Reasearch On Pricing Of Objective Enterprise In M&A In China

With the development of the market economy,especially after the reform of non-tradable shares, Merger and Acquisition(M&A) happens more frequently and regularly in China. Pricing the objective enterprise plays a vital role in M&A, besides market environments request reasonable pricing of objective enterprise. It is meaningful to construct the theory and methods system of M&A value assessment of the objective enterprise and confirmation of the transaction price.At first,the article introduces the status and significance of the research on pricing the objective enterprise in M&A and the traditional theory and methods of value assessment in detail. Then,it reveal that traditional method ignores the synergy value after M&A integration and the value of flexible option in the process of enterprise M&A.Aiming at the shortcomings of these traditional methods, this article divides the value of the objective enterprise into assets value, synergy value and options value. It's difficult and important to access the synergy value and options value of objective enterprise in M&A.Value-assessment and price-confirmation are different components in M&A pricing, the later is the process of bargaining between active and objective enterprises.This article argues that price-confirmation by the way of auction will achieve the function on optimizing the allocation of resources by M&A effectively.In the forth chapter, the author analyzes M&A data of beer industry in China and applies the pricing theory to explaining it.Finally, in the term of the problems on M&A pricing existed in our country,the author analyze the administrative intervention in M&A,value assessment method,awareness of enterprise value,the quality of institutions to assess and person working with assessment , and gives the corresponding proposals to promote China's development of an effective M&A transactions.