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本文利用多元回归的方法,分析了影响非上市中小企业并购定价的重要影响因素,发现并购定价与目标企业的员工人均营业收入在5%水平上正相关、与无形资产占比在10%水平上正相关,这都是以往的并购定价研究中未考虑到的因素。这充分证明了人力资本的贡献和无形资产要素在中小企业并购定价中发挥着重要作用。此外,我们还发现并购定价与目标企业所处行业竞争程度在10%水平上负相关,并购定价与目标企业的流动比率在10%水平上正相关。
In this paper, we use the multiple regression method to analyze the important influencing factors on M & A pricing of non-listed SMEs. It is found that the average per-capita operating income of M & A is positively related to the target 5%, while that of intangible assets is 10% Positive correlations are all factors not considered in past M & A pricing studies. This fully proves that the contribution of human capital and intangible assets play an important role in M & A pricing in SMEs. In addition, we also found that M & A pricing is negatively correlated with the level of competition in the industries in which the target companies are located at a level of 10%. M & A pricing is positively correlated with the current ratio of target companies at 10%.