对企业并购边际条件的再讨论

Further study on enterprise M&A term

企业是具有生命的有机体,因此蕴涵在其中的企业组织资本是企业并购所必须考虑的内容。另外企业并购是产权交易活动,作为一项特殊的商品交易,企业并购也需要一定的交易费用。文章在交易费用理论的基础上从以上两个方面对企业并购边际条件做更进一步的探讨,认为是否发生并购以及发生什么形式的并购是由市场商品交易费用、企业并购活动中的交易费用、增加的管理和并购双方的组织资本这四个变量共同决定的。

Enterprise is a lively organism,so M&A must considerate organizational capital that is contained in enterprise.At the same time,M&A is a property right tradition,as a special tradition,it needs transaction cost too.This paper is based on the transaction cost theory to further study on M&A term the from above two aspects.We think whether or not M&A will happen and its form depend on the following four variables--the cost of transaltion,the cost of M&A,the cost which the entenprise used to improve its manngenent and the ongarizntional capital of the M&A.