| 上市公司并购重组定价问题研究 |
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| 引用本文： | 程凤朝,刘家鹏.上市公司并购重组定价问题研究[J].会计研究,2011(11). |
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| 作者姓名： | 程凤朝 刘家鹏 |
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| 作者单位： | 1. 湖南大学工商管理学院 410082
2. 中国计量学院经济与管理学院 310018 |
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| 基金项目： | 教育部创新研究团队计划(批准号IRT0916); 国家自然科学基金项目资助(70873115;71173203); 浙江省高校人文社科重点研究基地“标准化与知识产权管理”资助 |
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| 摘 要： | 上市公司并购重组已经成为我国资本市场的一个主旋律.而上市公司并购重组中的定价问题又成为同一控制下的并购重组的核心与焦点问题,各方面争论较多,现实作法中也确实存在值得研究的问题.本文通过模型分析与模拟计算的方法对上市公司并购重组中的定价方法进行了分析论证,以此推导出上市公司股票定价及所购买资产价值可能存在的误差以及可能的人为操纵偏差.最后给出了并购重组中定价方面相应的机制设计和政策建议.
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| 关 键 词： | 并购重组 资产评估 理论分析 模拟计算 机制设计 |
Research on pricing of Mergers and Acquisitions of Listed Companies |
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| Cheng Fengchao & Liu Jiapeng.Research on pricing of Mergers and Acquisitions of Listed Companies[J].Accounting Research,2011(11). |
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| Authors: | Cheng Fengchao & Liu Jiapeng |
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| Institution: | Cheng Fengchao & Liu Jiapeng |
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| Abstract: | Mergers and acquisitions of listed companies has become a theme in China's capital market. The pricing of merger and acquisition of listed companies under the same control has become the core and controversial problem. There are more topics worthy to study in practice. In this paper, we analysis and demonstrate the pricing method of merger and reorganization of listed companies by modeling and simulation. We derive the may exist errors and possible bias manipulation in price shares of listed companies and t... |
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| Keywords: | mergers and acquisitions asset evaluation theoretical analysis simulation mechanism design |
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