The Value Assessment Of The Real Estate In Merger And Acquisition

With the development of Macro-control and intensified market competition, Merger & Acquisition(abbr.M&A) of the real estate emerges one after another. The value assessment of the Real Estate is the key of M&A, related the each participator's profit and the M&A's success or failure; and value assessment is the key of pricing, providing basis for trade price's determination. However, present value assessment technique often neglects the value of M&A's flexibility, so to do research on the value assessment of the Real Estate in M&A is of great meaning to M&A of the real estate decision-making.Based on the situation in M&A of real estate and characteristics of value assessment in M&A, the paper analysis the features of value assessment of the real estate in M&A. The paper comparative analysis the applicability and limitations of present methods to value assessment of real estate companies in in M&A. Refering to the real estate, the paper proposes recommendations for improving method of the value assessment.Based on recommendations for improving methods, the paper analysis the value of the real eatate in M&A. According to the analysis, the value of the real eatate in M&A.includes the independent value real option value and corporate merger synergies value. Based on that, using cash flow method to calculate the independent val|ue objectives enterprise. The value of the real options in M&A is calculated by the options pricing methodThe paper uses the incremental discounted cash flow model to assess the value of merger synergies and uses expert points to do its distribution. So the value assessment model of the real estate in M&A is established. The paper does empirical analysis by the example of M&A between Vanke Beijing and the centre of Chao Wan.On the basis of home and abroad study, this paper, has the following innovations: the object of study is the real estate; proposes the value assessment model of the real estate in M&A; do the empirical research; in conjunction with the real options theory, research Real options value in M&A of the real estate.