The Valuation Pricing Problems In T Company Merger And Acguisition Of New Three Board

In recent years,the new three board listed company Imerger and acquisition of listed companies continued high,although refinancing policy was launched by the securities and futures commission in February 2017,which will limit financing of listed companies and the purchase of assets through issuing shares of form a complete set of financing strictly.The most critical and most pressing problem of merger,acquisition and reorganization is the valuation of the asset.At present,for the new technology and high gowth companies of three board,valuation research is not yet mature.The thesis is based on T listed company merger X company of new three board as the research object.First of all,on the target company X company valuation,The thesis use the real option method and free cash flow method to calculate respectively.Comparing the calculated results with X company shares,The thesis find the comparison results show that the real option valuation pricing method is more suitable for X company.When calculating the synergy value,The thesis use integral method,First the thesis predicted enterprise value after m&a,then minus the value of before the merger.Finally,synergy value are obtained.Through the study.The thesis found that T company pay the price is far above the intrinsic value,even if the intrinsic value plus the synergy value is still far below the market price.Combined with the SWOT analysis,this thesis argues that the T company mergers and acquisitions company X exists high risk pricing of mergers and acquisitions,which will bring a series of high premium M&A risks,including goodwill impairment risk and business risk together.Finally,the thesis summed up the listed companies face several problems at the end of the paper,when the listed companies mergering the new three board companies.And the thesis gived several suggestions on pricing valuation.