Study On The M&As Pricing Strategy

M&As is a crucial means of enhancing corporate competitive ability and is also a significant way to join into the international economic circle and to obtain favorable market position. Therefore, it has both practical significance and theoretical value as well. M&As is a complex deal, which is involved with many programs, strategies and various laws. In the M&As project every factor is very important. However, a factor that can directly affect the success of M&As is the price of the deal. M&As price decision means that a player makes reasonable assessment of target firm, and puts forward the rational price in the deal. This paper focused on it. Because of the potential problems in traditional theory, we synthetically make use of real option theory and game theory.The research contents include four parts, the whole structure is as following: The first part , Chapter 1, is an introduction. It overviews the statuesque and those exiting theories of M&As, and outlines the structure and contents of the dissertation. The second part, include 2 and 3, is the study on corporate valuation using the real option theory. The emphases is the real option theory used in M&As corporate valuation under competition situation, which considers the infection that the proleptic competition bring corporate valuation, gives the susceptivity analyse combined with cases and improves on the real option method using fussy mathematics. The third part, Chapter 4, is a theoretical analysis on the transaction valuation in M&As based on game theory under the condition of non-bidder and multi-bidder. The emphases is the research on the case : Analysis on CNOOC M&As Unocal in Signalling Games. The fourth part, Chapter 5, conclusions and prospects to future research are given.The main innovation and the main conclusion of this paper show the following point:When we put the real option theory into the practice, the unmonopolization of the M&As chance must be considered.This paper takes use of the fuzzy mathematics to improve the the real option method in M&As evaluation when competitions appear. This paper uses the game theory under both the competitory conditions and the incompetitory conditions to analyse the complete pricing strategy problem.In static game of incomplete information,this paper analyses the case:Hisense M&As Kelon in Sep.2005.In the case,the practical quoted price is 9 hundreds million,while this paper gets the price:11.34 hundreds million. In dynamic game of incomplete information, this paper analyses the case: CNOOC M&As Unocal in Jun.2005. In the case,this paper gets...