企业并购确定换股比例的优化模型

The Optimized Model of Stock Exchange Ratio Calculation in M &A

换股比例的确定是企业换股并购过程中一项重要的决策 ,如何兼顾购、并双方企业的利益 ,确定合适的换股比例是目前讨论的核心问题。本文研究了每股收益不稀释条件下换股比例模式的建立 ,找到主并企业和目标企业均能接受的换股比例区间 。

The calculation of stock exchange ratio is an important decision in M&A (Merge & Acquisition). It is a key problem discussed at present, i.e., how to make so proper a ratio as to take the interests of both subject and object of M&A into balance. This paper establishes a model of exchange ratio calculation under the constrained condition that EPS (Earnings Per Share) isn't to be diluted, which demarcates the area of exchange ratio acceptable to both of the concerned in M&A, by means of which the calculation of exchange ratio will become more reasonable.