Abstract:Chinese companies are experiencing a wave of diversified mergers and acquisitions. Among them, high-tech industries have become the fastest growing mergers and acquisitions industry. In order to effectively improve the efficiency of mergers and acquisitions and improve the profitability of M & A, this paper utilizes the evolutionary game theory and studies the M & A pricing strategy of high-tech enterprises. It is found that the absorptive capacity of M & A enterprises will effectively enhance the average expected return in the mergers and acquisitions. The evolution of the two sides to accept the strategy is affected by both probability of the rupture and the quotation and the impact of the target company on its own valuation. Through the evolution of the game to derive the main and corporate pricing strategy, the acquisition efficiency and benefits will be able to effectively improve when the mergers and acquisitions enterprises continue to learn to understand the target company information and offer according to the offer strategy.