However, the theory and method could not be applied to China capital market because of the systematical obstacle, which severely clag the development of M&A in China capital market.

• 然而，我国资本市场的股权分置作为一项根本性制度障碍，使得价值评估在公司并购中无法得到有效地应用，严重阻碍了国内并购市场的健康成长。