High And New Technology Enterprise M&A Pricing Model And Its Improvement

The M&A pricing is not only an academic problem, but also a practical problem.Research and discussion for pricing for enterprise merger and acquisition in academicdegree enriched the theory and methods of analysis and evaluation of enterprise value,and promote the various measuring methods applied in the field of M&A. In practicedegree, the study helps enterprise mergers and acquisitions of reasonable pricing, andmaintains the interest of both sides of M&A, which improve the success rate of M&Aand capital market efficiency.However, the current enterprise value assessment methods such as traditional costmethod, discount cash flow method, the relative value method, etc, is not suitable forM&A of high and new technology enterprise. In recent years, high and new technologyenterprise value evaluation has use traditional method always leads to failures, whichindicates that the traditional method under some defects existing in the high and newtechnology enterprise value assessment. So this paper uses the value analysis,measuring combination pricing ideas to try to defect and the analysis of the currentpricing model on the basis of high and new technology enterprise business characteristic,and puts forward the pricing model based on high technology and new technologyenterprise mergers and acquisitions.The research of this paper is divided into three parts, six chapters, along the logicof the main line for case display, literature review, model building, and verify andsuccessive installation. Among them, the first chapter mainly introduces the researchbackground. The second chapter reviews research literature. The third chapter analysesthe value of high and new technology enterprise formation and the characteristics of thevalue, to build and provide theoretical basis for designing new M&A pricing method.The fourth chapter is built the M&A pricing model based on the analysis ofcharacteristics of high and new technology enterprise value, which is the essence of thispaper. The fifth chapter uses the case analysis method to verify the effectiveness of theproposed new pricing method. Chapter six of this article makes a summary andoverview of the research, and points out the future research direction.Summary of view, this article puts forward the pricing model based on a high andnew technology enterprise mergers and acquisitions has the following features: First, breakup the practical limitations of using single method to evaluate the value of theenterprise M&A, build and put forward the combination of merger and acquisition valueassessment method. Secondly, on the basis of value formation of high and newtechnology enterprise, in accordance with the principle of combining quantitativeevaluation with the value reflect and value connotation analysis, this paper divided highand new technology enterprise value of mergers and acquisitions into three parts: thevalue of the existing business, potential business opportunities, synergistic effect ofM&A premium. Among them, the value of the existing business can use discount cashflow method to estimate, potential opportunity value can use option method to estimate,the acquisition premium is based on business synergies and financial synergies toestimate. Third, use the case of enterprise data to analysis, in order to verify whetherthis combination pricing method is better than the traditional method. Compared to thenowadays existing research literature, the above three points is a progress anddevelopment, embody the innovative ideas in this paper.In this paper, the research results, although may not have obvious theoreticaloriginality in the academic sense, however, it has important practical significance andpractical value in practical work, which embodies the characteristics of innovationapplication.