资产最优组合的动态调整——并购动因效率假说的一个框架

The dynamic adjustment of the optimal combination of assets —— A framework of M＆ A cause efficiency hypothesis

根据企业理论，企业可视为资产的组合体。为了达到利润最大化的目标，企业资产必须进行最优组合，而且等成本线变化和等产量线变化会导致资产最优组合的动态调整。考察这一调整的并购途径的适用条件，可根据企业各项资产将各种并购效率理论纳入一个一般框架之中，提出实现企业最优组合动态调整的并购方法的并购动因效率假说。

CAO Yu Abstrct:According to the theory of the firm,the firm could be considered as a combination of assets.In order to obtain the maximum profit,the assets in the firm must be combined optimally,and the change of the isocost lines and the isoquant curves will lead to the dynamic adjustment of the optimal combination of assets.The conditions of M＆ A can be studied out.According to the variety of the assets,the various efficiency theory of M＆ A can be put into a general framework.