互联网环境下企业前向并购时机选择  

The Optimal Timing of Forward Merge and Acquisition under Internet Environment

作　　者：孙林[1] 陈收[1] SUN Lin;CHEN Shou(Business School of Hunan University,Changsha 410082,China)

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《系统工程》2018年第12期11-21,共11页Systems Engineering

基　　金：国家自然科学基金重大项目(71790593);国家自然科学基金创新研究群体项目(71521061)

摘　　要：本文研究互联网环境下企业最优前向并购时机选择问题。本文采用互联网效率系数度量互联网环境对企业的影响,运用随机最优控制方法和实物期权博弈理论,获得了企业并购前后的产量、无负债企业并购阈值、负债企业顺周期和逆周期并购阈值的解析解,在此基础上探讨互联网环境对并购时机的影响。理论分析和数值模拟表明:互联网环境对企业并购前后产量、并购阈值有显著影响,同时规模收益越高或原材料价格越有弹性的企业,影响越显著;并购后企业产量和并购阈值在传统经济环境下和互联网环境下随规模收益参数或原材料价格弹性系数变化的规律不同。This paper considers the optimal timing problem of forward merge and acquisition(M&A) under Internet environment. We provide closed-form solutions for the firm outputs before/after M&A, the M&A threshold of unlevered firms, the M&A procyclical threshold and countercyclical threshold of levered firms under Internet environment by deriving and solving HJB equation. The conclusions are summed up as follows: the Internet environment have significant influences on outputs before/after M&A,the M&A threshold of firms,and M&As are likely to occur when firms operate on higher returns to scale or demand elasticity;compared with traditional economic environment, M&A thresholds under internet environment present different laws with the returns to scale or price elasticity increase.

关 键 词：前向并购时机 互联网环境 规模收益 价格弹性 

分 类 号：F270[经济管理—企业管理]