企业并购交易决策博弈分析

A Game Analysis in Enterprises' M & A Decision—Making

企业并购是并购交易双方在追求各自利益最大化的前提下所进行的博弈过程。由于企业并购交易市场的信息不对称性和不完美性,企业并购交易将会出现市场完全成功、部分成功、接近失败和完全失败四种不同性质和效率的市场均衡,其中只有市场完全成功是最理想和有效率的均衡。但在具体的企业并购交易中出现哪种均衡,主要取决于企业并购交易博弈模型中不同质量目标企业的价值、交易价格、风险成本和质量高、低比例之问的相互关系。减少出现上述三种低效率均衡机会的最有效方法是克服企业并购交易市场的信息不对称性问题,并提高并购企业的识别能力。

Both parties in the merger and acquisition （M＆A） attempt to pursue maximum interests. However, the information asymmetry and imperfection in M＆A market will lead to the following four different market equilibrium, namely, success, partial success, partial failure and failure. Among them, only market success is the most ideal and efficient equilibrium. The equilibrium will be decided by enterprises＇ different quality target, transaction price, risk cost and the ratio between good and poor quality in M＆A game model. Try to overcome the information asymmetry of M＆A market is the necessary way of improving efficiency.