2020年出台的《企业并购投资价值评估指导意见》指出要在企业并购投资价值中考虑协同效应，并且建议将投资价值评估应用于战略并购活动中。与之形成对照的是在评估实践中，价值类型的选取具有随意性、与并购目的不匹配、投资价值应用不多。而理论界则早已对并购的协同效应进行了大量的研究，由于协同效应的虚拟性，所以对协同效应的量化方法尚未达成一致，但理论界普遍将并购产生的协同效应视作投资价值的组成部分。

本文主要通过对并购案例[招商局蛇口工业区控股股份有限公司（简称招商蛇口）并购中航善达股份有限公司（中航善达）]的研究，分析投资价值评估与协同效应量化。首先对协同效应的产生、量化以及当前关于协同效应分摊所涉及的理论进行阐述。而后以此为基础构建基于投资价值的并购估值模型与协同效应量化模型。

最后利用构建的模型与方法对招商蛇口并购中航善达这一案例分析、检验。根据评估，中航善达在物业管理市场具备较高的竞争优势，因此在并购产生了较高的协同效应，然而资本市场中反映出的市场价值并不能充分反映中航善达对于招商蛇口的投资价值，从而压缩了中航善达在并购中的收益空间。

本文的结论是:一、投资者享有的超额收益是投资价值的一部分；二、在对被并购方投资价值进行评估时，忽视作为中长期财富效应的协同效应，会使得被并购方的收益空间被压缩；三、当前房地产企业在转型过程中，选择并购物管企业等围绕原地产业务的轻资产企业，能够获取较高的协同效应；四、实物期权模型用于量化协同效应具备可操作性。

The Guidance on the Value Evaluation of Enterprise M&A Investment issued in 2020 pointed out that synergistic effect should be considered in the value of enterprise M&A investment, and suggested that investment value evaluation should be applied to strategic M&A activities. In contrast, in the appraisal practice, the selection of value type is arbitrary, does not match the purpose of merger and acquisition, and the application of investment value is not much. However, the theoretical circle has already conducted a large number of studies on synergy effect of M&A. Due to the virtuality of synergy effect, the quantitative method of synergy effect has not been reached yet. However, the theoretical circle generally regards synergy effect generated by M&A as a component of investment value.

This paper mainly through the merger case [China Merchants Shekou Industrial Zone Holding Co., LTD. (referred to as China Merchants Shekou) merger of China Aviation Shanda Co., LTD. (China Aviation Shanda)], analysis of investment value evaluation and synergy quantification. Firstly, the generation and quantification of synergistic effect and the current theories about synergistic effect allocation are expounded. Then, the valuation model and synergy model based on investment value are constructed.

Finally, the model and method are used to analyze and test the case of China Merchants Shekou's acquisition of China Aviation Shanda. According to the assessment, AVic Shanda has a high competitive advantage in the property management market, so it has contributed more synergistic value in M&A. However, the market value reflected in the capital market cannot fully reflect the investment value of AVIC Shanda in Merchants Shekou, thus reducing the income space of AVIC Shanda in M&A.

The conclusions of this paper are as follows: 1. The excess return enjoyed by investors is a part of the investment value; Second, when evaluating the investment value of the acquired party, ignoring the synergy effect as a medium - and long-term wealth effect will compress the income space of the acquired party; 3. In the transformation process of current real estate enterprises, choosing and managing enterprises and other asset-light enterprises centering on the original real estate business can obtain higher synergy effect; Iv. Real option model is operable for quantifying synergies.