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A Appraisal on Evaluation Risk in M&A in China

Author: XuZuo
Tutor: LiuFangChi
School: Huazhong University of Science and Technology
Course: Finance
Keywords: M \u0026 A Valuation risk Risk Assessment BS formula VaR model
CLC: F279.2
Type: Master's thesis
Year: 2006
Downloads: 478
Quote: 1
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Abstract


Due to information asymmetry in mergers and acquisitions , the value of the target company assessment inaccurate or overestimate the merger synergies and pay too high a premium , causing the loss of M \u0026 A business deteriorating financial position or financial results ; or too low to assess the value of the target company the bid is too low resulting in target companies unwilling to sell , leading to mergers and acquisitions fail the M \u0026 A business loss of initial investment , mergers and acquisitions valuation risk , it is not only a comprehensive reflection of the variety of M \u0026 A risk and acquisition of important factors for success . First , the paper points out the drawbacks of traditional valuation methods , the introduction of the real options model to assess the value of the target company . Then , specific analysis of the causes of our mergers and acquisitions valuation risk , including both the limitations of the financial statements and authenticity , M \u0026 Information asymmetry, valuation method is not perfect, and the slow development of asset evaluation agencies . Discusses the lack of fuzzy comprehensive evaluation model and artificial neural network model , the two traditional risk assessment models , the introduction of the the VaR model quantitative evaluation of mergers and acquisitions valuation risk . Finally, select a specific merger case exemplifies the process of applying real options model and VaR model and control measures for the M \u0026 A valuation risk . This paper use the economic mathematical research quantitative evaluation method of valuation of risk in the process of mergers and acquisitions in China , including the BS model , fuzzy comprehensive evaluation model , artificial neural network model and VaR model . Innovation of this paper is that the valuation of the target company , a comprehensive analysis of the impact of mergers and acquisitions valuation risk factors : the introduction of the BS model , the introduction of the VaR model to evaluate mergers and acquisitions valuation risk , and the use of these two models of the actual case specific proposed targeted measures recommended .

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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