Research On DLOL Of Restricted Shares Issuedby Small And Medium-Sized Enterprises In Mergers And Acquisitions

As the Mergers & Acquisitions (M&A) market has become increasingly active, more and more listed companies adopt share-based payments in merger and acquisition deals. After the split share structure reform. As all we know, Limited mobility is an important feature of adopting share-based payments in merger and acquisition deals. According to "significant asset restructuring of listed companies management approach, the shares of listed companies to subscribe for a particular object of assets acquired. Since the end of the shares issued from 12 It may or may not be transferred within 36 months. Shares because there is a certain lock-up period,with limited in the open market,there is a lack of liquidity caused by discount in theory.In this paper,China’s A-share small plates 2014-2016 merger under the same control as a sample, using Black-Scholes option pricing model estimates reasonable discount lock-up period of one or three years.Combined with the November 2014 revised "significant asset restructuring of listed companies management approach" in pricing the shares are calculated with reference to the announcement before the 20-day average price of the previous 120-day average price for the base date of the actual discount rate. Measurement results showed that:In the 120-day average price before the announcement of the pricing benchmark illiquidity discount compared to the average price before the announcement on the 20th of illiquid pricing benchmark discount rate more nearly at a reasonable discount level. At the same time from the stock price volatility it was found:the longer the time period,the average volatility smaller. Comprehensive illiquidity discount rate and stock price volatility characteristics of view, the bottom line can be extended to the pricing 250 days.Overall,using the current pricing mechanism,small board company mergers are there large illiquidity discount to the market value of the shares cannot reasonably reflect the actual value of the shares. Calculated from the results of this paper shows that,when the average price of an appropriate extension of time,illiquidity discount rate will be lowe, close to a reasonable level. Combined with stock price volatility characteristics,it is recommended to improve the pricing listed shares trading System Company,an appropriate extension of time in order to improve the average price of the shares at fair price. Companies need to announce more comprehensive and detailed information to allow investors to understand as much as possible to help investors make decisions.