The Value Of Merger And Acquisition Of Liquor Enterprises Based On Income Method Evaluation Research

Valuation of the whole enterprise is an indispensable project in the whole asset valuation industry.Since the fortieth anniversary of the reform and opening up,China’s market economy has become increasingly mature.According to the asset valuation law,the enterprise’s listing,merger and division,and the enterprise’s going to the overseas market must be evaluated to ensure the relevant interests.The income method that has been used in the market is only to evaluate the value of the evaluated enterprise from its own point of view.At present,the research on enterprise value evaluation mainly focuses on the selection of evaluation parameters,or the improvement of calculation methods,so that the evaluation results are more accurate.However,when an enterprise is merged or acquired by another enterprise,it is not a matter of a single company,which often produces synergy effect and option value,which to a certain extent will make the merged party have a value-added impact,with the result of "1 + 1 > 2".Therefore,the enterprise value evaluation under the M & A behavior can not only use the traditional income method,so it will ignore some of the value that can be reflected after the M & A of the evaluated enterprises,which is also the exploration of this paper.In recent years,the merger and acquisition of liquor enterprises occur frequently,and the evaluation method adopted is mostly the income method.Therefore,this paper chooses the case of Laobaigan liquor’s merger and acquisition of Fenglian liquor industry,combining with the theoretical basis of the income method to evaluate the enterprise value,first briefly introduces the evaluation details of Fenglian liquor industry under the original scheme,and finds that the original scheme really ignores the value-added part of Fenglian liquor industry.After that,it analyzes the other defects of the original scheme from multiple perspectives,puts forward suggestions for improvement,and then supplements the value range of Fenglian liquor industry,deeply practices the specific process of evaluating the internal value of liquor enterprises,and obtains a more convincing evaluation result.Through the practice of value evaluation in this paper,it can be seen that when Fenglian liquor was acquired by Laobaigan liquor,the synergy effect and option value will make Fenglian liquor industry value-added,which should also appear in other industries.It is hoped that in the future,the appraisers should consider comprehensively when evaluating the value of the enterprise,and evaluate the value-added part of the evaluated enterprise,so as to determine the purchase price more objectively and fairly,so as to ensure the interests of the acquiree and facilitate the acquiree to decide whether to make the purchase decision.