Research On Optimization Of Synergy Valuation Models Of M&As Between Asset-light Enterprises

The evaluation of M&As;a collaborative value is of great significance to the pricing of M&As;A transactions.With the advancement of national informatization process,information technology enterprises have entered the peak period of discovery,and the M&As;A activities among light assets enterprises such as information technology enterprises have become more and more frequent.Due to the characteristics of light assets,high valuations are often generated in M&As;A.Reasonable estimation of collaborative value can discover value and avoid risk in light asset M&As;A transactions.At present,there are a lot of researches on the collaborative value evaluation model,but there are few researches on the construction of Collaborative Value Evaluation Model for light asset enterprises.Therefore,it is of great significance to study the collaborative value evaluation model applicable to the M&As;A of light asset enterprises.Based on the above background,this paper focuses on the light assets enterprises.Firstly,on the basis of literature review,this paper combs the research status of collaborative value evaluation model,and summarizes the main problems in the application of collaborative value evaluation model at this stage combined with the application status of light assets enterprises in practice.Combined with the characteristics of asset light enterprises,this paper constructs a collaborative value evaluation model from the perspective of the mutual influence between the two sides of M&As;A to generate collaborative value,based on the full consideration of the sources of business collaborative value,management collaborative value,financial Collaborative Value and R&D collaborative value,and introduces the case of the acquisition of Kingsoft by Hanbang hi tech to apply the model,through comparing the traditional Collaborative value evaluation model,found the excellence of the new model.The main conclusions of this paper are as follows: first,through the research,the existing collaborative value evaluation model is summarized,which mainly has the following problems: fuzzy collaborative value producing subject and source,optimistic estimation of collaborative value producing period,etc.;second,the construction of collaborative value evaluation model takes into account the relevant roles of the acquirer and the acquiree,and considers the merger and acquisition from the dual perspectives of the acquirer and the acquiree.At the same time,from the perspective of the source of collaborative value,the collaborative value of R&D is introduced,which is combined with the characteristics of light asset enterprises,so that the collaborative value evaluation model is more suitable for the M&As;A of light asset enterprises.Thirdly,the collaborative value evaluation model isgenerally applicable to light asset enterprises.Through the introduction of cases,the collaborative value evaluation model is applied to calculate the value of Hanbang hi tech and Through comparing with the traditional collaborative value evaluation model,the reason why the new model is superior to the traditional model is clear,and the application scope and application precautions of the collaborative value evaluation model are summarized.