Research On Mergers And Acquisitions Of Listed Companies In Valuation Of Target Company

With market conditions perfect and participants in the concept of changes to the value of discovery-based M & A in China is gradually being accepted, how to correctly assess the value of an enterprise to become key to the success of mergers and acquisitions. China since the first happened in 1993 for the purpose to transfer control of listed companies, a lot of new problems in mergers and acquisitions have emerged, the most prominent problem is the transaction price. Split share structure successful implementation of reforms, making the original a legal publicly traded market and secondary market structure has undergone major changes in this regard look forward to large-scale mergers and acquisitions market has provided new conditions, on the other hand, on M & A the transaction price to develop a higher demand. Therefore, the target company in M & A valuation study has important theoretical value and practical significance.This dissertation mainly includes three parts: First of all, the theory of corporate M & A Review. By reviewing the history of the global M & A process, then combined with the listed companies in China's actual conditions, analysis of mergers and acquisitions and types of motivation; Secondly, the current mainstream M & A Valuation methods and introduce a comparative analysis of the value of trying to manage from the perspective of company valuation analysis, research the target company valuation; Finally, Taiji Group, Southwest Pharmaceutical M & A case study of a thematic analysis of the company M & A valuation theory and practice closely integrated with the hope that the company's managers in the new situation of China's listed M & A value assessment of the realities of operating a certain reference value.