Research On The Method Of Merger And Acquisition Valuation In Logistics Enterprises Based On Synergistic Effect

With the acceleration of the globalization process,the logistics industry has been rising rapidly around the world.And it has set off a wave of merger and acquisition of logistics enterprises.The development level of logistics enterprises can be used to reflect the comprehensive strength of a country.Since the reform and opening up,our government has attached great importance to the development of logistics enterprises and promulgated a series of measures to promote the progress of the logistics enterprises.At present,there is obvious improvement in the development level of logistics enterprises in China,but there are still some problems such as small scale and weak strength.In this context,it is very important to select the appropriate method for the evaluation of the M&A value of logistics enterprises.Because it is directly related to the evaluation result,and it is also directly related to the success or failure of the merger.Only when the appropriate evaluation method is selected can reasonable pricing of the target logistics company can facilitate the smooth operation of the M&A activity.Firstly,this paper reviews the literature review of enterprise value assessment theory,logistics enterprises value evaluation theory and M&A synergy theory.And then expounds the value assessment theory and method of logistics enterprises M&A analyzes the relationship between the evaluation methods and option theory,emphasizes the applicability analysis of evaluation methods in logistics enterprises,summarizes the current logistics enterprises in our country present situation and problems of the mergers and acquisitions valuation methods.Then,a value evaluation method for the value of logistics enterprises based on synergistic effect is established,and the enterprise value is regarded as the sum of the intrinsic value of the enterprise and the synergy value of M&A.Finally,in this paper,the logistics enterprise called A purchased B logistics enterprise 100%of shareholders' equity has carried on the empirical analysis,using the asset base method and income method assessed the intrinsic value of company B,respectively,after analysis and comparison to choose the intrinsic value of the income method results for reference.The value of synergistic effect of merger and acquisition is allocated by using analytic hierarchy process and expert scoring method.Then,the superiority of the evaluation under the synergistic effect was analyzed.