基于资产重组成本信息不完全的兼并时机

The Timing of Merger Based on Incomplete Information on the Asset Restructuring Cost

建立复合实物期权模型,研究主并企业兼并时机和资产重组时机确定问题。通过引入资产重组过程,把兼并推广到二阶段情形,采用动态规划方法,分析完全信息下兼并阈值和重组阈值;通过引入资产重组成本离散系数把研究扩展到不完全信息情形,重点分析不完全信息下不同离散水平时的兼并阈值求解问题。最后,通过数值分析,比较了信息完全与信息不完全下的兼并时机,并揭示了兼并溢价比例对主并企业兼并时机和主并企业价值的影响。

We establish a compound real option model,which determines the timing of merger and restructuring.Through the introduction of asset restructuring process,we design a two-stage merger model and use dynamic programming to analyze the timing of merger and restructuring under complete information.And then,we expand our research into the situation of incomplete information by introducing the dispersion coefficient of restructuring cost.At last,we use numerical methods to compare the merger timing under complete information and incomplete information,and to reveal the effect of the merger premium rate on the merger timing and bidder＇s enterprise value.