The Study On The Value Evaluation Of Synergies In Mergers And Acquisitions

As the unceasingly vigorous development and reform of Chinese Capital market,the capital market has become increasingly active.M&A and other major economic issues become more common.Therefore,the study on the Evaluation of Enterprise Value in the Process of M&A becomes more and more importance.The synergistic effect of M&A is one of the purposes of M&A.The M&A synergy is the core problem of M&A,and it can reduce M&A risk and reduce the blindness and arbitrariness of M&A.At present,the theory of Synergy Effect Valuation is not perfect.The traditional evaluation ignores the potential value of the synergistic effect and also ignores the characteristics of the M&A,and the evaluation result lacks the accuracy and consistency.Therefore,it is of great significance to establish and improve the valuation model of M&A synergy effect.This paper intended to improve the scope of valuation of synergistic effects,and establish a modified M&A synergy effect valuation model by using real options theory and empirical research method.The significance of establishing the model is as follows:(1)Expanding and perfecting the scope of valuation of synergistic effects,including both static and dynamic synergistic effects in the evaluation model,making the assessment results more complete and accurate;(2)Establishing synergistic effects through empirical research methods Factor index system,the introduction of adjustment factor.The influencing factors and scoring principles of the sample are used to make the adjustment coefficient objective and general applicability.In order to build the synergistic effect evaluation model,this paper first introduces the relevant theoretical basis of the modeling and application in the second chapter.Then,starting from the third chapter,this paper introduces the method and framework of M&A synergistic value evaluation model,namely,using the traditional free cash flow discount method to evaluate the static synergy effect,using the real option method to evaluate the dynamic synergistic effect,finally according to the empirical research results The index system of synergetic influence factors was established,and the weight of each index was determined by analytic hierarchy process.Chapter 4 is a detailed exposition of the process of empirical research and AHP to determine the weight.Finally,in the fifth chapter,the case study of Shenyang Industry's acquisition of Leda Dongda is carried out by using the evaluation model,and the calculation process of each evaluation step is expounded in detail.Finally,a more reasonable evaluation value of synergistic effect is obtained.