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1、-华中科技大学硕士学位论文AbstractMergerandacquisitionisanimportantwayforcompaniestoexpandtheirbusiness.And80%offailuresarerelatedtovaluation.Currently,therehavebeenmanytheoreticalstudiesinmergerandacquisitionvaluation,mainlyconsistingofabsolutevaluationmethodandrelativ
2、evaluationmethod.Moreover,thetwelfthfive-yearplaninChinahasproposedtodevelopafewinternationallycompetitivecompaniesintheexpressindustry,pushingtheapproachingofawaveofmergerandacquisitioninthissector.However,currentstudiesarerelativelyrarespecializingintheex
3、pressindustry.Thisthesiswillfirstlyintroduceandanalyzethecharactersofabsolutevaluationmethodandrelativevaluationmethod.Followingthis,itwillstudythecaseofTNTacquiredbyUPScombinedwiththefeaturesofexpressindustry.Lastly,itwillgivesuggestiononthecomingwaveofmer
4、gerandacquisitioninChina.AccordingtothepastfinancialdataofTNTandUPS,thisthesiswillresorttorelativevaluationmethodofP/BratioandabsolutevaluationmethodofdiscountedfreecashflowtoassesstheintrinsicvalueofTNTrespectively.Thefinalresultsare€5.19billionand€5.55bil
5、lionseparatelyfortheabovetwomethods,whichareveryclosetotheformerpriceof€5.16billionpublishedinMarch2012.Fromtheabove,thisthesisdiscussestheadvantagesanddisadvantagesofrelativevaluationmethodandabsolutevaluationmethod,takingthefeaturesofexpressindustryintoco
6、nsideration.ComparedtoP/Bratio,thepriceobtainedfromdiscountedfreecashflowvaluationmethodislessclosetothepricepublished.Thepossiblereasonsmaybeasfollows.Ononehand,thetransactionpriceisaresultoflongtermnegotiationbasedonvaluationwhichwilldifferfromtheactualin
7、trinsicvalue.Ontheotherhand,itisdifficulttoobtainthefinancialfiguresofexpressbusinessofTNT.Sothisthesisisreferencingtoitsconsolidatedfinancialstatements.Finally,itprovidessuggestionstomergerandacquisitionvaluationintheexpressindustryofChina.Keywords:Mergera
8、ndAcquisition,P/BRatio,DiscountedFreeCashFlow------II------华中科技大学硕士学位论文目录摘要......................................................................................................IAbstract...............
