Research On Value Evaluation Of Natural Gas Enterprise After M&A

Enterprise Value Assessment has always been an indispensable role for market transactions.In order to ensure the interests of economic stakeholders,both the listing of enterprises,as well as the division and merger of enterprises need to be evaluated.However,the current economic market generally only uses a single evaluation method,only from the perspective of a single enterprise to study the value of enterprises.However,when mergers and acquisitions occur,the option value and synergy effect in the process of M & A are often neglected,and the value added by M & A is an important part of the whole enterprise after M & A.Therefore,when the combination of M & A transactions to study the value of enterprises,we can not only use a single,traditional method to assess the value of enterprises.Therefore,this paper will study the value of enterprises from the perspective of M & A.Taking a natural gas enterprise as an example,the value of the completed natural gas enterprise is divided into three parts: The independent value of the enterprise,the option value of the subject matter of the merger and acquisition,and the value added brought by the synergy effect of the merger and acquisition,a valuation model based on EVA discounted cash flow model,B-S real option modified model and discounted cash flow model is constructed,in this paper,we choose the recent case of gas listed companies in which ENN shares acquired enn energy to analyze,test and analyze the effectiveness of the evaluation model,and point out the shortcomings of the model.