| With the deepening of economic reform and the acceleration of industrial transformation,the emerging industries such as film and television media industry,advertising industry and IT industry have emerged rapidly,and many light asset enterprises have come into being.Due to the rapid growth of the profit of light assets enterprises and the broad prospects,it has been favored by many investors,but the high valuation risk of the light asset enterprises is a hidden danger for the two sides to create profits after the successful cooperative development.In order to reduce the risk of mergers and acquisitions,both parties often sign the agreement on gambling,but there are still questions about whether the agreement can effectively control the valuation risk and protect the interests of the acquirer.This article chooses the Blue cursor acquisition Bojie Advertisement case as the research object,this paper analyzes the valuation process,valuation risk,valuation risk prevention and control of the blue cursor acquisition Bojie,the design of the gambling agreement,the control effect of the gambling agreement on the valuation risk,tries to draw lessons from its failure,and finds the means to effectively control the valuation risk of the light assets enterprise.This article is divided into six parts:the first part of the introduction,this paper mainly introduces the background,significance,methods and main contents of this thesis,points out the innovation and deficiency of the thesis,and summarizes the relevant references.The second part of the theoretical basis of the theory of mergers and acquisitions motivation theory,valuation theory,the theory of gambling Agreement,And the general characteristics of the valuation of light assets enterprises;The third part introduces the basic situation of mergers and acquisitions,the motives of mergers and acquisitions and the environment of mergers and acquisitions.Part Ⅳ describes the process and valuation process of the Blue Cursor merger and acquisition Bojie advertisement Then it introduces the measures of controlling the risk of valuation and the relevant clauses of the gambling agreement signed by the two parties,and finally analyzes the prevention and control effect of the valuation risk.The last part of the case revelation summarizes the experience of the case and puts forward the corresponding suggestions.Through case analysis,this paper holds that if the merger of the enterprises is too optimistic about the future performance of the mergers and acquisitions,it will lead to high valuations,which may result in a large valuation risk for the acquirer,and the agreement between the two parties can not effectively prevent and control the valuation risk if it is too simple.A sharp fall in the performance of the merged companies would cause the acquirer to suffer huge losses.Therefore,mergers and acquisitions of light assets enterprises can not only be temporary benefits,but also face the risk,improve the gambling provisions to prevent and control valuation risk. |
