Option Game Under The Perspective Of Enterprise Merger And Acquisition Pricing Decision Analysis

Mergers and acquisitions is refers to the enterprise to realize strategic development target, in order to strengthen the segments of the market competitive advantage, obtain strategic resources, and other means of optimizing-the allocation of resources, improving the core competitive power, and through the play synergy effect of and create new value of the merger and acquisition, it has distinct strategic orientation, transverse, kindness, stock m&a is given priority to. Along with the economic globalization process development and the deepening of the reform of our country market, enterprise mergers and acquisitions has become enterprise expand the scale, enhance strength, improve the efficiency of the important means. According to economic survey results show that failed to merge in three reasons unknown strategy, price is too high and integration is not successful. Obviously, in the merger and acquisition process, the reasonable price of m&a is to improve the success rate of merger and acquisition of the key factors, while pricing strategy will have a direct impact on mergers and acquisitions and mergers and acquisitions, the price influence both sides of the income. In the merger and acquisition (m&a) market, as "goods" of the target company has the trait and an integral feature of mergers and acquisitions of income uncertainty, can be delayed, can change sex and internal and external game sex make its pricing decision has obvious option game characteristic. Based on the traditional target enterprise on the basis of the pricing method, the intrinsic value evaluation, merger and acquisition of option pricing and the negotiation process option game analysis three aspects of the effective combination, enrich and perfect the enterprise value evaluation theory of real option method based on game theory, the establishment of the target enterprise pricing model, mainly discussed the pricing strategy and bargaining pricing may directly influence the merger price, in the negotiations of the game process will affect the merger and acquisition, merger and acquisition of income for practical work in m&a strategy formulation provides effective feasible theoretical basis. The innovation of this paper lies in, deduce the target company value evaluation can be used formula: enterprise m&a price=the intrinsic value of the enterprise ten the value of real options and the influence of the game competition. Finally through the made think Chen and friends network technology merger case structure decision application framework, the application of option game pricing model, illustrates the practicability and validity of the model.