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Appraising synergy value in M&A practices in Vietnam

This study was conducted to test actual synergy values in company merge and acquisition (M&A) practices and the feasibility of synergy value valuation techniques in Vietnam. This research employed a valuation method which is the cost of capital method for appraising enterprises before and after M&A to achieve the first objective, while DCF method was used to achieve the second objective. | NGUYEN KIM DUC HUYNH KIEU TIEN TRAN BICH VAN Appraising Synergy Value in M A Practices in Vietnam Nguyen Kim Duc111 Huynh Kieu Tien121 Tran Bich Van131 Received 18 July 2017 Revised 12 December 2017 Accepted 20 December 2017 Abstract This study was conducted to test actual synergy values in company merge and acquisition M A practices and the feasibility of synergy value valuation techniques in Vietnam. This research employed a valuation method which is the cost of capital method for appraising enterprises before and after M A to achieve the first objective while DCF method was used to achieve the second objective. Using data of typical M A deals in Vietnam this study s results show that not all M A deals generate synergy value. Also DCF is a feasible method for appraising synergy value in Vietnam. Finally an empirical survey reveals that DCF is the most commonly-used and feasible method according to appraisers. Keywords valuation synergy value M A. JEL Classification C58 . G32 . G34. Citation Nguyen Kim Duc Huynh Kieu Tien Tran Bich Van 2017 . Appraising Synergy Value in M A Practices in Vietnam. Banking Technology Review Vol 1 No.2 pp. 273-292. S3 Nguyen Kim Duc - Email ducnk.tdg@ueh.edu.vn ducnk.tdg@gmail.com. Huynh Kieu Tien - Email huynhkieutien@ueh.edu.vn huynhkieutien@ gmail.com. Tran Bich Van - Email vantb@ueh.edu.vn tran_b_van@yahoo.com. 1 2 3 University of Economics Ho Chi Minh City No. 59C Nguyen Dinh Chieu District 3 Ho Chi Minh City. Volume 1 149-292 No.2 December 2017 BANKING TECHNOLOGY REVIEW 273 APPRAISING SYNERGY VALUE IN M A PRACTICES IN VIETNAM 1. Introduction In Vietnam since 2007 M A has become vibrant increasing in the numbers and exchange value. Its growth rate has remained high and many significant M A deals have been executed. Source MAF 2015 . Figure 1. M A in Vietnam during the period 2003-2014 M A activities are considered as an effective channel to increase corporate value under the synergy value support from both companies after M A. .