Enterprise M & A Valuation Of Perspective On EVA

With the continuous development of capital markets,Mergers and acquisitions, asset restructuring and other activities more frequently.Enterprises to achieve business goals,strategic investment for the purpose of M & A activity is increasing.M & A decision-making process,appropriate to estimate the relationship between M & M enterprise value is an important factor in the success or failure.Investment and business valuation as an important reference for corporate mergers, more and more people have been accepted and adopted.The face of a variety of valuation methods,how can a reasonable and accurate pricing of mergers and acquisitions to become the key issue of M & A activity.In this paper,the traditional valuation methods used to summarize the conditions and limitations. After the acquisition of the traditional method ignores the synergy and related enterprises such as the potential economic profit and value,that traditional methods can not fully measure and evaluate business investment and economic value,can not make objective and accurate decisions. On this basis, describes the economic value added (EVA) theory,EVA valuation model and its several special forms: Zero growth model of EVA,EVA constant growth model and EVA two-stage growth model.Proposed the introduction of synergies to produce the concept of EVA, created EVA valuation improved mode.and Illustrated with examples. To strengthen the research of EVA valuation model, As soon as possible to explore its application in the way of our enterprises helps improve the theoretical system of valuation, has some theoretical and practical significance.Author to establish application of the framework of the article to applications in the enterprise evaluation, inspection and evaluation framework for the practical application of results.This article is divided into two parts,the first most of the Article is theory, including the first chapter,second and third chapters. The second part of the majority is empirical analysis, including chapters III and IV.The first chapter is the introduction,the paper introduces the research background and significance,literature review,the current research status of M & A pricing,this paper framework and innovation compared to previous studies.The second chapter is the theory introduced, briefly mergers and acquisitions, valuation theories.Comparison of several traditional methods of assessment and their respective advantages and disadvantages.The third chapter is Application of EVA in mergers and acquisitions. Including the basic concepts of EVA, the basic principle, EVA valuation model and some special form, while the introduction of the concept of synergistic effect in the EVA.The fourth chapter is a combination of case analysis, draw their own conclusions.The Fifth chapter is the thesis conclusions and vision for the future.