The Case Analysis Of Hotel Enterprise Merger And Acquisition Valuation

With the economic globalization and speed up the pace of domestic industrial structure adjustment,M&A as one of the important ways of social resource allocation,in the role of China's capital market has been increasing,merger and acquisition activity has become increasingly active.Mergers and acquisitions in the choice of reasonable valuation of target enterprise and the determination of purchase price is very important,to strengthen the research of the valuation problem to improve the success rate of M&A.This paper is divided into five parts,the first part is the introduction,firstly,this paper elaborates the background,development status of mergers and acquisitions at home and abroad are briefly introduced,and explained the importance of valuation of mergers and acquisitions.Then there is the synergy effect of M&A of the valuation and the related literature review,and analyzed the domestic and foreign related research,and according to the time order to collate,to achieve a comprehensive understanding of the theories and methods of enterprise value assessment.Finally,this paper gives a brief introduction to the research contents and methods.The second part briefly introduces the related knowledge of M & A and valuation.Firstly,the theoretical basis of valuation is introduced,and several methods of valuation are introduced briefly.At the same time,this paper introduces the basic principles of creating value through M&A,including synergy effect and its value,market value and the value creation framework based on this Finally,this paper introduces the importance and particularity of valuation to M&A;The third part is the case analysis.First of all,it analyzes the background of M&A,including macroeconomic background,industrial policy,industry development and so on.Then,the introduction of the entire transaction of mergers and acquisitions Finally,the paper analyzes the types and motivation of mergers and acquisitions,the development of the two sides of the enterprise and the possible synergies;The fourth part will use valuation techniques in this case,to verify the results of the valuation of role in mergers and acquisitions and credibility;The fifth part is the case of the enlightenment and suggestions.This paper analyzes the valuation results of the case,and analyzes the application of the discounted cash flow method in the enterprise and the existing defects.