公司并购中主并公司对目标公司的搜寻与博弈分析

Analysis of Acquiring Corporation's Searching for the Target One and the Game in CM & A

公司并购中主并公司运用层次分析法及关联矩阵法进行选优模型设计,选择出与本公司协同效应最大的目标公司作为并购对象。首次发现目标公司的时间概率服从指数分布。目标公司通过全面衡量自身竞争地位以决定是否参与并购。并购博弈中目标公司可以在三种可行行动中择其一,并产生不同的支付结果。对主并公司而言,目标公司直接接受时,其收益最大。

The acquiring corporation can select the target one which possesses maximal harmony effects with itself by using analytic hierarchy process （APH） and relating matrix methods to design excellent- choosing model. The time probability of first discovering target firm obeys index distribution. The target corporation would like to decide whether or not it participates in CM ＆ A after an overall considering its competition status. It also can choose one from three given capable decisions in CM ＆ A game and then come into being three different payouts. When target corporation accepts CM ＆ A directly, the acquiring corporation gains the greatest payouts.