Reasonable pricing evaluation of target enterprises is the primary task in M&A activities, and it is also the key factor that buyer enterprises need to pay attention to in the early merger planning. There are many reasons for pricing risks, which are mainly caused by asymmetric market transaction information, missing evaluation system, inaccurate or whitewash of the financial statements of' the acquired organizations, etc. The risk that M&A organizations to mergers 'and acquisitions valuation deviating from fair value, and in the subsequent link pay higher premium, makes their own cash payment ability and debt paying ability impaired, eventually causes bad financial consequences. .