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The Research of VAM and Enterprise of Cross-border Mergers and Acquisitions Valuation

Author: FengLiWen
Tutor: YanFuHai
School: Lanzhou University of Technology
Course: Accounting
Keywords: VAM Transnational Merger and Acquisition Value Assessment LenovoGroup and NEC PC
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 46
Quote: 0
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Abstract


The European debt crisis has rapidly spreaded all over the world since2010,especially for many western countries’enterprises, the market value of many enterprises have been significantly undervalued. At the same time, with the transformation of the economic development pattern in China, the factors such as excessive foreign exchange reserves and RMB appreciation have created favorable conditions for Chinese enterprises’cross-border M&A. Cross-border M&A cases have increased year by year. However, up to70%cases of them are failures. From studying the failure of the cases, valuation issue becomes the most critical factor for successful merger.Although the common valuation methods has developed more mature, However, It can not effectively solve our country’enterprise under the condition of information asymmetry, Which can cause the problem of both sides valuation premium payment about mergers and acquisitions. The article from the perspective of VAM, It can use the correction principle of real options, Which can try to analysis our country enterprise transnational M&A valuation problem. So as to effectively solve our country’enterprise under the condition of information asymmetry.Then illustrate the feasibility of application of VAM in case of Lenovo Group acquiring NEC PC, which can enhance the survival rate of our enterprises, and provide a new way to valuate our enterprises cross-border M&A cases.Firstly, this paper described the relevant literatures about value assessment and VAM on the basis of theoretical researches from home and abroad. Secondly, It analyzed the characteristics and risk types of Chinese enterprises cross-border M&A and studied the advantages and disadvantages of common valuation methods, then which pointed out the shortages of Chinese enterprises cross-border M&A. Thirdly, It elaborated the concept of VAM, content and the relationships with options, which could make a conclusion that the nature of the VAM is the adjustment technology for real options valuation. It applied the adjustment technology to our enterprise cross-border M&A, which effectively solved the valuation problems under asymmetric information situation. Then further proved that Chinese enterprises cross-border M&A valuation should use the VAM when applied case of NEC PC acquired by Lenovo Group. Finally, It made some suggestions on the application of VAM in cross-border M&A valuation through deep analysis on the cases of Chinese enterprises cross-border M&A valuation.

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