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Empirical Research on Pricing the Target Company in M & A

Author: HouJiaGeng
Tutor: YouXiaoFeng
School: Shanxi University of Finance
Course: Finance
Keywords: M \u0026 A Target Company M \u0026 Pricing Auction pricing
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 118
Quote: 0
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Abstract

Occurrence of company mergers and acquisitions from the 1870s, has occurred in the five big M \u0026 A wave, after every M \u0026 A wave will have a more powerful, high-quality companies. In the company's M \u0026 A, M \u0026 A pricing is the central link. M \u0026 A in China started late, since the merger and acquisition activity occurred in our country since the M \u0026 A activity between Chinese enterprises have become increasingly frequent mergers and acquisitions amount of growth year after year, and the number of cross-border mergers and acquisitions is growing year by year. On the one hand, foreign investment in the country is mainly invest in mergers and acquisitions, on the other hand, China's enterprises seek the development of means of mergers and acquisitions of foreign companies will also take out. The company's M \u0026 A is a high risk investment activities, and the reason for mergers and acquisitions, is that mergers and acquisitions will bring the results of the change and long-term strategic development. Of mergers and acquisitions in 2010 and reached a new record high in the number and amount of In this context, we need to have a clear understanding of mergers and acquisitions, in order to take advantage in the M \u0026 A transactions. Therefore, the company's M \u0026 A pricing study has important theoretical and practical significance. Among the mergers and acquisitions, M \u0026 A pricing its core areas, this article on the M \u0026 A pricing conduct research. M \u0026 A pricing consists of three parts, first of all, the target company valuation process, then, according to the results of the valuation, mergers and acquisitions M \u0026 A decisions the parties involved, the decision whether mergers and acquisitions, and the bottom line of the purchase price. If you decide to mergers and acquisitions, mergers and acquisitions last parties involved through the pricing mechanism to determine the final sale price. M \u0026 A pricing valuation method has been basically mature, and the formation of many theoretical knowledge. However, less research than M \u0026 A pricing mechanism, so research article selected M \u0026 A pricing in the auction pricing mechanism, in the actual auction process, auction parties want to be able to maximize their own utility, but people tend to be overly concerned with currency factors, while ignoring the impact of the non-monetary factors, the empirical section of this article main analysis and research on non-monetary factors. This paper studies the target company M \u0026 A pricing issues. Article, the second part, from the history of mergers and acquisitions wave of research status of development and research, the status quo at home and abroad starting on acquisitions made elaborate; then, starting from the basic concepts and classifications of the M \u0026 M \u0026 A behavior analysis, and discusses that caused the main motivation of the mergers and acquisitions. The third part of the article on the M \u0026 A pricing theory and methods in detail, on this basis, in accordance with the three components of the M \u0026 A pricing analysis turn. The fourth part of the article by the empirical study of mergers and acquisitions of listed companies in China, with the actual data on the M \u0026 A pricing auction theory analysis confirmed the role and influence factors auction pricing mechanism in the M \u0026 A pricing activity. Finally, draw their own conclusions on the future development of the M \u0026 A pricing theory summarized. In the M \u0026 A process, the proper use of the auction pricing mechanism to increase corporate profits, can not be ignored in the the auction pricing process of non-monetary factors.

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