Research On The M&A Value Of Enterprises In National Equities Exchange And Quotations Based On Real Option Theory

In the macro background of mass entrepreneurship and innovation,The National equities exchange and quotations,also named the market of new three board.As a exclusive platform serve for the innovative form?entrepreneurial and growth small and medium enterprises,shoulder the historic mission of activate the market and innovative impetus.With the continuous expansion and step to maturity of the new three board market,more and more companies with Strong technical strength and huge development potential landing the market,meanwhile,these companies has attracted listed companies,the listed companies mergers companies from the market of new three board is becoming hot topics of market.As the public company,these enterprises have more advantages than other small and medium enterprises in the daily operations and finance regulations,and transparent informations besides,these enterprise has great potential to be mergered.Additions,There are lots of enterprise from the new three board has technical advantages and business-model innovations,convenient for transformation of listed companies when they make decisions on M&A.The key step of M&A depended on the estimates of company from the new three board,and the evaluation is also the most complicated step,therefore,the scientific rationality of valuation method is especially important.nevertheless,with the more and more complicated of the M&A and enterprises in national equities exchange and quotations,it is difficult to assess the enterprises comprehensive in the frequently used traditional evaluation method,The method always ignore the options of acquirers in the M&A,such as the later investment?mode of business operation?development planning and strategic collaboration.On account of these potential value of options,introduce the thinking of the financial options to the estimates of company from the new three board in M&A will be the more scientifically accurate way.The article on the research background of The M&A value of enterprises in national equities exchange and quotations,firstly,it presented that development of the market and the M&A in recently three years,and discussed the shortage of traditional estimate method in M&A of enterprise in the new three board.then highlighted the topic,raised the real option theory and pricing model,stated the Application concepts of the Real Option Theory in the M&A.Next the article cited the Nan Yang Cable Group purchased the TOPSEC,then assess the value of an enterprise by cash flow discounting method and estimate the value of potential value by real options method.lastly,the article figure out the total value in this M&A of Enterprises in National Equities Exchange and Quotations.Compared with the market performance,it is verified the the valuation result is more close with the real value.summing up the above,the article demonstrated the supplementary function of real options method in this estimate the value of Enterprises in the M&A,meanwhile,it offerd proposals that supply referential significance about the M&A value of enterprises in national equities exchange and quotations.