Overseas M&A

海外并购估值模型研究
Overseas M&A: The study will focus on the valuation methodologies applied in overseas M&As and to which the policies and legislations will affect. It aims to find out the comparably more suitable to one industry, issues raised and the methods to quantize some indicators/key factors.

1. Reasonable Capital Structure—How to decide which or what level of the capital structure in the valuation model is reasonable to the company itself, to maintain the current one, or to apply the industry capital structure, or assume some changeable capital structure?
2. Quantify the special risks in the discounted rate of return. (industry scale risk, financial risk(like financial distress) etc..
3. Current outflows of “social capital.” Analyze its current rate of returns through analysis of the regions、Countries、industries the social capital flows in and the corresponding rate of returns, aiming to find out the benchmarking rate of returns for one region/Country/industry/etc.
4. Balance between WACC and IRR. It’s known that when IRR is greater than WACC, the project is worth of investing. But how to quantize how worthy the project will be when IRR is 5% (or some other percentages) greater than WACC? Here, we are not taking the strategy and spare capitals of the company in consideration.

 

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海外并购估值模型易于意欲通过对石化行业、金融服务行业、电子商务行业、生物制药行业及电信行业五个行业的研究,找到境外并购交易中,不同行业采用何种估值模型、在并购活动的整个流程中所遇到的问题、存在哪些风险,及各行业内的收购方是如何处理这些问题和应对这些风险的。

海外并购估值模型研究报告简要分析了截止2012年国外直接投资的情况,来提供一个国际投资的整体环境,其中通过对不同行业的投资趋势来分析和揭示全球市场中行业的投资趋势。接着阐述上述五个行业其中并购交易中的最常被采用的估值模型。进而对五个行业进行案例研究。通过对近年发生的典型并购案例及研究团队所访谈的公司的案例分析,来揭示在具体的公司并购流程中所涉及的各层面的问题,不仅包括企业估值、经营问题,也包括并购流程中所涉及的企业文化、关键人才的流失问题等对并购完成之后的影响。最后也简要阐述了美国市场所涉及的有关并购交易的法律及所适用的交易案例,从法律层面提供并购交易中涉及的相关法律支持等。