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企业通过并购能够获得专利技术、品牌渠道等资产，从而提升自身的综合竞 争力，越来越多的制造业企业在并购成功后进行连续并购的趋势增强。但是一定 时期内进行多次并购活动会导致企业价值的波动。目前我国针对连续并购企业价 值的研究较少，常用的传统估值方法对企业价值大多偏向整体分析，并不适用于 评估连续并购后产生多个业务分支的企业价值。企业通过连续并购可以形成具有 多元化特征的商业模式，产生复杂的协同效应，影响企业的盈利、价值创造，从 而影响企业价值。因此，可以将商业模式分析融入企业估值方法，对传统的估值 方法进行优化，使连续并购企业价值评估贴合企业的内在价值。

美的集团是通过连续并购实现商业模式变革的代表性企业，本文选取美的集 团为典型案例，应用修正的分部估值方法对其企业价值进行评估。文章对美的集 团美的集团并购活动进行梳理和分析。对比分析传统方法计算得出美的集团价 值，分析传统方法的不足，并提出优化方案——根据美的集团连续并购后形成的 商业模式进行业务模块划分和协同价值影响因素的确定，根据各业务模块的业务 活动特征及行业特征选择合适的评估方法，在分别评估各业务板块的价值后，估 算美的集团业务模块之间产生的协同效应。最后，对美的集团连续并购对企业内 在价值的影响进行综合评价，验证其对传统估值方法的优化作用。

通过研究，本文可以得到以下结论：首先，运用商业模式分析企业，可以得 到企业业务特征以及各业务板块的协同价值的主要影响因素，用以确认各业务板 块之间协调关系系数的调整。其次，融入商业模式分析优化后的分部估值方法灵 活性、包容性强的特点比一般的传统方法更加适合连续并购后业务趋向多样化的 企业，既减少了单一评估方法与部分业务板块契合不足所造成的误差，又体现了 企业业务板块之间的协同价值。通过对连续并购资产相关度分析，针对涉及业务 进行调整，相比于传统的成本法、市场法和收益法，加入了对企业连续并购经济 活动的考虑，让评估的价值更加贴合企业的内在价值。最后，使用修正分类加总 的方法要针对企业业务行业的特征，同时，要注意企业的业务与被评估企业的业 务板块相似，但不可与其他业务板块相重合，以免造成更大的误差。

Through mergers and acquisitions, enterprises can obtain patented technology, brand channels and other assets, thereby improving their comprehensive competitiveness. More and more manufacturing enterprises have a growing trend of continuous mergers and acquisitions after successful mergers and acquisitions. However, multiple mergers and acquisitions in a certain period of time will lead to the fluctuation of enterprise value. At present, there are few researches on the value of enterprises in continuous mergers and acquisitions in China, and the traditional valuation methods commonly used tend to analyze the value of enterprises as a whole, and are not suitable for evaluating the value of enterprises with multiple business branches after continuous mergers and acquisitions. Through continuous mergers and acquisitions, enterprises can form business models with diversified characteristics, produce complex synergies, affect the profits and value creation of enterprises, and thus affect the value of enterprises. Therefore, business model analysis can be integrated into the enterprise valuation method, and the traditional valuation method can be optimized to make the value assessment of continuous mergers and acquisitions fit the intrinsic value of enterprises.

Midea Group is a representative enterprise that realizes the change of business model through continuous mergers and acquisitions. This paper selects Midea Group as a typical case and applies the modified segment valuation method to evaluate its enterprise value. This paper combs and analyzes the merger and acquisition activities of Midea Group. Compare and analyze the value of Midea Group calculated by traditional methods, analyze the shortcomings of traditional methods, and put forward an optimization plan -- divide business modules and determine the influencing factors of synergistic value according to the business model formed after continuous mergers and acquisitions of Midea Group, and select appropriate evaluation methods according to the business activity characteristics and industry characteristics of each business module. After assessing the value of each business segment separately, the synergies between the business modules of Midea Group are estimated. Finally, the paper makes a comprehensive evaluation of the influence of Midea Group's continuous mergers and acquisitions on the intrinsic value of enterprises, and verifies its optimization effect on the traditional valuation method.

Through the research, this paper can draw the following conclusions: First, by analyzing the enterprise with the business model, we can get the main influencing factors of the enterprise's business characteristics and the synergistic value of each business segment, so as to confirm the adjustment of the coordination coefficient between the various business segments. Secondly, the division valuation method with optimized business model analysis is more flexible and inclusive than the traditional method, which is more suitable for enterprises with diversified business after successive mergers and acquisitions. The revised segment valuation method based on the enterprise business model reduces the error caused by the lack of fit between a single evaluation method and some business segments, and reflects the synergistic value between the enterprise business segments. Through the analysis of the correlation degree of assets in successive mergers and acquisitions, the business involved is adjusted, compared with the traditional cost method, market method and income method. It also takes into account the economic activities of continuous mergers and acquisitions of enterprises, so that the value assessed is more in line with the intrinsic value of enterprises. Finally, the modified classification summative method should be based on the characteristics of the business industry of the enterprise. At the same time, it should be noted that the business of the enterprise is similar to the business plate of the enterprise being evaluated, but it should not overlap with other business plates, so as to avoid greater errors.