| With the full opening of China’s financial and capital markets,strategic reorganization of state-owned enterprises,development and expansion of private enterprises,China’s capital market has become increasingly active,corporate restructuring and mergers and acquisitions have become more frequent,all of which require more accurate enterprise value assessment theory and practical guidance on business valuation theory China has proposed a very urgent requirement.With the increase of stock market trading activities and market development,business valuation becomes more and more important,the actual needs of business valuation is increasingly urgent.Business valuation theory in many financial areas-company valuation,the stock pricing and portfolio management,mergers and acquisitions,corporate finance management,plays an important role.Firstly,the concept of mergers and acquisitions and valuation define,analyze having characteristics.On this basis,the use of the theory of capital budgeting,mergers and acquisitions motivation effect theory and option theory analyzes the role of the mechanism of corporate mergers and acquisitions business valuation.M & A from four aspects have an impact on corporate value: First,by expanding the scale of assets,optimize the capital structure;the second is by optimizing equity structure,improving governance;third is synergy,enhance the core competitiveness;Fourth,enhance innovation the ability to improve profitability.By definition of the concept to explain the theory,mechanism analysis,it laid the theoretical basis for this article.Secondly,case on part of the article,the basic situation of the case are introduced,and the applicability of the merger and acquisition scheme was analyzed.Enterprises and the m&a enterprise mergers and acquisitions,the introduction of the basic situation,understand the background of the merger events.Reintroduction of m&a enterprises mergers and acquisitions motivation and m&a project implementation,to deepen the understanding of m&a events.The applicability of the merger and acquisition scheme analysis scheme is expounded respectively for the applicability and feasibility of m&a and m&a enterprises.Thirdly,through the analysis of the previous case,select case financial data by using the discount cash flow model of m&a valuation analysis.Step by step,through the value selection of evaluation methods,the model of calculation and valuation results with the results of valuation and confirm a series of analysis,interlocking,step by step analysis it is concluded that the merger,acquisition and reorganization has reached the expected effect the results before the merger.Finally,in the business valuation theory based on the combination of specific cases-Venus,evaluate it,will combine theory and practice,not only conducive to improving the theory,but also conducive to play a practical significance.This paper selected Venus shares merger cases,the valuation and mergers and acquisitions of these two issues combined,through the use of free cash flow discount model to evaluate the enterprise value of shares after the reorganization of Venus,it analyzes the strategic value to the enterprise merger and reorganization caused affect the target,market share,and other aspects of the development potential and propose targeted solutions,it is desirable to standardize the behavior of M & a provides practical advice. |
