战略并购的时机选择研究

Timing of Strategic M&A Study

在战略并购中,定价决策和并购时机是两大核心问题,而并购时机对最终交易价格的形成具有重要影响.基于期权博弈理论与方法可以建立动态环境中的并购时机模型.在规模经济动因下,并购剩余与产品市场需求正相关,并购市场与产品市场的周期性波动紧密相连;并购时机与协同效应的大小负相关,较高的并购成本和产品价格不确定性将延迟并购.

In strategic mergers & acaquistions(M&A),pricing decision and timing are two core problems.Timing of M&A has great importantce to the final price.Based on Option-game theory and method,we can build timing model of M&A in dynamic economy environment.Under the scale economy motivation,surplus of M&A has positive relation to market demand of product.Market of M&A and product are related closely.Timing of M&A is negtively related to synergetic effect,high cost of M&A and uncertain price of product will defer the deal.