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随着我国经济迈入高质量发展阶段，资本市场也越来越完善。企业为了扩大规模、弥补短板、寻求技术合作等目的，纷纷采取并购这种方式达到战略需求。资产评估在并购中起着关键性作用，为并购双方提供合理公允的价格，促成双方交易的完成。但随着企业并购向战略追求和协同效应的转变，仅仅评估企业的市场价值难以满足并购评估目的和有关部门的监管需求。为了更加完善并购投资价值理论，中国资产评估师协会发布了《企业并购投资价值指导意见》，为并购投资价值评估业务提供了理论指导。但在实践中，就投资价值评估方法的选择仍未达成一致，因此本文将致力于如何选择合适的方法准确评估投资价值。

本文首先介绍了研究背景和研究目的，指出了在并购中进行投资价值评估的意义，并对并购投资价值评估相关文献进行了梳理，构成了本文的理论基础。接着，介绍了协同效应是并购投资价值的重要组成部分。在此基础上，分析了传统三大评估方法的适应性，发现其在投资价值评估中存在一定局限性。针对这些局限性，本文的并购投资价值评估思路是选择现金流折现模型评估被并购方的内在价值，将评估出的内在价值代入B-S实务期权模型得到协同价值，最后运用层次分析法和专家打分法相结合的方法得到并购投资价值。并以京东物流并购德邦快递为例，在分析并购双方的基本情况后，运用构建的模型进行价值评估。

经过本文的研究，以协同效应理论为基础的投资价值更加适合并购价值评估，希望本文协同价值量化、分摊的方法能为并购投资价值评估提供一种新的思路。

As China's economy enters a stage of high-quality development, the capital market is becoming more and more perfect. In order to expand the scale, make up for the short board, seek technical cooperation and other purposes, enterprises have taken M & A this way to achieve strategic needs. Asset valuation plays a key role in M & A, providing a reasonable and fair price for both parties and facilitating the completion of the transaction. However, with the transformation of M & A to strategic pursuit and synergy effect, it is difficult to meet the purpose of M & A evaluation and the regulatory needs of relevant departments only by assessing the market value of enterprises. In order to further improve the M & A investment value theory, China Association of Asset Appraisers issued the "Guiding Opinions on the Investment Value of Enterprise M & A," which provides theoretical guidance for the M & A investment value assessment business. However, in practice, there is still no agreement on the choice of investment valuation methods, so this paper will focus on how to choose a suitable method to evaluate investment value.

This paper first introduces the research background and purpose, points out the significance of investment value evaluation in M & A, and combs the relevant literature of M & An investment value evaluation, which constitutes the theoretical basis of this paper. Then, it introduces that synergy is an important part of M & An investment value. On this basis, the adaptability of the traditional three evaluation methods is analyzed, and it is found that there are some limitations in the evaluation of investment value. In view of these limitations, the idea of M & An investment value evaluation in this paper is to select cash flow discount model to evaluate the intrinsic value of the M & A party, to replace the evaluated intrinsic value into the B / S practical option model to obtain the collaborative value, and finally to use the analytic hierarchy process (AHP) and expert scoring method to obtain the M & An investment value. Taking JD.com logistics merger and acquisition of Debang Express as an example, after analyzing the basic situation of both sides of the merger and acquisition, the value evaluation is carried out by using the constructed mode.

After this study, the investment value based on the synergy theory is more suitable for M & A valuation. I hope that the method of quantification and apportionment of synergy value can provide a new way of thinking for M & A valuation.