利用自由现金流量估值模型选择并购方案

By the financial analysis methods, the union of qualitative and quantitative way, using the Free Cash Flow Estimating Mould calculate value of M&A whether the plan can creat value or not. According the quantity of the created value choose merger plans. The research results make important practical sense of reducing merging risks, promoting the expansion of our country’s enterprises, reducing costs and full use of all kinds of resources. In this paper,Wuhan Iron and Steel Company Limited choosed for the purchase of simulation business.Using Handan Iron and Steel Company Limited and Xining Special Steel Company for the simulation of the target enterprises.Choose a different calculation of the total capital after the merger, M & A comparison of the additional value created by mergers and acquisitions and cost, have to choose the highest value of M & A program.