The Target Enterprise Value Assessment Of Sichuan Shengda Acquisition To Shanghai Tianrui

Compared with abroad, China's capital market implementation of merger and acquisition activity time is not long, but with the development of the securities market and improvement of the Chinese market the number and amount of mergers and acquisitions that nots allow to ignore, but also increasingly innovation in the form of acquisition, in addition to the "combination", some "young" non-listed companies also become the object of the recent m&a market chase. Especially with the rapid development of animation, some emerging industries, such as the Internet, some traditional industry hope that through merger, acquisition and reorganization of listed companies for internal integration of assets, to enrich their own industry form, reverse the enterprise in the face of difficulties. In this paper, based on this background, the traditional industry of merger, acquisition and reorganization of listed companies to private "young" company, determine the overall value of target enterprise, in order to provide some references for the transformation of Chinese enterprises.The research object of this paper is a listed company- Tianrui economic and trade companies, listed companies are mainly introduced Sichuan Shengda acquisition to Tianrui Shanghai economic and trade cases. The author after reading lots of literature at home and abroad, according to the characteristics of the target enterprise, determine the articles to be used. First of all, the article analysis the internal and external environment facing the target enterprise, from the macro environment analysis of the situation and trend of China's economic development, study of actuality of mergers and acquisitions mergers and acquisitions both sides; From the coal industry and the toy industry environment analysis of mergers and acquisitions opportunities and challenges, the study of Chinese enterprise merger, acquisition and reorganization of inevitability. Then the author of the discount cash flow method related elements of the specific analysis is determined, including the selection of valuation parameters and determine. Among them, the cash flow and forecast period is in the company on the basis of historical data trend reasonable analysis method, the discount rate of beta key factors and the capital structure is through the selection of the same trade 10 listed companies certain, the average of equity capital is capital asset pricing model. Because of the target enterprise is a privately held company, so the article and consider the enterprise in the face of specific risk. Finally, the article and analyze the evaluation results and the actual purchase price, illustrates the rationality of the evaluation results.In this paper, through the enterprise cash flow model, the related parameters, evaluation of target enterprise value, analysis on the rationality of the evaluation conclusion to the transformation and upgrading of China's capital market to provide some experience, especially for some traditional industry industrial structure adjustment, transformation and upgrading.