The Research Of Stock Price In Listed Company'S Negotiating Merger Of Our Country

The research object of this article is negotiating merger of listed company and how to decide the stock's price in it. At first, the author analyzes several kinds of methods of merger that used in the listed company of our country, then, by contrast, we get the conclusion that negotiating merger is the most useful one. The author introduces the current situation, trend, and defect of negotiating merger used in our country. Secondly, the author analyzes the problem of enterprise's value and price with the economics theory. In the light of economics theory, enterprises is a specific synthesis assets, which is an organic production carrier and earning carrier, and its production capacity and earning capacity can be weighed through enterprise's future capital gains. Based on the conclusion, the article has studied enterprise's value assessment theory. Analyzing the various present methods of enterprise's value assessment, the author pointes out that the advantage and disadvantage of them and their application. However, the enterprise's value, which calculated by enterprise's value assessment method, is not the real trade price. In our country, the stock's price of listed company in merger will also be influenced by some other factors. The article has summarized these factors. They are the stock's primitive value, stock price at second market, market conditions of non-negotiable stock, and the investment value of non-negotiable stock. The investment value concludes the higher dividend than negotiable stock, appreciation of issue additional stock and allotment, premium of stock right transferring, the value of listed company's rights, premium of control power transferring and the expect of total negotiable. There are two methods in the reduction of state-owned stocks in our country. One is on second market price; the other is on the net assets per stock. But the method on second market price will frustrate the inspector's courage and also cause the turbulence of the security market. So it is a kind of inadvisable method. On the other hand, through the method of on the net assets per stock is a simple one, it also has many disadvantages. In order to solve this problem, the author wants to design a model with simple and effective way. To begin with, we use enterprise's value assessment method to calculate the stock value of the listed company. Secondly, substituting the value of negotiable stocks by the price of negotiable stocks approximately. Thirdly, we can get the value of non-negotiable stock with the total stock value minus the value of negotiable stock. This is an inherent value of the non-negotiable stock. To explain the computational process of this model, we take Beer Limited Company of Chongqing (600132) as an example. So, we get the stock's value is 3.36 Yuan per stock. The stock price of negotiating merger of listed company should based on this inherent value, and then consider other factors that influence prices to form. In addition, the last price will be decided by the two parties' negotiation ability, trade motivation, the quantity of the trade, and the situation of supply and demand. Finally, in order to establish a more effect method in negotiating merger of listed company, the article put forward some suggestions from the point of market environment, law making, ownership and supervision.