企业并购双方利益交换的博弈分析

Game Analysis on Interest Exchange of Buyers and Sellers in Course of Mergers and Acquisitions

自20世纪初以来,企业并购已经逐渐成为影响社会经济发展的一种十分重要的方式。通过企业并购使社会资源重新配置,生产规模日趋合理,使企业能够在更大范围、更合理结构的基础上满足资本增值的要求。企业并购实际上是一个包括并购企业以及被并购企业双方股东、债权人或政府等多个参与并购方之间的博弈过程。该文通过博弈论的分析方法,建立相应的博弈模型,对并购买卖双方在追求各自利益最大化的前提下所进行的博弈过程进行了深入分析,最后提出一些结论和建议,以期促进企业并购成功进行。

Since the early 20 th century, the enterprise mergers and acquisitions have become a very important way to affect social and economic development. Through the mergers and acquisitions, the social re-sources are reallocated, scale of production is becoming more rational, so that the enterprises can meet the requirements of the capital appreciation on the basis of wider scope and more rational structure.The mergers and acquisitions is actually a game process among the acquirer and the acquired company shareholders, creditors or the government multiple participants involved in mergers and acquisitions.Mergers and acquisitions are actually the buyers and sellers to pursue their own interests to maximize.Under this premise of in-depth analysis, the corresponding game model is established for the applica-tion of game theory, and finally puts forward some conclusions and recommendations, in order to pro-mote the success of mergers and acquisitions.