基于企业并购收益和交易价格的微观模型解析

A Microeconomic Model Analysis Based on M&A Income and Transaction Price

并购收益和交易价格是企业并购微观层面分析的两个重要问题,也是并购理论研究的两个关键问题。从并购收益的模型解析得出应以并购企业收益率提高为基础,着重于并购后整体收益的提高;从交易价格的模型解析得出最佳交易价格是并购企业价值、信息不对称成本和目标企业价值的函数,也是并购双方博弈的结果,这一结果应当是帕累托改进。

M＆A return and transaction price are two important micro aspects of M＆A, and also key problems in M＆A theory. The M＆A return model shows that M＆A should aim at the increase of asset return rate and focus on the augmentation of aggregate return after M＆A; while the transaction price model tells us that the optimal transaction price is a function of the value of the M＆A enterprise, informa- tion asymmetry cost and the value of target enterprise, and also an outcome of the gaming between the two parties, which should be a Pareto improvement.