基于博弈视角的企业并购风险研究

The Risk of Mergers: A Game-theory Perspective

企业并购交易的博弈模型研究表明,并购风险源于并购活动的不确定性,而博弈方的策略性行为、有限理性和不对称信息等进一步放大了并购风险。因此,为了有效管理并购风险,并购企业必须充分考虑并购的博弈特性和不确定性。

Previous research on the Game model of mergers indicate that the risk of mergers is attributed to the uncertainty of merger activities,while the tactical moves,finite rationality,and asymmetric information from the party involved in the game further increased such risk.Hence,in order to effectively run the risk of mergers,the merger enterprises shall take into serious consideration about the game-oriented nature and the uncertainty of mergers.