摘要：This paper aims to challenge the conventional wisdom in finance by studying the success factors of the
development of unicorn companies as the most successful and fastest-growing start-ups/ established firms.
Romania is now on the map of the International Unicorn Club, with two young Unicorns in technology, since 2018.
The purpose of the paper is to analyze mergers and acquisitions and companies valued more than $1B. The
research questions to be answered are: What is the value of control in mergers and acquisitions? Why the initial
estimates of a company’s value can be very wrong?
The market approach in this research allows the readers understand the context of the phenomena analyzed and
the information on comparable transactions.
The work to be discussed in the paper is the importance of choosing one valuable objective of the company, in the
context of the theory of the value maximization as the single important objective of a company.
The model of enterprise value for listed companies should encompass a market variable, such as the value of
financing a sector gets and the ownership (control) variable.
