The Study Of Valuation Adjustment Mechanism’s Value In Yu Shun Electronic’s Acquisition

In recent years,mergers and acquisitions is increasing in China year by year.Along with the tide of mergers and acquisitions in China,the process of mergers and acquisitions also exposed some problems,the most serious and obvious is the "double high" phenomenon of high valuation and high commitment of enterprise.This "double high" phenomenon has gradually attracted the attention of regula tors.Mergers and acquisitions generally involves huge funds,which will have a greater impact to the acquiring party and the merged party.So supervision departments and more and more investors have concerned the merger and reorganization of enterprises,and the price of payment,assets evaluation value,terms of payment is undoubtedly the focus of attention of the majority of investors.Due to the existence of asymmetric information in the process of mergers and acquisitions,acquire acquired less various business and financial information relative to the target.In order to safeguard their own interests,the acquirer will minimize the acquisition price,while the merged side is opposite,so it is difficult to reach a mutually agreed price.Therefore,the "gambling agreement" came into being.When valuing of the enterprise in the past,we usually assess the value of enterprises according to the financial data of the enterprise.But when signing an agreement on gambling in mergers and acquisitions,the agreement on gambling is essentially an option,itself has value,but its value is often overlooked.Under this background,we put a case,the acquisition of Accor Yu Shun Electronics Science and technology,as the research object,to study the value of the ag reement on gambling in the process of mergers and acquisitions.First of all,this paper expounds the background and significance of the selected topic,and analyzes the domestic and international research status of the gambling agreement and the real option pricing method.Then,it introduces the theoretical background of the research method and expounds the concept and characteristics of the gambling agreement and introduces the theoretical basis of the gambling agreement and the real option pricing model.The most commonly used models for real option pricing are the B-S model and the two branch tree model.On this basis,the option pricing method is introduced for the case.And then focus on the value of agreement on gambling in the process of mergers and acquisitions.Firstly,Yu Shun Electronics Company profiles and the industry are described,and then analyzes the reasons and how to select the acquisition target,introduces the main contents of the acquisition plan,and use the traditional income method to evaluate enterprise,and use the option pricing model to calculate the value of agreement on gambling,and analyze why Yu Shun Electronics failed in mergers and acquisitions.Finally,the article puts forward some suggestions on the application of the gambling agreement in the process of mergers and acquisitions.