The Assessment And Analysis Of Synergy Of Enterprise M?A

With the intensification of market competition,m & a has become a way for enterprises to survive,more and more companies choose m & a,both foreign and domestic enterprises,cross-border m & a cases also occupy a certain proportion.Some enterprises want to expand their market by m & a,some enterprises want to acquire the advanced patent technology by m& a,and some enterprises want to produce brand effect by m & a's brand.The development history of m & a at home and abroad proves that successful m & a can reduce agency costs,realize economies of scale,etc.However,the relevant data prove that mergers and acquisitions cases at home and abroad have failed.Investigate its reason,the main performance in the following two aspects: first,the merger and acquisition of the market situation and business prospects before the merger and acquisition of insufficient understanding,resulting in the formation of synergy after the merger and acquisition of the value of insufficient understanding,blind premium,and once failed,the cost of exit is very high.Second,the enterprise wants to obtain the synergistic effect of mergers and acquisitions both sides must through a period of time to understand,integration,especially in the product,channel,management and other aspects,learn from each other,can produce significant synergistic effect,and many enterprises in the pre-merger investigation is insufficient,after the merger can not be well integrated,eventually led to the failure of mergers and acquisitions.Therefore,in order to achieve the purpose of obtaining synergy,we must first have a scientific understanding of synergy,and evaluate the correct synergy evaluation value,in order to avoid mergers and acquisitions to pay too much premium,and very good late integration,obtain synergy.The main content of this paper is divided into four parts:The first part is about the theory of enterprise,m & a and real option.firstly,it introduces the concept,type and motivation of enterprise m & a,secondly,it expounds the real option,including the concept,characteristics and hypothesis of real option.through the analysis,it comes to the conclusion that the synergy effect is suitable for option pricing model.In thesecond part,the source of value-added in m & a-synergy part is briefly described,the concept and types of synergy effect are analyzed,and it is explained that synergy effect is the original intention and final result of m & a only when synergy effect is greater than zero and greater than the premium paid in m & a,m & a is feasible.In the third part,three methods of evaluating synergy are introduced.only by correctly evaluating synergy can we make m & a successful.this paper mainly introduces the whole evaluation method,the total distribution method and the real option model.finally,based on the analysis of the advantages and disadvantages of the three methods,it shows that this paper will use the real option model to evaluate the synergy after x m & a y.The fourth part is the evaluation and analysis part of this chapter,and using financial data to analyze the significant synergy effect after mergers and acquisitions,and on this basis,put forward several suggestions on corporate mergers and acquisitions,in order to provide reference for China's current stage of corporate mergers and acquisitions.