Valuation Analysis Of The Parent Group Of The State-owned Listed Companies

Merger,acquisition and reorganization as to reach the company's expansion and value raised value is an important way,in the operation of the business subject all over the world play an immeasurable role,under the current wave of global economic integration,our country state-owned enterprise to maintain its long-term survival and development,for the shipment should be increasingly rights of the people's demand and the fierce market competition,has been doing a series of efforts and exploration,large-scale state-owned enterprise merger,acquisition and reorganization is in this situation,to achieve optimal allocation of national resources actively try and necessary means,in quite a long period of time in the future,so to speak,merger,acquisition and reorganization in the system reform of state-owned enterprises will play a very important role.As the global economy and speed up the pace of industrial restructuring,domestic M&A as one of the important ways of social resource allocation,in the role of China's capital market has been increasing,merger and acquisition activity is becoming more and more active.Reasonable enterprise valuation in M&A is of great significance to the selection of target enterprises and the determination of M&A price,which will help to strengthen the research on valuation and improve the success rate of M&A.In this paper,the specific application of different valuation methods in practical operation is discussed in this paper.The author in the case study of Nan Chang gas,new energy and utility value of secondary water supply process has carried on the detailed explanation,through two methods of valuation,namely asset base method and the future earnings discount method to estimate the Nan Chang gas,and according to the actual circumstances of the valuation,this paper compares and analyzes selecting a reasonable valuation results as the final conclusion,and make a reasonable explanation.In addition,it will briefly explain the valuation results of public new energy sources and secondary water supply.Based on the results of the case analysis,this paper analyzes the unique characteristics of the state-owned listed companies in the selection of valuation methods.It also provides a positive reference for the selection of the method and the establishment of the model.This thesis mainly discusses is divided into five parts: The first part is the introduction paper,which is mainly about the research background,research significance of the paper,research methods and thesis point of innovation areintroduced.The second part is the literature review and the theoretical basis,which mainly elaborates and summarizes the theories related to m&a valuation at home and abroad.The third part is the case background,starting from the background,introduces the merger of mergers and acquisitions and the basic situation of the target company,the detailed process and scheme of mergers and acquisitions in the detail.The fourth part is hongseong water industry valuation method choice and use of merger,acquisition and reorganization case,the department is divided into the core part of this paper,this part of the valuation method has carried on the detailed introduction,and further study of the different valuation methods used in this case,finally by comparing before and after the merger and acquisition to the company's financial situation analysis of the significance of the acquisition.The fifth part is the conclusion and suggestion,which summarizes the main basis of selecting the valuation method when the state-owned listed companies are in the m&a parent group,and gives relevant Suggestions.At the same time,this part is the summary part,and puts forward the main shortcomings of the thesis.