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企业并购的过程中,并购方和被并购方首先都要做出是否进行并购的决策。并购决策的基础在于并购双方对并购目标企业价值的评估。本文在分析了并购双方对目标企业价值判断的基础上,得到了三部分的结论:第一,指出被并购方定价决策的5个条件;第二,指出并购方定价决策的5个条件;第三,界定了两种情形下并购成交价格的上下限。这三部分结论充分解释了并购双方在并购定价过程中的决策思路,同时也揭示了最终成交价格的区间范围。
In the process of mergers and acquisitions, mergers and acquisitions and the acquired party must first make decisions on whether to proceed with mergers and acquisitions. M&A decision-making is based on the assessment of the value of M&A target companies by M&A parties. Based on the analysis of the value judgment of the target company by both sides of the merger and acquisition, this article has obtained the following three conclusions: First, it points out the five conditions for the pricing decision of the acquired party; second, it points out the five conditions for the pricing decision of the acquiring party; Third, it defines the upper and lower limits of the transaction price of the merger and acquisition in two situations. This three-part conclusion fully explains the decision-making ideas of M&A parties in the M&A pricing process, and also reveals the range of the final transaction price.