企业并购的动态博弈分析

Dynamic Game Analysis on Corporate Mergers and Acquisitions

本文在博弈论的基础上将企业并购行为抽象为并购企业和被并购企业之间的动态博弈,在假设各博弈方理性行为的前提下,从不完全信息的角度对并购双方在并购活动中的策略选择以及所涉及的变量进行了动态博弈分析。本文只考虑了并购双方,没有把政府、中介机构和债权人引入博弈范围之内。

Based on game theory,this thesis would take the corporate merger and acquisition activities as the dynamic game abstractly between M A business and incorporated enterprise,and conduct dynamic game analysis of involved variables and strategy selection in M A activity for both sides of M A from the perspective of incomplete information,in the premise of supposing rational behavior of each game party.This thesis only considered both sides of M A,and government,intermediary agencies and creditors are not introduced within game playing.