Research on enterprise merger and acquisition behavior under incomplete information condition
不完全信息条件下企业并购行为研究

摘要

企业并购具有成本的不可逆性和投资的可延迟性，具有实物期权特性。并购目标企业所创造的利润，赋予了主并企业选择并购时机的柔性决策权力。很多企业在实施并购的过程中，需要科学的思考众多影响因素。从实践的角度进行分析，对不确定市场条件下的单方、双方并购，需要立足实际，做出合理化的选择。在企业并购信号传递博弈中，只有保持其中的均衡性，完善市场环境，才可以在潜移默化的并购中，让企业在不对称信息和复杂的竞争关系中定制并购策略，为企业以后的可持续发展提供良好的基础准备。

Abstract

Enterprise merger and acquisition has the cost of irreversibility and investment can delay, with the characteristics of physical options. The profits created by the merger & A target enterprise give the main enterprise the flexible decision-making power to choose the timing of merger & acquisition. In the process of implementing mergers and acquisitions, many enterprises need to think scientifically about many influencing factors. From the perspective of practice, under the uncertain market conditions, the merger, need to make a reasonable choice based on the reality. In the game of signal transmission of enterprise mergers and acquisitions, only by maintaining the balance and improving the market environment can enterprises customize the merger and acquisition strategies in the asymmetric information and complex competitive relationship in the subtle mergers and acquisitions, so as to provide a good foundation for the sustainable development of enterprises in the future.