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Research on the Reconstruction and Application of Target Enterprise Value Appraisal Model in Cross-Border M&A

Author: SongHui
Tutor: JiangShuo
School: Liaoning University
Course: Accounting
Keywords: Target enterprise value assessment Independent value Strategic value Synergies
CLC: F275;F224
Type: Master's thesis
Year: 2011
Downloads: 158
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Abstract


In the evolving environment of today's world, the M \u0026 A activity as an important way for enterprises to grow in recent years on the big stage of the globalized market frequently staged. M \u0026 A is a complex and systematic project, the target enterprise value assessment is an important part of the success of M \u0026 A activity, in a certain sense, to some extent, depending on the level of the acquisition price paid. Therefore, it is very important to assess the value of the target company. In today's theoretical and practical circles, many scholars from different angles on the assessment of the value of the target company, the common assessment of theoretical models and discounted cash flow model, model and real options model of economic value added. These theoretical models proposed to some extent able to target enterprises reasonable pricing, but they have the scope and limitations, that is focused on the assessment of the value of the target business entity, while ignoring the strategic value of the target company and mergers and acquisitions the synergistic value. In this paper, on the basis of previous studies, for the phenomenon to rebuild a full consideration of the strategic resources of the target enterprise value and acquisition value of synergies based on the value of assessment methods, the target company in order to carry out a comprehensive and accurate pricing that the value of the target company should be by the independent value of the target company, the strategic value of the target company and M \u0026 A activity in the synergies of three parts. The independent value of the target company in this article using the discounted cash flow method; strategic value of the real options model. In the calculation of the strategic value of the entire acquisition process is divided into two parts of the decision-making stage in the pre-merger and post-merger integration phase, push down, the first to use the trinomial tree model to calculate the post-merger integration of strategic value. In this paper, according to the importance of the principle of the process of integration of strategic value in the calculation of M \u0026 only consider the option to expand and abandonment option. Then use the binary tree model based on the calculated post-merger integration period strategic value to calculate the strategic value of the pre-merger decision-making stage; Merger Effect value calculated by the value of financial synergies, brand synergies and operating synergies, and the use of the analytic hierarchy process and expert scoring method to determine the contribution ratio of the target company, both determined by multiplying the value of synergies target company contribution. Finally, Lenovo's acquisition of IBM PC Division in 2004, the value of the IBM PC Division in accordance with the model of this reconstruction. And after the merger, the actual situation of the new Lenovo recalculate the value of the IBM PC Division, to verify the accuracy and usefulness of the proposed reconstruction model.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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