| With the moving forward of market economic system, the action of capital trade become active more and more. There has been a booming of Merger and Acquisition in our country. The valuation of target enterprise is key point to the Success of M&A and there will be a realization consequence if the effective method Has been adopted. At present, valuation theory and method system formed to initial Stage of reform and open, most be used way to assess enterprise is replacement cost method and the profitability to whole enterprise capital which are compose by the all property in the enterprise has been neglected. How to perfect valuation system and close international appraisal theory gradually is a urgent problem to be resolved. The thesis start with valuation about M&A, and analyze the method of three kind of evaluation and contrast three type of assessment through explain the advantage and disadvantage of various methods. The DCF(discount cash flowing)has been put forward because it embodied the advantages in the process of assessing and it analyze all kind of factors which maybe influence the result of assessment.Chapter one: Explain the background of the ext and the present condition about enterprise valuation; Introduce the concept about M&A and assessment, at the Same time, analyze the necessity of assessment in M&A;Chapter two: Analyze three kinds methods of valuation and explain the result about of DCF has been put forward;Chapter three: Introduce the basic theory and connected factors about DCF, and analyze how to use the method of DCF when the enterprise will be assessed;Chapter fore: Through J Corporation merger and acquisition F corporation's case analysis, used four methods to carry on the appraisal separately to the F Corporation's value, the superiority with the over all value assessment in the process manifested, and explained the merger and acquisition estimate in the entire process and the estimate process should pay attention Question. |
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