| 基于三方期权博弈的动漫企业合并决策分析 |
| |
| 引用本文： | 李川,夏晖,曾勇.基于三方期权博弈的动漫企业合并决策分析[J].管理评论,2011(11). |
| |
| 作者姓名： | 李川 夏晖 曾勇 |
| |
| 作者单位： | 电子科技大学经济与管理学院; |
| |
| 基金项目： | 信息产业部电子信息产业发展基金项目(M16011101); 教育部人文社会科学研究项目(07JA630038) |
| |
| 摘 要： | 在三方期权博弈模型的结构下,分析了动漫产业竞争条件下的企业合并决策,得出市场均衡条件下企业的利润函数。进一步构建了实物期权模型,分析企业在动态环境下合并的时机和合并的可能性。结论表明,中资企业的合并决策为外资企业提供了搭便车的机会,并且企业的竞争优势越大,产品的差异化程度越小,则合并后外资企业会获得越大的相对收益。并且,企业的竞争优势越弱,中外产品的差异化程度越高,则合并的时机会越早。企业的外部环境较好会促使企业合并的产生。所得出的结论为我国的动漫产业在通过合并去扩大规模的过程中如何避免外资企业出现搭便车的行为提供了有益的参考。
|
| 关 键 词： | 动漫产业 三方期权博弈 合并决策 实物期权 投资分析 |
Analysis of a Firm's Merging Decisions of Animation Industry under Trilateral Option Game |
| |
| Li Chuan,Xia Hui , Zeng Yong.Analysis of a Firm's Merging Decisions of Animation Industry under Trilateral Option Game[J].Management Review,2011(11). |
| |
| Authors: | Li Chuan Xia Hui Zeng Yong |
| |
| Institution: | Li Chuan,Xia Hui and Zeng Yong(School of Management and Economics,University of Electronic Science and Technology of China,Chengdu 610054) |
| |
| Abstract: | This paper analyzes a firm's merging decisions of animation industry under trilateral option game,and obtains the firms' profit functions in the market equilibrium.Moreover,the real options model is built,and the timing and probability are discussed in the dynamics framework.The conclusions show that Chinese firms' merger gives foreign firmsfree-riding and that the stronger competitive force and the diversified producers Chinese firms have,the more relative benefits foreign firms gain.On the other hand,the ... |
| |
| Keywords: | animation industry trilateral option game merging decisions real options investment analysis |
| 本文献已被 CNKI 等数据库收录！ |
|
