企业并购的财务边界条件分析与定价策略.docVIP

企业并购的财务边界条件分析与定价策略 摘要 公司的并购是一种经济行为，必须遵循经济的规律。为了提高企业并购的成功率，企业必须选择最合适的战略方案以期实现企业价值最大化的战略目标。从财务角度对企业并购的动机进行剖析，并购的边界也是并购的可行性研究，接近或超出并购的边界,并购后的附加值将逐渐减少甚至为负。由于并购牵涉到双方各自的利益，在预计利益大于零的条件下，对预计利益如何分配往往成为谈判的焦点。确定双方从各自利益出发能够接受的条件范围是使谈判得以成功的前提条件，本根据并购费用不同的支付方式，对此平衡条件进行了定量分析，得出了有关的边界条件。并购的财务边界是公司并购定价的具体运用，对并购决策有重要意义。同时在影响企业并购的主要因素进行分析的基础上作出企业并购的定价策略。7812 关键词：企业并购；财务边界条件；财务决策；分析模型 Abstract The mergers and acquisitions of the the company#39;s is a kind of the economic behavior of, In order to improve the the the success rate of mergers and acquisitions by the enterprise, the enterprises must select the most appropriate strategic program on in order to period the the achievement of the maximization of enterprise value strategic objectives. From a financial point of view to analyze the motives for mergers and acquisitions, the boundaries of the M amp; M amp; A feasibility study, close to or beyond the boundaries of the M amp; A value-added post-merger will be gradually reduced or even negative. Due to mergers and acquisitions to the respective interests of the parties involved in the conditions of the anticipated benefits of greater than zero, the anticipated benefits of how to allocate often become the focus of the negotiations. To determine the the two sides from the the of their own interests the departure to be able to to accept the range of conditions is to make the the negotiations to able to the a prerequisite for success conditions, the In this paper, pursuant to a method of payment from the different cost of mergers and acquisitions, In this regard the equilibrium conditions carried out quantitative analysis of, draw the the relevant the boundary conditions of. Financial border mergers and acquisitions M amp; pricing the use of M amp; A decision-making is important. Be made on the the pricing strategy of for the mergers and acquisitions of enterprises in the at the same time in the the of the main factors of the the affect the in mergers and acquisitions of the enterpris