文档介绍：摘要
企业并购全球企业并购浪潮风起云涌,从国内并购到国际并购,并购作为优化
资源配置的有效手段,在推动公司价值成长、优化市场结构方面发挥着不可替代的
作用。然而,非对称信息会影响企业并购的效率,增加了并购的成本与风险,影响
了企业并购的顺利进行。因此,探讨非对称信息对企业并购的不利影响,以及针对
这些影响提出具体措施具有重要的理论与实际意义。
论文根据信息经济学的基本理论与方法,应用逆向选择、道德风险与非对称信
息古诺寡头竞争模型,研究非对称信息环境下,企业并购中猎头企业与目标企业的
博弈行为,以及目标企业之间并购竞争行为。
论文首先对企业并购与非对称信息理论进行综述,分析企业并购中非对称信息
产生的原因。在此基础上,将目标企业私人信息分为事前的非对称信息与事后的非
对称信息,应用道德风险与逆向选择模型,探讨非对称信息对猎头企业与目标企业
并购的影响,对应两种非对称信息分别给出了防范对策。论文还对以往非对称信息
下企业并购的研究进行总结与评述,应用非对称信息下的古诺特寡头竞争博弈模型,
分析非对称信息下两个参与竞争的目标企业的欲望、相对于对手的决心、信念以及
能力的改变对目标企业并购努力的影响,以及参与竞争的目标企业的努力改变对对
手努力的影响。
论文对于非对称信息的目标企业行为博弈有待于进一步的研究。
关键词:非对称信息;企业并购;道德风险;逆向选择;经济效率;博弈行为
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Abstract
Recently,the global enterprise merger and acquisition tide has been blustery. From
the domestic to the international, the enterprise merger and acquisition is irreplaceable as
an effective measure to optimize the allocation of resources, to impel pany value
to grow and to optimize the market mechanism. However,the asymmetrical information
will affect the efficiency of the enterprise merger and acquisition,increase the cost and the
risk,then the merger and acquisition can’t go smoothly. It's always been the essential topic
in the enterprise merger and acquisition to reduce the risk and the cost. It is always
requested that enterprise should make the correct decision according to the changing
environment.
Based on the theories and methods of the economics of information, the adverse
option model, the moral hazard model and the cournot-contest model have been used to
research the game behaviors of the target enterprises and the seeking enterprises, which
are under the asymmetrical information environment.
This thesis has reviewed the theory of the asymmetry information and enterprise
merger and acquisition; it has also analyzed the cause of the information asymmetry of the
enterprise merger and acquisition. Then t