创意产业链异质企业纵向并购契约设计

Design of vertical merger and acquisition contract of different enterprises in creative industry chain

通过博弈论方法多种模型探讨了创意产业链内异质企业并购时采取的契约形式,研究发现:第一,简单创意产品企业的并购一般基于序贯博弈采用件工契约。第二,复杂创意企业的并购往往采用符合期权定价模型的嵌入优先认股权的权变型契约。第三,多元化创意企业的并购一般基于协调博弈采用事业部削减型契约。第四,单一业务创意企业的并购在短期基于GHM模型采用多阶段正式契约,而在长期采用基于克莱茵自我维持机制设计的关系型契约。

Based on game theory models,the research discusses the contract form adopted by heterogeneous enterprises in the creative industry chain during the merger and acquisition.The research finds that:①the merger and acquisition(m&a)of simple creative product enterprises is generally based on the complete information sequential game using the internal price of the piece work contract;②mergers and acquisitions of complex creative enterprises often adopt the right variation contract with embedded stock options which conforms to the option pricing model;③the m&a of diversified creative enterprises is usually based on the coordination game and adopts the divisional reduction contract;④the m&a of a single business creative enterprise adopts multi-stage formal contract based on GHM model in the short term,and informal relational contract in the long term.