Research On Asset Pricing For Acquisitions Of Listed Companies

With development of globalization and demand leading market of contemporary economic, enterprises are facing increasingly fierce competition. Scarcity of resources and unlimited market determine that Mergers and acquisitions synergies(M&A)activity will become more intense. M&A activities are conducive to the flow of capital and resources and be good to achieve structural adjustment of property rights, optimal allocation of production factors and industrial structure optimization.This article describes a variety of asset pricing theory separately. Although there are some rationality, there are also some obvious flaws. There are two defects in common. Firstly they can not analyze the ability of the value creating. Secondly they do not consider the ability of synergy after M&A. Meanwhile, the popular theory of M&A only care for the macro-narrative, not care for the micro-area.Based on the above issue, the author have the idea that combine the capability creating value and post-merger synergies. The thinking of EVA in asset pricing has not only corporate data on a variety of financial statements, but also respect the value of the business in order to better reflect the real situation after the merger, it must be synergistic with the EVA(Economic Value Added). Therefore, asset pricing for mergers and acquisitions of listed companies use EVA idea combine synergies, which will better reflect the acquisition of M&A activity motivation, purpose and business ability to createIn this paper, Financial Management and so on are the theoretical basis, Merger synergies and EVA are as the basic method. It is stated the research motivation of this paper through in-depth analysis of the research background. The management advantages of Merger synergies and EVA are analyzed through comparing with a variety of costing methods. Furthermore, the concept system, cost classification, framework, application conditions and assumptions of this model are studied and the model is constructed as well. The application development of this model is also discussed. Finally, the practical significance of this model is verified by analysis of its application in case enterprise...