| In the past several years, the price of first energy, such as oil and coal, raised increasingly. Large energy enterprises relying mainly on fuel generation are faced with huge loss. It is necessary that generation corporations choose vertical mergers to control a mount of coal resources. It is worth studying how to price reasonably in coal companies mergers.This thesis uses empirical research method to study the pricing of China Guodian Corporation merging Pingzhuang Coal Industrial, utilizing book valuing, replacement valuing and present valuing methods.Firstly, this thesis introduces the basic theories of mergers and pricing, and the fundamental methods of pricing in M&A. It emphasis the different processes of book valuing, replacement valuing and present valuing methods.Secondly, this thesis briefs the situation of Pingzhuang Coal Industrial transferring. It analyses the agents of China Guodian Corporation merging Pingzhuang Coal Industrial with the basic theories of M&A.Then, this thesis analyses the transferring prices with book valuing, replacement valuing and present valuing methods, comparing the difference of three valuing methods. It shows that intangible assets and long-term investment are invisible in statement of assets and liabilities and the future profit ability is not accounted in book valuing method. It also reveals the highest price that China Guodian Corporation can accept in replacement valuing method. In present valuing method, it tallies with the reasonable assumptions to a certain extent and coordinates with the steady ratio of assets and profits in Pingzhuang Coal Industrial.Lastly, this thesis gives some advice in choosing pricing methods in M&A practice. It suggests that different pricing methods gave different results that could be used in flexible occasion.This thesis does not analyze the pricing methods of listed companies M&A cases. It is suggested that more deep studies were carried out in the nearest future. |
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