2007•Dalian Ligong Daxue xuebaoRequires access

Research on the discounted cash flow models for valuation of corporation M&A

Huang Xue-ting

Abstract

Weston model is very popular among the discounted cash flow models for mergers and acquisitions(MA) valuation.This article discusses the conditions in which firms have real growth opportunity.Then the effect of different investment policies on corporation value is studied,and a new valuation model is introduced.Finally,numerical examples are offered to illustrate the differences between the new model and Weston model.

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Key concepts: Discounted cash flow, Valuation (finance), Cash flow, Terminal value, Corporation, Intrinsic value (animal ethics), Economics, Pre-money valuation