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在并购中,特别是跨国并购中,对企业的价值评估是很重要的。在目前风起云涌的跨国公司对中国国有企业的并购中,企业的定价是一个很有争议的问题。在目前的相关讨论中,很多专家只是讨论各种定价本身的优缺点,但是却很少从并购双方的角度来考虑这个问题。实际上并购企业与目标企业对企业定价的角度是不同的,它们的定价方法存在根本的不同,不可能存在某一种定价方法对双方都是适宜的。所以在价格的确定过程中,实际上存在三个层次的问题:一是目标企业的价值确定,二是并购企业的价值确定,三是双方的博弈过程,并购价格的最终确定是并购企业愿意出的最高价和目标企业所愿意接受的最低价之间谈判的结果。所以说,实际上并购中企业定价的过程就是一个博弈的过程。
In mergers and acquisitions, especially in cross-border mergers and acquisitions, the evaluation of the value of the company is very important. In the current merger and acquisition of Chinese state-owned companies by surging multinationals, the pricing of companies is a very controversial issue. In the current related discussions, many experts only discuss the advantages and disadvantages of various types of pricing, but they rarely consider this issue from the perspective of both parties. In fact, mergers and acquisitions companies and target companies have different perspectives on enterprise pricing, and their pricing methods are fundamentally different. There can be no single pricing method that is appropriate for both parties. Therefore, in the process of price determination, there are actually three levels of problems: First, the value of the target company is determined; second, the value of the merger and acquisition company is determined; and third, the game process between the two parties. The final determination of the merger and acquisition price is that the merger and acquisition company is willing to The outcome of negotiations between the highest price and the lowest price that the target company is willing to accept. So, in fact, the process of pricing in mergers and acquisitions is a game process.