| With the continuous development of market economy, the enterprise value evaluation also appears more important. Because most of the enterprises development to the larger scale, general will meet the bottleneck, in order to break through the bottleneck, realize the rapid development of the enterprises, these enterprises usually adopt the method of merger and acquisition.Why on earth to other enterprise implementation of merger and acquisition? For target enterprise mergers and acquisitions and purchasing is not only a way to make a living, but also can help the company achieve capital expansion, even is the purpose of "snack". Mergers and acquisitions made many successful companies, such as the famous Coca-Cola Company in the world. It can grow into the world of the famous brand from a single-product Company but it is because of successful merger and acquisition strategy gives the possibility of the Coca-Cola Company grows up very quickly.Before the implementation of merger and acquisition, enterprise value assessment of target enterprise has very important significance for buy-out firms. Traditional enterprise value evaluation methods mainly include the market method, cost method and discount cash flow method. These traditional enterprise value evaluation methods in the assessment of enterprise value when played an extremely important role, but they themselves have some shortcomings. Cost method is based on the book assets of the target enterprise to evaluate the enterprise value. This approach has some limitations: it does not consider the future development potential of the target enterprise, also without considering the time value of money is, at the same time cost method also ignores business there are some uncertain factors. Marketing value assessment of target enterprise in the same industry to compare similar listed companies as a benchmark to compare the selected similar after the listed company, and then choose the appropriate multiplier for enterprise value assessment. Select appropriate multiplier as index is a very difficult, because the choice of indicator is only subjective judgment by the investing enterprise, it is difficult to correctly calculate the true value of the target enterprise, in addition to this, can be used as a benchmark for reference of similar difficult choice of listed companies. Company’s free cash flow(DCF) method is more popular in current enterprise value assessment methods;Although free cash flow(DCF) method has benefits, but we must also be conscious to each index in the model is static, it’s not able to estimate the future value of the target enterprise.Compared to more traditional enterprise value assessment methods, real options method pay more attention to the uncertainty of investment objectives, also more can manifest the risk of merger and acquisition of target enterprise, so you can get more accurate and complete the goal of enterprise value. Real options method has two kinds of the most commonly used two kinds of option pricing model, one kind is Black- Scholes option pricing model, the other is binary tree pricing model. B are mainly introduced in this paper the-s option pricing model in the application of the enterprise value evaluation.On April 28, 2014, has become the world’s largest e-commerce platform alibaba group announced a stake in China’s online video industry giant youkutudou co., LTD. Alibaba group joint yunfeng capital, for youkutudou co., LTD., a $1.22 billion investment that allowed them to youkutudou co., LTD., holding 18.5% this makes alibaba the management outside the single largest shareholder. The acquisition of both the company and its important significance not only, but also to China’s cultural industry plays a very important significance.Alibaba group invests youkutudou can achieve their desired effect, whether for youkutudou enterprise value evaluation is very important. Based on the case of alibaba stake in youkutudou compared the added value of real option method to economic advantage, in the hope of contributing to the popularization and application of real option method. |
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