Game Analysis Of Corporate M&A Pricing Based On Real Options

Determining the acquisition price of the target enterprise is the key link of the merger and acquisition activity of the enterprise,and whether the reasonable price of the acquisition can be calculated is a matter of great concern to both parties.Because traditional pricing model of mergers and acquisitions mergers and acquisitions as a rigid,flexible,agile,and ignores the huge potential options value of m&a,so the traditional pricing model is not tested,it can not reasonably determine the target enterprise merger and acquisition price.Due to merger activity has the characteristics of real option,m&a price negotiations with the characteristics of the game,so this article is based on the concept of real options and game to study m&a price in uncertain environments,established the acquirer and the acquired party bargaining cases of m&a pricing model,this model will be the uncertainty of mergers and acquisitions,management factors such as flexible and merger and acquisition both sides of the bargaining game into the target enterprise pricing model of mergers and acquisitions.The core content of this paper includes three parts: the first,based on certain assumptions,this paper analyzes the purchase price by the real value of the target enterprise,mergers and acquisitions of real option and real option value loss coefficient of three factors,establish the idea based on real option pricing model of mergers and acquisitions,and analyzes the advantages and limitations of this model in practical application.Second,in front of the concept based on option pricing model of mergers and acquisitions,in this paper,the m&a game to make certain assumptions,the negotiations both sides under complete information is analyse d and the incomplete information of pricing game strategy,determine the equilibrium price both cases of m&a;Third,is in the previous research,on the basis of through the ten cent holdings to buy four dimensional figure new this applies to cases of actual case analysis of incomplete information,calculate the value of both companies,mergers and acquisitions both sides were analyzed after the game equilibrium price,the price theory of m&a and the actual transaction price comparison,proved that based on real option pricing model and game theory of m&a can be more scientific and more reasonable pricing of target enterprise.