Value Assessment Study Of Target Listed Companies In Holding Merger

In recent years,the market of enterprise merger and acquisition is active.The wave of domestic and foreign mergers and acquisitions are not reduced.In the domestic merger and acquisition cases of preliminary research and analysis found that the A-share market within the holding merger activities.Ten years ago,China have many cases of the A-share of listed companies holding mergers and acquisitions of A-share listing,but since ten years ago,such cases have almost disappeared.However,in the last two years,there has been another wave.For the review of the existing literature,it is found that there are still fewer books about the value evaluation of the domestic listed enterprises under the control merger,and there are fewer studies about the specific evaluation method.However,how to determine and use an appropriate evaluation method in the merger activity to define the value of the target company reasonably.It is of great significance to promote the smooth progress of merger and acquisition activities and promote the healthy development of China's merger and acquisition market.This paper draws on some research conclusions of experts and scholars before,combined with the innovation of this paper,the application of case study method and inductive deduction method to study this paper,mainly divided into five parts: the first part is an introduction part,mainly through the interpretation of the role and importance of mergers and acquisitions,and combined with domestic and foreign research on synergies and target enterprise value assessment methods,put forward the innovation point of this paper.The second part mainly introduces the value analysis theory of the controlling merger target company,introduces the basic concept of the holding merger,the characteristics of the target company in the holding merger,etc.The third part introduces the basic ways and methods of evaluation,and introduces the incremental cash flow model applied in this paper in detail.The fourth part of this article is the main part,in which the first section specifically introduces the evaluation case,analyzes the industry characteristics and enterprise characteristics of the target enterprise and the merger and acquisition party,and lists the specific merger and acquisition drivers and the bargaining power of both parties through the understanding and analysis of both parties,which is of reference significance to the reduction of the value range after obtaining the evaluation value and the method effectiveness analysis of the third section.The second section is the specific calculation process,using the incremental cash flow model to obtain the value of the target enterprise in two cases,to determine the value of the synergy effect through the difference between them,but also to some extent reflects the bargaining range existing in the process of merger and acquisition between the two parties,and the final distribution of the value of the synergy effect will be determined to a large extent by the bargaining power of both parties.The third section is the analysis of method effectiveness.The last part is the conclusion and suggestion,verifies the applicability and accuracy of the value evaluation of the target company in the holding merger,and thinks that the incremental cash flow model can better determine the pricing of the merger.