| Under the impact of electronic products such as mobile phones and computers,TV sets have evolved from rigid demand to replacement and improvement demand.The TV industry chain,where X Company has ushered in the most difficult moment in history,and its business development has encountered bottlenecks.During the 14 th Five-Year Plan period,the board of directors of X Company clearly put forward the 8-year listing plan,which is tight in time and heavy in tasks.However,the growth and profitability of the existing business are not enough to support the company’s future listing,and the company urgently needs new performance growth points.Therefore,the management of X Company proposed the merger and acquisition strategy and intended to use equity acquisition as a new performance growth point for the company in the future.Studying how to do deep,solid and detailed feasibility analysis of equity acquisition can provide an important basis for management decision-making and reduce the risk of acquisition failure.The thesis takes X Company’s equity acquisition of H Company as an example.First of all,combined with the theory of acquisition motivation,qualitative analysis is used to analyze the main motivation of this equity acquisition,which provides support for financial benefit analysis and risk management.Secondly,the regression analysis method is used to predict the operating income,the sales percentage method is used to predict the cost,and the free cash flow for the firm model is used to calculate the future cash flow of the enterprise,adding the impact of operating synergy and financial synergy on cash flow when calculating future cash flow.Then,the return on equity method and the capital asset pricing model are used to calculate the cost of equity capital,and then the weighted average cost of capital is calculated,which is used as the discount rate of FCFF model..The net present value method,static payback period method and sensitivity analysis are then used to evaluate the financial benefits of this equity acquisition.The evaluation results show that the financial benefits of this acquisition are significant,and it shows strong anti-risk ability in sensitivity analysis.Finally,various risks of equity acquisition are analyzed,including legal risk,financial risk,technical risk,and transaction implementation risk,and countermeasures are proposed.Through research,the thesis believes that X Company’s acquisition of H Company’s equity is feasible.Based on the specific case,the thesis takes the financial benefit analysis as the main line and integrates the acquisition motivation theory into the feasibility analysis,which can provide the latest case support and research ideas for the feasibility study of equity acquisition in academics.In practice,it can also provide reference methods for the feasibility analysis of enterprise equity acquisition and provide decision support for X Company’s merger and acquisition strategy. |
