企业购并中目标企业定价研究

Study on Pricing the Target Firm in M&A

目标企业定价是企业购并的核心问题,定价是否合理,直接关系到购并双方的得益和购并活动的成败。本文系统分析了企业购并中目标企业的合理定价区间和购并双方讨价还价的博弈过程,以及直接影响目标企业定价的购并价值创造、价值评估等问题,以期总结合理确定目标企业价格的思路与方法,指导企业制定正确的购并战略,最终为目标企业合理定价。

Pricing the target firm is the key problem in M＆A because it relates to the benefits of the acquiring firm and target firm directly and the transaction is success or not. Based on analyzing the process and the major considered factors, this paper studies the reasonable pricing limit, the value creation, the valuation and the bargaining for distributing the added value so as to get the reasonable thinking and method for pricing the target firm in M＆A. This will be helpful for the acquiring firm and the target firm to make the proper M＆A strategy, to select the right partner and finally price the target firm properly.