并购的财务与规模边界研究

Research on the M&A' Financial and Dimensional Boundary

从两个方面对并购的可行性进行了研究,第一是并购的财务边界研究,这是从公司价值最大化和公司增值来研究边界问题,文中给出了确定财务边界的推理过程以及财务边界的数学模型;第二是并购的规模边界研究,从科斯(R.H.Koarse)的交易成本理论提出并购的规模经济以及规模不经济,从而建立规模经济与规模不经济的临界点,即并购的规模边界。

In this paper,the feasibility of merger and acquisition(M&A) is resarcherd.Firstly, the research is on the financial boundary of M&A,which is based on the maximum of the company' s value and the increment of company.And the paper has provided the reasoning process of financial boundary and the mathematical model of the financial boundary.Secondly,the research is on dimensions of M&A,which is based on R,H,Koase' s theory of the cost of dealing,which points out the dimensional economy of M&A and the dimensional no economy of M&A,and then establish the critical point of the dimensional economy of M&A and the dimensional no economy of M&A,which is the dimensional boundary of M&A.