Research On Businese Valuation In Overall Listing

A-shareholder structure reform has resolved the constraints deeply on the development of China's capital market system. As for the policy-making, "A-share reform" is the pre-condition for the remarkable development of China's capital market. To develop China's capital market vigorously can not be achieved without major state-owned enterprises'going public completely" .These going-publics become the best way to preserve and increase the value of state-owned assets and enhance the controllability of state-owned economy. The establishment of a bullish A-share market as well as high valuation on assets under the circumstance of high growth anticipation drove high the capital value significantly. Wealth effect calls for the arrival of companies'mergers and acquisitions. Asset pricing based on market rules addresses new requirements on company valuation.Business Value Theory is the core of modern enterprise management theory. One of the most comprehensive and complicated techniques in the process of asset valuation is enterprise valuation. And it combines knowledge of finance, asset management and other managerial techniques. In the practice of asset valuation in China, DCF, market multiples and and cost approach are three principle valuation techniques. In the face of awareness of capital raised by A-share reform, as well as the development of market-oriented pricing technique, how to evaluate enterprise correctly and rationally has become a challenging issue among the asset appraisal industry.Capital market has created an entirely different mode of wealth exhibition and value addition: the capitalization of assets once completed, wealth is no longer presented on the base of historical cost of assets, but presented according to the expected cash flows in the future. The wealth would not be accumulated based on asset increasing but through changing expected cash flows in the future. Accordingly, the value of enterprises no longer performs for the simple sum of individual assets, but the present value of future cash flows.Measuring the value of shares at market price becomes a benchmark for asset transactions. Stock as an important financing tool originally, becomes a means of payment. Those ambitious enterprises try to maximize the value of equity in the pursuit of goals on the way inevitable expansion on the roads, and mergers and acquisitions could quickly realize the powerful expansion. Age is also a full circulation thus the era of mergers and acquisitions, stock merger, tender offer, agent for the right to vote, privatization, buyback, the separation of asset injection, and a backdoor listing in the process of reorganization and replacement of assets and other means of merging expected to be endless.Enterprises listed as a whole is that the motives for pursuing the maximization of corporate value, the acquisition of more stable long-term competitive advantage, the overall completion of companies listed both in macro efficiency of resource distribution, brand image, operating risks, or in the micro-business channel, viability of the cost of management, financial aspects, such as a long-term integrated resource advantages effect. Full circulation in the era of China's enterprises reorganization merger as a whole will inevitably listed as a start, the central rate of the overall reorganization of the mergers and acquisitions market is the main force.Listed on the overall Business Value of performance for the two, the performance of the thickening effect and the merger synergies, the former is the value of the transfer, which is the creation of value.Overall listing of the main ways the merger and directional issuance of the convertible, convertible merger does not involve a large number of cash transactions, but convertible to a certain extent determine the proportion of the difficulty of assessing the value of a business focus and difficult.Enterprises listed as a whole should consider future growth and integration of the synergies, and Business Value assessment methods should be used proceeds, or a combination of the use of the market, but not to the cost method. Gezhouba Convertible merger holding company as a whole as a national enterprises listed first case, the participants had the honour involved, from the initial listing programming to the overall Business Value of the assessment estimates, and in the secondary stock market tracking observation, the value of the enterprise understanding of the richness and depth, but in this process of writing papers, and found that many do not understand or do not understand thoroughly, again through the knowledge of the carding and melted down, the participants completed initial This paper is the work of the pre - Aggregate, in a new starting point start.In this paper, Chapter 2 and Chapter 5 of the exposition, from theory to Business Value of mergers and acquisitions in the overall listing of gradually deeply, from the beginning of Chapter 6, with the Gezhouba Company Convertible merger holding company Gezhouba Hydropower Engineering Group Co., Ltd. case, the integrated use of financial management, strategic management and financial aspects of the relevant knowledge, demonstrated the value of listed enterprises, the overall assessment of the entire process.This paper is not focusing on the computation process of DCF method, but on the listed enterprise's value disclosed by valuation techniques, value-added effect on the listed companies via M&As, and application conditions and basis for every valuation technique.This paper attempts to value enterprises by DCF method and it may enlighten readers to study more and come up with more insightful questions for further discussion.