Based On The Analysis Of Corporate Financial Reporting Enterprise M&a Pricing Research

As a kind of enterprise development tools， Mergers and Acquisitions has beenthe way in economic development to serve as a very important role. Throughout thehistory of the development of M&A， often referred to some successful M&Acases， we can always find its true and intrinsic value of M&A business oftenappears to be the total of those willing， which is more than the value of M&Abusiness is bill payment. Why do companies have to pay higher than the value of thebusiness realities assets to access the successful during M&A? It should not beinterpreted as a simple business goal of goodwill. This thesis will examine the valueof mergers and acquisitions， mergers and acquisitions from the price of the pricingtheory analysis to compare the different methods under the M&A target companiesto define the value; also to describe the value-added acquisitions， mergers andacquisitions， as well as synergies and real options value pricing.The author will go through a mergers and acquisitions between the foreigntransnational enterprise and a Chinese private enterprise to analyze from the detailedbackground data and the M&A target companies， including the value of the targetenterprise and the independent M&A value-added of the two parts. As a basis ofusing the discounted cash flow method to calculate the target enterprise value of realassets， at the same time it has been created the innovative use of option pricingmethod (Black-Scholes model) to calculated the added value of the target enterprisesin this case， which established the model in the M&A valuation to help companiesachieve the success of M&A business. Throughout the introduction of such aninnovative model for M&A business， it proves how effective assessment of thevalue to the M&A business objectives from their enterprise value to the added valueof enterprises， as well as mergers and acquisitions synergies.The thesis goes through the theory and the analysis of the case to arrive at a conclusion that make up the traditional corporate approach to assess the value ofM&A have not considered the lack of added value， which in order to provide acomplete assessment of the value methods to any further objectives of enterprises. Atthe same time it also proved that the merger target enterprises want to be re-assessedin accordance with the market price， making their own reality value-added.