广义虚拟经济下的企业并购机理分析——基于二元价值容介态

A Theoretical Analysis into the Enterprise Merger and Acquisition in the Context of the Generalized Fictitious Economy——on the Basis of Dualistic Value Accommodated-medium State

目前企业并购相关著述主要都在关注并购方的并购动因、目标方估值定价方法以及实证检验并购收益等内容。而并购中一个非常有趣的现象:并不是所有的竞购成功者必然就是出价最高者,也就是说在竞购过程中并非全然是价高者得,这一"企业并购之谜"反被人所忽视,现有的经济理论也无法圆满解释这一现象。本文中,笔者尝试从"信息+介质=产品"这一角度重新审视企业的价值创造活动,发现企业在创造使用价值的同时也在创造信息(虚拟)价值,以满足顾客的信息(心理)需求。而顾客的这类信息(心理)需求在受到环境冲击后,又将反作用于企业的信息创造。这种"产品—价值—需求—环境"的动态变化过程就是二元价值容介态,也即广义虚拟经济的理论基石"二元价值容介态"在企业价值创造活动中的具体体现。在此基础上,笔者通过推导并购价值等式,以及深入探讨信息(虚拟)价值创造能力,在广义虚拟经济的理论框架内分析企业并购机理,并透过翔实的案例,解构此"企业并购之谜"。

The article tries to survey the process of value creation of enterprises in a theory of ＂product = information ＋ media＂, and find that an enterprise creates not only use value, but also virtual value, which means to satisfy peoples’ psychological needs at the same time. Psychological needs would react or transfer forces on the process of information creation of the enterprises. Such a circle movement of ＂product--value-demand--enviroment＂ shows the actual functions in the process of value creation, being named dualistic value accommodated-medium state, which is the basic theory of the generalized fictitious economy. Basing on this theory and the value equation of MA, the article deeply discuss the abilities of creating information （virtual） value, and find the way to explain this secret by introducing sufficient real cases of MA.