金融经济学研究

2008, 01, No.111 115-128

企业并购理论综述

1.中山大学管理学院,中山大学管理学院广东广州510275,广东广州510275

基金项目(Foundation): 国家自然科学基金(70572054)

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摘要：

对于企业并购的研究,现有文献主要集中在三个方面:一是从企业个体角度和宏观角度来研究企业并购动因;二是运用博弈论模型以及运用实物期权模型来分析企业并购过程,对企业并购的研究最新进展主要体现在这个研究领域;三是运用事件研究法和会计指标研究法来研究并购绩效。国有大股东和管理者在并购过程中所起的作用,以及在实物期权和博弈论的框架下研究新一轮战略并购浪潮,构成未来的研究方向。

关键词： 企业并购; 并购动因; 并购过程; 价值效应;

Abstract：

Current studies of M&A mainly concentrate on three respects.The first respect study merger motives from firm's individual perspective and macro-perspective respectively.The second respect model and analyze merger process with game theory and real option theory respectively,and new developments of studies of M&A are mainly in this field.The third respect study merger performance respectively with event study method and accounting-based method.The rolde of stated owned large shareholders and manageers in merger process,and studying the new strategic merger wace under the real option and game theory framework are future research directions.

KeyWords： Merger and Acquisition; Merger Motive; Merger Process; Value Effect;

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中图分类号:F271

引用信息:

[1]叶会,李善民.企业并购理论综述[J].广东金融学院学报,2008,No.111(01):115-128.

基金信息:

国家自然科学基金(70572054)

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