The Research On Synergies Assessment And It's Value In Strategic Merger And Acquisition

This paper analyses and Reviews of Strategic Merger and acquisitions (M&A) value creation theory. It is dead against the phenomenon that a lot of researcher focused on the performance explanations but seldom on the reason of value-creation, and set up a new way, which is based on the principles and tools of management, to reveal the reasons,conditions and the critical control points for Strategic Merger. In this line of thought, through analyzing the process of strategic acquisitions, the paper identified synergies as an entry point to expanse study. From the perspective of synergies the research on strategic M&S divided into two parts: the value of the synergies in Strategic Merger, and its assessment. Finally it achieves a three-dimensional framework on studying the value- creation and the qualitative and quantitative assessment model for synergy. It clarifies the impact of synergies in the strategic M&A value- creation, and how to control its impact? In addition, the paper offers an idiographic method to evaluate the synergies. Specific parts read as follows:On the first part, it analyses and Reviews the related study on strategic M&A and synergies, determine the angle of the study, objectives and expected results;The second part define the meaning of a strategic acquisition, followed in determining the strategic acquisitions of high-risk, long-term effect of the value, complex decision-making, and mergers and acquisitions for a variety of dynamic characteristics on the basis of the value chain optimization and from the industry to examine the evolution, "industry -- competition, "examine the strategic perspective of the value created by the merger theory. Then it determines the value of the synergies and the importance of strategic acquisitions.In the third part, it begin with the class of synergies, and chose the "four plate model" as the basic framework to analyze the management, operations, financial and intangible assets synergies. A synergistic effect that the strategic perspective of the value of mergers and acquisitions 3D framework for the strategy control the value of M&A ideas for corporate acquisition and operation of a comprehensive management process design direction.In the fourth part, the value of synergies is attributed analysis, which clearly includes the real options. Then from the traditional net present value perspective and point of view to assess options synergies, and formed a qualitative and quantitative model mode. Qualitative model from the perspective of the decision-making strategy is a strategy of the four scenarios: no mergers and acquisitions completed as soon as possible mergers and acquisitions, mergers and carefully planned development. DFC quantitative model in the pricing and Black-Scholes option pricing on the basis of an assessment of options to expand physical model to the calculation of more accurate to a specific incident merger synergies Value.