信息不对称、需求不确定与企业的跨国并购

信息不对称是促使企业跨国并购的重要原因,信息不对称时通过并购进行信息分享对并购双方均有利,但缺乏信息的外国企业并购意愿更为强烈;需求波动程度及产品异质性程度也影响并购发生的概率,需求波动越大、产品异质性越小,并购收益就越高;非对称信息下并购发生的可能性超过对称信息情形;由于外国企业通常缺乏本地市场的相关信息,企业间跨国并购将比国内企业间并购收益更大。

Asymmetric Information、Demand Uncertainty and Firm's Cross-border M&A

Information asymmetry is one of the incentives for firms to cross-border M&A(CM&A).Both of the firms are benefited from information sharing through M&A under information asymmetry,but the foreign side which is lack of informations will exist more robust desire to CM&A.The extent of demand fluctuation and the product differentiation also influence the probability of M&A,a merger is more profitable if the extent of demand fluctuatioln is larger or the product differentiation is smaller.At the same time,a merger occurs more often under asymmetric information than under symmetric information.The CM&A entities' profits will be larger than two domestic firms'M&A because of a foreign firm lacking of the local market's correlation information usually.