Research On The Valuation Of Cross-layer Mergers And Acquisitions In The New Third Board Based On Real Options

With the continuous development and improvement of China’s capital market,there have been more and more mergers and acquisitions in the capital market,the more frequent occurrences are mergers and acquisitions between listed companies on the Main Board.However,China,which is in the midst of economic transition,has a large difference in valuation of capital markets at various levels,and the domestic IPO process is complicated.In addition,the country’s policy on the new third board market is gradually clear and in place,and the major asset restructuring and merger of the New Third Board has also become a boom.In particular,since the implementation of the stratification of the New Third Board in 2016,not only the mergers and acquisitions of the new three board companies by the a-share listed companies have gradually warmed up,but the new three board market is also becoming a new “merger pool”.This paper mainly acquires the construction of heavy science from Carter’s shares---the first new three-board innovation layer,the market-making enterprise merges the base layer,the market-making enterprise,this major unprecedented case study in the new three-board market-making enterprise cross-layer mergers and acquisitions enterprise estimate Value problem.Cross-layer mergers and acquisitions can achieve a win-win situation.,innovative companies have the demand for mergers and acquisitions,some basic-level enterprises also have the appeal of mergers and acquisitions,it is expected that the cross-layer mergers and acquisitions of the new three boards will increase in the future,and the competition and cooperation will be further strengthened.The most important factor in the M&A activity is the valuation of the target company.Under the background of the tiered system,this paper draws on the relevant research results of domestic and foreign scholars in M&A and value evaluation,and in the specific case of this cross-level M&A case,based on the situation and available data,the successful implementation of similar M&A events is facilitated by judging the rational use of valuation methods.This article is divided into five chapters to discuss.The first chapter is an introduction,mainly on the research background,research significance and the research results of the enterprise value evaluation in mergers and acquisitions.The second chapter is the definition and theoretical introduction of related concepts.The third chapter mainly describes the relevant situation of this cross-level merger case.The fourth chapter combines the characteristics of this case,through the analysis of the relevant valuation factors,establishes the appropriate valuation method for calculation,and analyzes the results.The fifth chapter summarizes and makes recommendations based on the above description and results.