The Research On Valuation Method Of Merge And Acquisition Of Enterprise In Our Country

The enterprise's Merge and Acquisition(M&A) is the product of the market competition. The mechanism of the M&A enable the resources unceasingly obtain the optimization, therefore the enterprise and even the entire national competitive ability strengthens. In our country, M&A starts from 1980s, and so far surges are wave upon wave. The valuation of M&A is an essential link in the process of M&A, but it actually has not followed the tide of M&A. Because our country's market economy system is not very perfect, M&A hasn't been 30 years. The valuation of M&A isn't mature. The major of the valuation is cost methods which enormously has underestimated enterprise's value of these higher intangible assets. The market methods also can estimate the approximate value of the goal enterprise according to the compared enterprise. As for whether the compared enterprise is appropriate, whether the value of the compared enterprise can accurately calculate, all is the flaw which the market method is unable to avoid. So far the discounted cash flow is the most reasonable method in the income methods, but it has also neglected the coordination effect of M&A as well as the option's value. These methods had not all considered that M&A actually is one kind of gambling. Gambling one must consider opposite party motion as well as the influence of the action himself to opposite party. The different information respectively grasps or respective different characteristic can cause the different result. This problem wasn't solved by the before valuation method. The main content of this article is to study how to value the goal enterprise. Let all quarters of M&A obtains the income from M&A. It causes benefit maximization of stake holders.In the introduction this article first elaborates the background, the content, the methods, the innovation and so on, then reviews some rationales of M&A, as well as some popular valuation theory. The author thinks that, each valuation method reflects enterprise's value from some side. The conclusion which each method obtains is a useful information. Artificial division of these methods is disadvantageous to the comprehensive enterprise valuation. This article analyses good and bad points of kinds of enterprise valuation theory and their suitable conditions. Based on the analysis, comprehensive utilization these kinds of methods, establish a gambling model through the introduction game theory. According to information degree which respectively grasps, gambling begins between enterprise's several kinds of values which can be forecasted. The analysis conclusion is: the more information is complete, and the more participates in gambling, the final deal price more tends to the goal enterprise's real value.