avoid controversy.In this paper, integrated application of normative research, case analysis and comparative research for three kinds of research methods, through the light characteristics of assets of enterprises, analyzing the applicability of the income method for such enterprises.Then to mergers and acquisitions and positron shing road communication, target for asset light enterprise m&a cases for object, using the data made by enterprises, deducing the merger use discounted cash flow technique to estimate target of key process, and to analyze the rationality.And on this basis, summed up the asset light enterprise should pay attention to the key point in mergers and acquisitions valuation and other auxiliary method, can be used for future light asset merger and acquisition of reasonable valuations made beneficial exploration.Through the above study, the author finally found that in terms of existing evaluation methods, discounted cash flow technique is the most suitable and light can comprehensively reflect the assets value of whole enterprise valuation method.But when using this method we should be evaluated enterprise’s actual situation, a comprehensive understanding of its growth cycle, value driving factors, risk factors, and at the same time assist in combination with other valuation methods, in order to get the most fair valuation results... |
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