Reserch On Investment Valve Of Enterprises Based On The Environment Of Mergers And Acquisitions

In recent years, there are more and more cases of mergers and acquisitions and the number of M & A transactions growth rapidly in China.Under the increasingly fierce market competition situation, enterprises select M & A to accumulate capital, expansion of the scale so that can enhance its own strength, achieve complementary advantages of saving transaction costs for strategic purposes.But many of the current M & A transactions ignore the investment value of M & A activities or underestimate the value of investment.Article considers that the investment value includes the synergy effect value and the market value of the subject enterprise itself.At present, the investment value is faced with some difficulties in the practical operation,Asset Valuation Community pay more attention to the market value,but the investment value of the underlying object is special of the buyer, this particularity with the different industry enterprises, mergers and acquisitions of different purposes and different.Article attempts to use the market method to research the investment value,the relationship between investment value and the value ratio of each influencing factor, providing guidance for the follow-up enterprise computing investment value.In order to analyze the investment value accurately, firstly analyzes the sources of investment value from four aspects of economics, summed up the 3 categories of factors of investment value:(1)assets of both partiesincludet arget enterprise scale, scale growth of the acquired assets, assets ratio of the both enterprises, acquisition ratio and payment premium;(2) the ability of resource integration of M & A include the growth rate of main business profit, the growth rate of management expenses;(3) the conditions of M & A transactions include industry correlation, geographical position, the way of payment and whether it is related to the transaction.Than Article screening of the automotive industry in line with the conditions of the transaction case with the principles of market method,selects 25 mergers and acquisitions transactions that has completed during 2012-2014 years as comparable analysis object.Calculate the synergy value in financial data before and after the merger and acquisition by 25 have completed the transaction case.The income method is used to calculate the enterprise value, and finally get the investment value with the sum of the two value.Make the investment value as the dependent variable, the 3 factors as the independent variable,get the value ratio of each factor influence by regression method.Finally, use the value ratio obtained by regression to calculate the investment value of the transaction case which has not been completed.The main conclusions are as follows:(1) in both the assets of the two parties,the significant factors include the target enterprise scale, the merger of both scale, proportion and payment of premium acquisition,the value of the ratio were 1.847,-0.98,1.173, 0.146;Scale growth and investment value of the company is not significant;(2) in the ability of resource integration,the management expense growth rate and the main business growth rate have no significant correlation with the investment value,explain the changes in the cost of profit for the owners and enterprises can not reflect the impact on investment value;(3) in terms of transaction, payment and investment value have a significant negative correlation, the value of the ratio were -3.733;Geographical location and related transactions not significant with investment value.We use the market method to avoid the limitation of the income method which can not evaluate the transaction case which has not been completed. But because of the choice of the sample and the limitation of the transaction case,the investment value of the individual value ratio need further inspection.