Research On Pricing Of Internet Companies Based On EVA And Real Options

In the rapid development of the network over the years,the traditional industry,large-scale listed companies in the planning and implementation of M&A strategies tend to focus their attention on the network companies,although there are many factual cases because the network will be acquired as a result of the company's high pricing after the rapid performance of mergers and acquisitions.But in the long run,listed companies on the emerging industry M&A enthusiasm will continue.In the traditional M&A pricing method,most of the pricing parameters are fixed and can be directly searched,and the value brought by the uncertain factors in the process of M&A is not included in the pricing.Therefore,sometimes even if the conventional enterprise valuation or the target company can not be accurately pricing,which is listed companies to make mistakes M&A strategy,which is one of the reasons for failure.The traditional method of corporate pricing has not been able to emphasize on the capital cost of shareholders' equity well and the potential value of instability in M&A.Therefore,this paper attempts to make a practical attempt to make the pricing of network companies accurate by introducing both economic value added(EVA)and real option into the network company pricing.This paper first describes how to accurately pricing the network company,and introduces the research methods and the framework of the thesis.From the perspective of M&A,enterprise pricing and real option theory,this paper analyzes the domestic and foreign literatures.Then,according to the characteristics of network companies and the motivations of M&A,this paper draws out the important factors that affect the pricing of the companies in the industry,combined with the shortcomings of the traditional corporate pricing method,the paper puts forward a comprehensive pricing model combining EVA and real option,which is suitable for the pricing of network companies,then this paper focuses on the TS company,using the integrated pricing model to calculate the value of the target company with the assets of the use of income assessment agencies arising from the merger of the price comparison analysis and evaluate the appropriateness of the acquisition pricing.