| In recent years,with the increasing competition of enterprises,mergers and acquisition activities in different industries in China and overseas are more active.The online game industry is on the rapid rise and the online game companies which have strong willingness to raise capital become the object of attention in the M & A market.In the M&A activities of the online game industry,high valuation is a common phenomenon.But whether the high valuation is normal and reasonable or not and what causes the high level of the companies' value assessment are what we need to study and explore.Youzu is the leader network games' and mobile games' R & D providers and operators in today's China online game industry.On October 23 rd,2013,it backdoored SUSINO Umbrella to achieve listing in A share market with high premium of 32.8 times.Such a high valuation of mergers and acquisitions is very rare,so this case is very meaningful.Through the discussion in detail of the case's background and the companies' value assessment,this paper makes us have an in-depth understanding of enterprise mergers and acquisitions activity and get more experience of the value assessment.And it provides lessons the network game industry companies can learn from.This paper is mainly divided into the following parts:The first part is the introduction.It mainly introduces the research significance,literature review and the frame of the paper.In this part,the main contents,train of thought of the article as well as the current research situation are summarized;The second part is case introduction.The basic information of the both sides of the transaction(i.e.SUSINO Umbrella and Youzu),mergers and acquisitions' background and the merger and acquisition process is described in detail;The third part is the case analysis.This part analyzes the high premium from the aspects of the evaluation methods,the evaluation of intangible assets and goodwill,etc and analyzes the composition of the premium price.Through the P / E ratio comparison of the mergers and acquisitions activities in the same period,I find that the premium is reasonable to a certain extent and the good market performance after M&A and perfect performance realization can then confirm the rationality of the high premium;The fourth part is the case inspiration.We can get some useful advice from the analysis above.In this part,four points are summarized.They are the importance of the recognition of the self created goodwill,the key of the evaluation of intangible assets,the importance of the correct choice of enterprise value evaluation method and the importance of the performance compensation system.The last part is the conclusion.It summarizes the points of the full paper and finds out some deficiencies of this paper. |
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