Study On Pricing And Its Strategy For Merger And Acquisition Based On Game Theory

After "Baoyan affair" and "Zhongce phenomenon" happened in 1993, a series of reform activities that have faced our country are industry conformity, enterprise restructure and social resource reconfiguration, etc. along with the development of the economy globalization and the marketization reform in our country. The enterprise's acquisition and merger has becomed an important means for enterprises to enlarge scale, buildup strength and inhance efficiency. General survey of the development of the enterprise's acquisition and merger, the effects are not satisfactory and the successful rates are quite low in back of the increasingly rising position of enterprise's acquisition and merger. The investigating results of the consultant enterprise BCG show that three main reasons for failing acquisition and merger are fuzzy stratagem, high price and unsuccessful conformity in turn. Obviously, a reasonable price is the key fator to increase the successful rate of the acquisition and merger. The merger price and the incomes of the two sides of the acquisition and merger are influenced straightly by the pricing strategy.Based on the traditional pricing methods of objective enterprise, a pricing method that the price is determined in four segments is adopted in this paper. Four aspects that choosing and evaluating the objective enterprise, offering prices by the two sides and pricing in negotiate at last are band together efficiently and the theory of enterprises evaluating is enriched and perfected. Firstly, a qualitative analysis is carried out for the process of making a price in which influencing factors of each phase are discussed respectively and the idea of the pricing right is brought forward. And then a section for fixed price in negociate is estimated and calculated by traditional theory of objective enterprise evaluation and acquisition and merger increment theory based on the analysis of game character. At last, the pricing model for objective enterprise based on game theory is established. The pricing strategies and negociating are discussed deeply. The conclusion of the change of pricing right influence incomes of the two sides of acquisition and merger is drawn and a helpful theory is presented for constituting strategies in actural acquisition and merger.