外部性、贴现因子与兼并动机

Externality,Discount Factor and Merger Incentive

本文是以IT产业为背景 ,针对以技术获取为导向的大型IT企业对小企业的兼并活动 ,利用博弈论模型对兼并动机进行了研究 ,探讨了新技术外部性以及小企业与大企业贴现因子差异对兼并动机的影响。文中的结论指出 :小企业对新技术开发可能产生的负外部性以及大企业更具“耐心”是兼并发生的重要动因。

By concentrating on the tech-gain oriented merger between bigger firm and small firm in IT industry,this paper,using the game model,discusses the merger incentive effect of the R&D externality and the discount factor. The result shows that the negative R&D externality and the more patience of the big firm cause the merger incentive.