Analysis Of Stakeholders' Behavior In Merger And Acquisition

Merger and Acquisition (M&A) is a rational choice for enterprise to live and grow in market economic condition. The radical incentive comes from the interest chasing of enterprise and its stakeholders. Stakeholder theory provides a new perspective for business administration. This dissertation studied the theory of M&A deeply with the aids of several scientific theory methods such as stakeholder theory, optimization methods and game theory, analyses the stakeholders' behavior in tender offers and agreed takeover, which are the two different kinds of merger ways. Also it studied the stakeholders' behavior which put a high premium to the government in domestic state-owned enterprises' M&A.. The dissertation set up an principal-agent model between both side of tender offers and studies the promoter's bid behavior; established share dilution model with the optimization method and studied the confirmation of share dilution degree in the target enterprises in order to solve the " hitchhiking " problem existing in purchasing; With dynamical bargain game, it studied the price's NASH equilibrium in agreed takeover; Through Analyzing stakeholders' risks and benefits, it expounded the advantages and disadvantages of MBO; Through analyzing a simple state-owned enterprise game model of M&A Rent-Seeking to emphasize the fierce harm of the government Rent-Creating to the whole society; At last, it studied the government, disadvantage enterprises and advantage enterprises game behaviors and their NASH equilibrium.