Will the Type of Transaction Influence the Pricing Basis of Mergers and Acquisitions （M＆A）？ Evidence From China＇s Listed Companies

One of the important functions of assets valuation is to provide a fair value as the basis of mergers and acquisitions （M＆A） pricing. By using the M＆A samples ofchina＇s listed companies, this paper argues that, as the pricing basis, the appraisal value is better than the book value. But the transaction types will influence the function of the appraisal value as the pricing basis. The importance of appraisal value in the pricing of M＆A is significantly different in different types of transactions.

论产权交易的证券化

20世纪 80年代中期以来 ,我国产权交易迅速发展 ,在推动国有企业改革的过程中发挥了重要作用。然而 ,目前我国大量的产权交易仍表现为实物型交易 ,从而使得产权交易的许多功能难以发挥。由此 ,本文提出了产权交易证券化的问题 ,这对于深化国有企业改革、促进现代企业制度的建立以及优化社会资源配置 ,意义十分重要。