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Study On The Price Decision Of Enterprise Merger And Acquisition

Posted on:2006-02-12Degree:MasterType:Thesis
Country:ChinaCandidate:L WangFull Text:PDF
GTID:2166360155958125Subject:Accounting
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Based on the normative analysis method, the thesis make research on the pricing decision of merger and acquisition with the measure of real option and game theory. The two key steps in the process of pricing decision of merger and acquisition are value anticipation and price making. Value anticipation is a process of estimation of value ,while price making is a process of price bargain. The author try to analysis the two key steps with correlative research literature and options of the author, basing on the actual situation of research on the thesis. Real option is applied in the process of value anticipation and game theory is applied in the process of price making. There are three analysis models in the article, the dynamic analysis model of price decision under the condition of complete information, the dynamic analysis model of the three go-around bargaining under the condition of complete information and the dynamic analysis model of price decision under the condition of incomplete information.Section â…  ,firstly, introduces the research background .Secondly, the section actual situation of real option, game theory and price theory. Thirdly, the section puts forward the main problem of the thesis, and makes a brief introduction of the main research contents and methods.Section â…¡,mainly generalizes and evaluates the traditional value anticipation methods. Firstly, the section makes a brief introduction to the asses evaluation method, comparative multiplier method and net present value method independently. Secondly, the section briefly analyzes these value anticipation methods. The main aim of the section is to point out the limitation of traditional value anticipation methods through the estimation of the traditional methods, and to prepare for putting forward the real option method in the section â…¢.Section â…¢, mainly analyzes the applying of real option to the value anticipation of enterprise, and applies B-S model to set up the value anticipation model of the target enterprise. Firstly, the section points out the meaning of apply option theory to the value anticipation in the merger and acquisition. Secondly, the section makes a brief generalization and classification of the real option. Thirdly, the section make a contrast...
Keywords/Search Tags:merger and acquisition, game theory, factors of game theory, real option
PDF Full Text Request
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