资产价值动态变化下的企业并购交易价格确定  

Asset Price Determination in M&A Transactions in the Dynamics of Changing Asset Value

作　　者：杨春雷[1] 

机构地区：[1]南京工程学院,江苏南京211167

出　　处：《生态经济》2013年第6期107-110,共4页Ecological Economy

基　　金：教育部人文社会科学青年基金项目(11YJC630225);南京工程学院科研基金资助项目(QKJA2010010)

摘　　要：借鉴动态博弈中的讨价还价理论,尝试建立了更加符合并购现实的议价博弈模型,探讨了资产价值变化时,并购交易价格的确定,并对研究结论中谈判期限造成交易价格变化的差异在理论上进行了验证。研究结论表明,并购交易价格不仅受资产价值变化的影响,而且与谈判期限有关。谈判期限无限时,目标企业的价值增长使交易价格上升,而谈判期限有限时,价值增长只有达到一定水平才能增强目标企业的谈判能力,进而使交易价格上升。By drawing on the theory of bargaining in dynamic games, this article tried to establish a bargaining game model that is more in line with M＆A realities. It probed into the determination of asset price in M＆A transactions while the asset value keeps changing. Also it made a theoretical verification on one of the study conclusion, the trading price difference caused by the negotiation deadlines. Study shows that M＆A transactionprice is influenced not only by the asset value change but also by the negotiation deadline. If there＇s no negotiation deadline, the target asset＇s value increase will lead to the transaction price increase. However, if there＇s a deadline for the negotiation, the transaction price will increase only when the asset value increases to a certain level.

关 键 词：并购 资产价值 议价博弈 谈判期限 

分 类 号：F22[经济管理—国民经济] F27