Font Size: a A A

Study On The Motives And Effects Of Enterprise Merger

Posted on:2005-07-19Degree:MasterType:Thesis
Country:ChinaCandidate:Y H WangFull Text:PDF
GTID:2156360122987563Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
Enterprise merger is an important strategy and way to enhance the actual strength of enterprise through exterior expansion. Enterprise merger is a complex economic phenomenon, and it is also a complicated systems engineering for enterprises. From different aspects of economy, there are many problems related to merger. This paper makes a research on some questions closely related to Enterprise merger.Firstly, this paper analyzes motives and effects of Enterprise merger, compares western theories of merger to those of china. Secondly, this paper discusses the core questions of Enterprise merger which is the evaluating of target firm. This paper elaborates methods of evaluating target firm by assets, income and market. And it also analyzes theory and use of a new and developing evaluating way through the ideology of real options. Thirdly, this paper studies the static model of horizontal merger, discusses merger motives, effects and influences on social welfare. Moreover, this paper presents the dynamic model of horizontal mergers and it compares conclusions of static model to those of dynamics model. Fourthly, this paper makes a research on the differentiated enterprises horizontal merger under delegation. We establish a two stage game model of differentiated enterprises horizontal merger. We analyze the profitability of exogenous mergers with delegation and without delegation. At the same time, we also illustrate the characters of premium incentive parameter and exterior effects of mergers on enterprise that didn't participate in merger activity and social welfare. This paper aims to deepen the knowledge of merger theory and provide guide to merger practice to some extent.
Keywords/Search Tags:Enterprise merger, Enterprise evaluation, Game theory, Delegation
PDF Full Text Request
Related items