Analysis regarding the factors that influence sales price in mergers and acquisitions of small and medium-sized enterprises

As of 2006, a total of 70 million small- and medium-sized enterprises (SMEs) have chosen to discontinue business owing to aging management and the shortage of successors. This raises the question of how management can deal with this issue while considering stock prices and sales price factors. The purpose of this paper is to conduct an empirical analysis in order to determine the factors that influence the sales price in mergers and acquisitions of SMEs. The results show that the ordinary income of the acquired company, as well as the company's age, has an effect on the sales price.