企业并购价格的公允性探讨

The Discussion about the Fairness of the Price of M&A

对于企业并购价格的公允性探讨是一项涉及范围极广的系统工程。并购双方应用一定的方法对企业的价值进行评估以形成对并购价格的预期值,在此预期值的基础上并购企业与目标企业进行磋商与博弈,最终确定并购企业的价格,此价格即为双方产权交易的价值衡量。由于并购过程的复杂性与长期性以及计算方法上的局限性,以致并购价格的公允性饱受质疑。为保障企业并购活动的顺畅进行,本文在最后提出了一些建议,旨在增进并购价格的公允程度。

The discussion about the fairness of the price of M＆A is a complex engineering with very wide scope. Application of certain assessment methods for enterprise value evaluation, and then M＆A enterprise and objective enterprise can conduct consultations and game with certain expectation, finally they can achieve the price as the value measure of property transactions between the both sides. Because the limitations of methods and time as well as the complexity and long-term of the process of M＆A, the price of M＆A fairness suffers lots of doubts. To safeguard the smooth conduct of M＆A, this paper concludes a number of recommendations based at enhancing the extent of fairness of the price of M＆A.