Research On The Price Of Stock Exchange From A+B To B

From the late 19 th century,western countries have experienced five booms in large-scale mergers and acquisitions.With this process and the gradual improvement of relevant theories,the Chinese economy has also taken the road to take off.More and more enterprises in China have strong demand for gaining value through the M&A process.Acquisitions and mergers between Chinese companies have become more frequent.But M&A is a double sword,it may also be accompanied by financial risks.If you only use cash payment to complete the M&A process,it will increase the financial risk and operating pressure,so M&A by exchange stock go mainstream.In this process,the most important thing is to calculate the value of the company efficiently.The accurate,reasonable and effective pricing has important practical significance for asset restructuring,company merger,even the healthy and stable development of China's capital market.Based on the concept definition,method introduction and literature review of the pricing process in the absorption merger by stock exchange,this article will use the trading comps to analyze and sort out the entire pricing process.Through the case of China Merchants Shekou Stock Exchange Absorption Merger China Merchants Real Estate,the trading comps was used to repricing the A-share issuance price during the merger and acquisition process and the multiplier correction and result adjustment.The pricing of new share issuance during the merger and absorption process not only affects the determination of the conversion ratio,but also affects the subsequent market reaction to the merger and acquisition.This article will use multiple perspectives to analyze the entire pricing process,and finally verify the pricing results through market reactions,find out the merits of trading comps in the merger and absorption pricing process,and exist in the pricing process.Some suggestions for some issues are helpful for the theoretical research or practical operation personnel to understand the specific operation of the comparable company law in the pricing process,thereby contributing to the improvement of China's pricing research.