Valuation Of Overseas Mergers And Acquisitions In Target Companies

After the reforming and opening over 30 years of development, China has become the the second largest economy, started by the original "bringing in" began to "go out" change, especially China 2014 China first became a net inflow of capital abroad.30 years of Chinese "bringing in" policy for all countries has brought great benefits,30 years after China's "going out" strategy will also produce a win-win situation.But "going out" is a long-term and complex project, as an important part of overseas mergers and acquisitions of foreign direct investment is also facing many challenges. China to promote enterprise globalization, will inevitably bring about the value assessment of target enterprise business growing. The accuracy of the evaluation results of enterprise merger results played a crucial role, therefore put forward higher requirements for the selection and evaluation process for the enterprise value assessment method. However Chinese enterprises transnational merger started late, with respect to the developed countries there is still a long way to catch up, but in the face of competition in developed countries impossible to compromise, so a reasonable assessment of the value of the enterprise of our country of China's overseas M & A is particularly important.In view of the research Chinese valuation in multinational enterprises less, lack of assessment of the overseas enterprise value case. This paper describes the evaluation of transnational merger and acquisition of the enterprise and the enterprise value theory. On the theory of enterprise value evaluation classification, analyzes the advantages and disadvantages of various theories. Combined with sea Puno Kay company's actual situation, choose the discounted free cash flow model of the enterprise value assessment. In the prediction of enterprise's cash flow is constructed of gray Markov model. To avoid the influence of subjective factors assessment. Finally, to verify the feasibility of the evaluation model constructed in this paper. At the same time, this paper puts forward the shortage. Have some inspiration and reference for Chinese enterprises transnational mergers and acquisitions.