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A STUDY ON THE METHODS OF EVALUATION FOR MULTINATIONAL COMPANY ACQUIRING CHINESE PRIVATE COMPANY

时间:2014-07-14 作者:TU Zhengrong 访问量:2374 关键词:M&A, Business Evaluation, Multinational Company, China private Company

Abstract: Along with the global economic recession in US and Europe, more and more multinational companies are deciding to develop their international expansion strategy in China. Except organic launch, to acquire good private companies with simple equity structure becomes MNC favorite.
This thesis is on the stand of the MNC buyer to study why the companies choose merger and acquisition to expansion and focus on the question of how to evaluate the target private company and choose the methods to decide the purchase price.
As Chinese private company’s poor quality on finances and high probability on tax evasions, the choice of valuation methods is very crucial. By analysis two methods of evaluation and study a specify case, it is concluded that discounted cash flow model is ascertained dominated but associated with market multiple method as supplementary.
The whole paper is divided by five chapters. Case study’s background derived from a real case but the data has been modified for confidential reason.


Keywords:M&A, Business Evaluation, Multinational Company,  China private Company, Discounted Cash Flow Method, Comparable Market Multiple Method

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