Value Evaluation Of Modern Chinese Medicine Enterprises From The Perspective Of M&A

Chinese medicine is indispensable in maintaining people's health,and the demand is becoming more and more exuberant,and the development of Chinese medicine is imminent.M&A in modern Chinese medicine enterprises is intensified,but the success rate of M&A is only one third.The value evaluation and M&A integration of M&A enterprises affect the performance of M&A and the success of M&A.For the study of M&A evaluation using EVA,there is a lack of forecasting models and parameters for individual industries.Based on the analysis of the current situation of M&A of modern Chinese medicine enterprises,this paper summarizes the theory of M&A of modern Chinese medicine enterprises,EVA the evaluation theory and its insufficient parameters,and analyzes the factors that affect the value evaluation.Combined with the needs of evaluation and prediction,12 modern Chinese medicine listed enterprises with M&A transactions in 2014 were selected as samples.According to the financial risk coefficient and the intension of Z-Score financial distress forecast,the index formula of financial risk coefficient is constructed.Based on the prediction principle and formula of risk coefficient,the model financial risk coefficient and operational risk coefficient are calculated,and the risk coefficient prediction in enterprise value evaluation model is obtained Type.According to the connotation and formula of sustainable growth rate and the sample,the sustainable growth rate of value evaluation model is obtained.Choose the case of M&A of modern Chinese medicine enterprises,use the revised EVA evaluation model,evaluate the value of enterprises after M&A and their own independent business value,compare and analyze the difference of enterprise value before and after M&A.Through the above conclusions: the smaller the financial risk coefficient,the better the financial benefit;the risk coefficient prediction formula takes into account the capital structure of a single enterprise in the evaluation and prediction period;the sustainable growth rate of modern Chinese medicine enterprises after M&A is 2.87%,which reflects the future development of the industry;the good production and management ability of M&A enterprises,the purpose of M&A and the integration of M&A interact and promote each other.