A Research On Mergers And Acquisitions Of Corporate Valuation

M&A activity has increasingly become an important economic phenomenon in the modern market, an important way to optimize the allocation of market resources, therefore, to promote such activities more effective, is undoubtedly an important method of modern enterprises with market forces to achieve the development of large-scale andtools. In fact, the development of a modern economy, the development of M&A activity in the domestic and international capital markets are increasingly accelerated. Including the acquisition price as an important factor will directly affect the market M&A activities have Therefore, it is reasonable to select acquisition targets enterprise and the target enterprise the scientific value assessment is very necessary and important. However, the enterprise value assessment of a variety of methods, and how to choose the appropriate valuation method worthy of our in-depth research in the practical application. Therefore, the paper first systematic summary of the basic idea of the four categories of classification in accordance with the logic of the market evolution and the development of economics enterprise valuation method, the content and the main advantages and disadvantages, and provide the basis for the choice of valuation method and reference. Which focuses on the option pricing method, the paper argues that the use of option pricing method provides us with a new perspective to look at the value of the target company, is a useful complement to M&A activity in the target enterprise value assessment methods. However, in assessing the static value V0, the need to consider the applicability and characteristics of the traditional valuation methods, reasonable selection of traditional valuation methods. Finally, the actual cases, Jinan Iron and Steel acquisitions Laiwu Steel verify this theory. Evaluate using traditional valuation methods commonly used method-discounting the free cash flow method of the income approach in assessing the value of the existing business Laiwu Steel, BS option pricing model in assessing the value of real options containing for evaluation.Finally concluded in this article is the integrated use of assessment methods used alone can make up the defects of traditional valuation methods, to achieve an accurate assessment of the purpose of the target enterprise. The results calculated from a combination of case information does exist on the value of the target company underestimated phenomenon.By the conclusion of this article for hope to provide a more powerful environment for M&A activity in the target enterprise value assessment operation more feasible reference for the listed company on the New Era in China market M&A activity, which will effectivelypromoted our enterprises to be more healthy and sustainable development.