被收购企业的博弈分析

在企业的收购活动中,收购价格始终处于一个相当关键的地位,收购能否成功,很大程度上取决于双方是否能在收购价格上达成一致.本文采用现代博弈论的分析方法,以古诺(Cournot)模型为基础,讨论了均衡收购价格的确定.量化论证了在不完全信息的情况下,最终的均衡收购价格比完全信息的情况下要高.同时指出,企业的资产负债率(Debt-to-Assset Ratio)以及由此形成的加权平均资本成本(Weighted-Average Cost of Capital)对均衡价格方面也有一定的影响.

Game Analysis on Acquired Enterprise

In the activities of acquisitions, the price of acquisition is always in a crucial position, for the agreement of the price greatly defermines the success of the acquisitions. By applying the analyzing method of Game Theory, this paper deals with the deferming process of equilibrium price under the basis of Coumot Model. In other words, the subject of this paper is the impact caused by debt-to-asset ratio and weighted-average cost of capital on the equilibrium price under the situation of incomplete information.