企业并购是促进资本市场流动性的一种重要方式,也是促进资源优化配置的有效手段。在我国,国有上市公司非流通股的存在曾经严重阻碍了企业并购的发展,而旨在撤除这一障碍的股权分置改革(以下简称“股改”)将对公司控制市场产生重大影响。合理的估值是企业并购成功进行的前提。本文旨在对国内外企业并购方法进行分析的基础上,就我国股改后企业并购实践操作方法创新进行力所能及的探索。 Mergers and acquisitions (M & A) are an important way to promote the liquidity of the capital market and also an effective means to promote the optimal allocation of resources. In our country, the existence of non-tradable shares of state-owned listed companies has seriously hindered the development of mergers and acquisitions (M & A), and the non-tradable shares reform that aims to remove this obstacle will have a significant impact on the Company’s control of the market. Reasonable valuation is the prerequisite for successful M & A. Based on the analysis of domestic and foreign enterprises’ M & A methods, this paper attempts to explore the innovation of M & A practice methods in our country after the reform.