Research Of Value Evaluation For DF Company Merger G Travel Agency

The article study in the case of DF company merges G travel agency, especially the valuation problem that exist in the process. Through the analysis of the characteristics of the mergers and acquisitions, clear the value of the enterprise mergers and acquisitions.Then through the comparison and analysis of several evaluation methods, select the value of each part of the corresponding suitable evaluation methods.And then the method is applied to assess the value of mergers and acquisitions. This article in view of the DF company acquisition value evaluation of G travel agency problem to study, which hopes that the research results of this article for DF company and G travel agency would help to provide the corresponding reference value of decision-making.DF company is a local listed company that operating main business of hotel and has the great strange of capital. In order to realize its strategic target, it going to merger and acquisitions of G travel agency, so as to obtain a better resources of business and synergies. The current problem that has the priority is to evaluate the value of G travel agency in this merger and acquisition.Firstly, this article review the domestic foreign scholars on the related work, in the aspects of theory research, and then summarize them. Next, on the introduction of condition of both DF company and G travel agency, this article will analyze the characteristics of the operating conditions and the travel industry, further analyze the merger and acquisition for enterprise to bring the role and influence to both sides.Secondly, this article will be based on the characteristics of the mergers and acquisitions to parse its value, which will be divided into two parts, the intrinsic value and the synergy premium. Four methods of evaluation will be used to analyze its applicability to this mergers and acquisition. The most appropriate method will be chosen to built up the value assessment framework of G travel agency.At the end of this article, it will use the cost method and the discounted cash flow method to assess G travel agency’s intrinsic value, and using the real option method to evaluate the synergy premium to mergers and acquisitions, then add up two parts of value to get the whole value of DF company acquisition.In this paper, the research adopted the discounted cash flow method and real options method, to contain many uncertain factors to evaluate the value of mergers and acquisitions. Hope that this evaluation approach can give a similar value of listed company merger and acquisition decision-making evaluation section provides certain reference.