Application Research Of Comparable Company Analysis In The M&A Of YUANJIANG INFO

With the adjustment of economic structure and upgrading of industrial structure in china, the proportion of high and new technology enterprises such as information technology firms increases and becomes a new growth point of economic development, which further promotes the development of M&A. M&A is an important means of industrial agglomeration, optimizing resource allocation and enhancing enterprise competitiveness. As the critical process of M&A, enterprise evaluation has a important impact on pricing for both sides of a business. Especially high and new technology enterprises, they have the characteristics of few real assets and abundant light assets, and how to reasonably evaluate their enterprise value has become the tough issue for the society. So, how to choose evaluation methods accurately according to the characteristics of industry, enterprise, M&A and method become extraordinarily important.Therefore, this thesis studies the case deeply centre on evaluation of enterprise value in M&A. We argue that comparable firms approach is the best method to assess the value of asset-light enterprises, through studying the enterprise value assessment theory and Wall Street valuation theory. Combined with the actual situation of industry and target enterprise, I find out the method choice of cases and the problem of confirmation among the methods. Based on the manipulation performance of Wall Street, I revaluate the target enterprise on the basis of the improvement, making the result of revaluation can be proved by sensitivity analysis of income approach. Finally, I make a reasonable explanation for the value of target enterprise.The analysis and comprehensive carding of comparable company analysis in this thesis contribute to learn operation process of comparable company analysis deeply, understand the target enterprise value better and make their own judgment for both sides of a business, and can provide support for M&A of strategic enterprises, and further consummate our enterprise value appraisal system.