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Enterprise M & A Valuation of Perspective on EVA

Author: LiuGe
Tutor: TuQiaoPing
School: Henan University
Course: Management Science and Engineering
Keywords: Economic Value Added (EVA) Valuation model Mergers and Acquisitions
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 221
Quote: 1
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Abstract


With the continuous development of the capital markets, mergers and acquisitions, asset restructuring activities have become increasingly frequent. Enterprises to achieve business goals, more and more M \u0026 A activity for the purpose of strategic investment. M \u0026 A decision-making process, it is appropriate to estimate the enterprise value of the acquisition targets is an important factor in the success or failure of relations mergers and acquisitions. Enterprise value assessment as an important investment and company mergers reference, has been more and more people to accept and adopt. Face a variety of valuation methods, how to reasonably accurate M \u0026 A pricing become key issues affecting the M \u0026 A activity. Conditions of use and limitations of traditional valuation methods to summarize. Pointed out that the traditional method ignored the potential synergies between associated enterprises after the acquisition of the economic profit and value, can not fully measure and evaluate investment and economic value of the enterprise, and can not make an objective and correct decisions. Introduced based on the theory of economic value added (EVA), EVA valuation model and some special forms: EVA zero growth model, EVA fixed growth model and EVA two-stage growth model. Proposed the introduction of a synergistic effect can produce EVA concept, created EVA Valuation improved model, with examples to illustrate. Strengthen the EVA valuation model, as soon as possible to explore in our enterprise application helps improve our system of valuation theory, the theoretical and practical significance. In this paper, a method of combining theoretical analysis and empirical research, mainly to study the application of the EVA valuation model. Application framework established by the articles of the application of the case of mergers and acquisitions in the Baosteel Group Bayi Iron \u0026 Steel, to test the effect of the practical application of the assessment framework. The paper is divided into two parts, the first theoretical part, including the first chapter, the second and third chapters. The Second Most of the empirical analysis section, including Chapters III and IV. The first chapter is the Introduction, introduces the thesis research background and significance, literature review, mergers and acquisitions pricing research status at home and abroad, this article's thesis framework, and compared to previous studies of innovation. The second chapter is related theoretical introduction, a brief introduction of the theory of corporate mergers and acquisitions, valuation. Several comparative analysis of the traditional assessment methods and their respective advantages and disadvantages. The third chapter is the application of EVA in corporate mergers and acquisitions. Including the basic concepts, the basic principle of the EVA, the EVA valuation model, and several special form, while the introduction of the synergies of the EVA concept. Chapter IV, is a combination of Bayi Iron \u0026 Steel Baosteel Group M \u0026 A Case analysis and draw their own conclusions. The fifth chapter is the thesis conclusions and prospects for the future.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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