The Research On The Value Of Non-tangible Assets In Mergers And Acquisitions Of Enterprises

As the senior forms and resource allocation methods of market economy development, merger and acquisition (M&A) greatly promoted the economic development in western countries and helped to bring about many super enterprises. With the economic reform deepening and market system gradually standardized, M&A between domestic enterprises are also rapidly developing. In the postmodern economy era, which is based of information and knowledge, the economic benefits of non-tangible assets are also becoming increasingly more important, especially in some leading industries that take non-tangible assets for strategic industry. During the M&A, the deal price of the non-tangible assets has become the focus of the both sides of the target enterprises. To evaluate the non-tangible assets of the target enterprise is not only contribute to the acquisition, but also become the key link of enterprises to gain development power in the new period.The main objective of this research is to evaluate non-tangible assets of the target enterprise on the basis of qualitative research, using evaluation methods reasonable to give the non-tangible assets of the target enterprise quantitatively evaluation. First is the enterprise mergers and value assessment review of relevant theoretical foundation, and define the connotation and extension of the non-tangible assets. First is review the relevant theoretical foundation of the enterprise mergers and value assessment, and define the connotation and extension of the non-tangible assets. Followed that is began to introduce the core theory. In this part, first analyze the traditional value evaluation method of the non-tangible assets, including different assessment methods of the non-tangible assets and goodwill which can be determined, and the comparative analysis. Then it is to discuss the value theory and basic model of developing real options method to assess non-tangible assets, and then based on the basic model, combined with the characteristics of M&A options and non-tangible assets of options properties, we introduce a revision of the non-tangible assets value evaluation model. The last part is the case analysis. Select a specific case in automobile manufacturing industry in which M&A in 2004-2009 were much more representative to assess the whole non-tangible assets value of enterprise. Combining the characteristics of the non-tangible assets, this research focuses on the analysis of the mainly patent technology, using the traditional evaluation method and the developing real options method to evaluate and make comparative analysis. Then use cut differential method to analyze merger goodwill, which involve in enterprise assets evaluation. The evaluation results of each phase is in the form of calculation, and the last part of this research is briefly summarizes the research work, and look farther forward to the future research work.