论文部分内容阅读
通过境外企业并购实现资源优化配置,是中国企业积极参与全球竞争的战略选择。该文对带回购条款的境外企业并购交易价格形成机制进行研究,分析了并购过程需要考虑的基本问题和关键环节,包括基于实物期权法、并购双方收益最大化和损失最小化原则,评估目标企业价值和交易价格区间;以并购效用最大化为目标,确定兼顾讨价还价能力和风险态度的交易价格标称值;在存在回购可能时,根据现值等价和效用等价策略,建立并购交易价格与回购概率的关系。此外,也讨论了并购交易均衡价格与讨价还价时间、出价顺序的关系。通过某A股上市公司并购境外生物能量公司的实证分析,验证了带回购条款的境外并购交易价格形成机制的可行性。该机制提供了关于目标企业价值评估及并购讨价还价的系统性定价方案。
Optimizing the allocation of resources through overseas mergers and acquisitions is a strategic choice for Chinese enterprises to actively participate in global competition. This paper studies the formation mechanism of M & A transaction price of overseas companies with repurchase clause, analyzes the basic problems and key links that need to be considered in M & A process, including the principle of real option and maximization of earnings and minimization of loss, Business value and trading price range; to maximize the effectiveness of mergers and acquisitions as the goal, to determine both the bargaining power and risk attitude of the transaction price nominal value; in the presence of repurchase possible, based on the present value of the equivalent and utility of the price strategy, the establishment of M & A transactions Relationship between the price and the probability of repurchase. In addition, the relationship between the equilibrium price of the M & A transactions and the bargaining time and bidding order is also discussed. Through the empirical analysis of some A-share listed companies’ mergers and acquisitions of overseas bioenergy companies, the feasibility of price formation mechanism of overseas M & A deals with repo terms is verified. The mechanism provides a systematic pricing plan for the valuation of the target business and for the acquisition and bargaining.