Study On Selection And Evaluation Of Target Enterprises In The Cross-border Merger And Acquisition Of Manufacturing

With the accelerating process of globalization,transnational merger and acquisition, is gradually replaced by green investment,promote foreign direct investment which has become the main strength of multinational corporations to participate in the global market competition,access to the competitive advantage of important strategic choice. And general acquisition,cross-border merger and acquisition because of its "transnational" identity,involving two or more countries and regions,different countries and regions between the political,economic,legal,cultural,customs,and other differences,The acquisition will make more difficult,in the face of the risk of more complex and more difficult to control.The objective of the enterprise value of the options and to assess cross-border merger and acquisition is the success of the two key issues.In this paper,the idea is to study the existing principles and objectives of enterprises choose to assess the value of the theory on the basis of cross-border merger and acquisition prominent feature of the manufacturing sector and put forward the goal of a comprehensive assessment of the business model of gray,and based on the argument of free cash flow discount method Cross-border merger and acquisition Enterprise is the best choice for value.This article first in the domestic and foreign enterprises to assess the value of the theory and methods on the basis of the recall,the traditional analysis of the three main methods of assessment of the value of the advantages and disadvantages,and then for the special cross-border mergers and acquisitions,the introduction of the gray system theory to build a multi-level comprehensive assessment model.Multi-level model designed index system is divided into a total of four,will be divided into the value of the overall enterprise value of the entity,and the strategic value of the three risk factors. The model design of a total of 25 financial and non-financial indicators,the use of AHP to determine their weight,through the gray correlation calculated for each election to be the goal of comprehensive enterprise value,selected the best goal of mergers and acquisitions.Based on the subsequent use of free cash flow method to assess the gains so as to arrive at the best goal of enterprise value,and select a classic case-Lenovo acquisition of IBM Global PC Business Unit analyzed.Finally,for our present situation and cross-border acquisition manufacturing problems,a number of recommendations.In this paper,much of it is a fusion of different perspectives and expertise to do the bold exploration,reasoning and innovation,so there is certainly a lot of defects,but studies point of view of the novelty of this article will have a certain value.