Comparative Study On Measurement Methods Of Mergers And Acquisitions Enterprise Value Creation

Currently, along with the international environment changes, macro-control isincreasingly strengthen, the capital market competition is more and more with fierce.The capital as the banking industry want to rely on in the fierce competition in the marketdo strong, M&A activities will emerge in endlessly. To measure the success of theacquisition has not as is whether the whole transaction completed before process, but liesin whether the merger to enterprise created value. Because our country market efficiencyis insufficient, mergers and acquisitions of enterprise value creation influence of has beenquestioned. Therefore, banking merger, the study of value creation is very necessary andurgent.On the basis of study at the analysis of the relevant papers at home and abroad, fromrelated concepts and value creation value creation form of several aspect, summarizesand analyzes the enterprise merger of value creation of existing measurement method,this paper introduces the present situation of China’s banking industry mergers andacquisitions, the selection of the Banks in China the most representative in acquisition ofthe case-the industrial and commercial bank of China for value creation qualitativeresearch. In the measurement method of value creation on mergers and acquisitions,paper value creation of traditional evaluation method and the innovation of the contrastmethod, the selection of the international standard value creation of evaluationstandard--capital appreciation, shareholders always returns (TSR) index, appraisal andanalysis to the industrial and commercial bank of China M&A value creation, and putforward the hope: banking mergers value creation on the choice of measurement methodsshould be used to create more value standard of relevant index.The thesis is divided into six parts. The first part is the introduction. This papermainly introduces the background and purpose, domestic and foreign research currentsituation, the content and method, this paper innovation points; The second part of themeaning and value creation related forms. Mainly for the chapters need concept andbasic theory make statements, including enterprise value, the enterprise value creationand enterprise value appraisal; The third part of the enterprise mergers create value evaluation method of measure. Introduce the traditional evaluation method is adopted inthis paper and the evaluation method of capital appreciation index, and for each onemethod analysis of the advantages and disadvantages; The fourth part is capitalappreciation and shareholders’ returns (TSR) basic theory and method in this paper. Thecalculation of capital appreciation is introduced in detail, and EVA index and comparison,summarizes the advantages of capital appreciation index.TSR index of calculationmethod and the method of evaluation of the detailed introduction. The fifth part based oncapital appreciation of Chinese industry and commerce bank mergers create valueevaluation. In a traditional financial index and capital appreciation, TSR index asevaluation method, and through the evaluation result is concluded, the sixth part of thefull text content to carry on the summary, puts forward the prospect of further study.