企业并购不仅是产权的自由交易、资本自由流动的重要形式,而且更能够有效提高企业资源配置效率、实现外部增长。从实质看,企业并购是所参与并购的局中人在追求自身利益最大化前提下所进行的博弈。文章以并购双方为研究对象,建立了博弈模型,并对模型进行分析,最后提出建议。 M & A is not only an important form of free trade of property rights and free flow of capital, but also can effectively improve the efficiency of enterprise resource allocation and achieve external growth. In essence, M & A is a game conducted by the people involved in M ​​& A under the premise of maximizing their own interests. The article takes the mergers and acquisitions as the research object, establishes the game model, and analyzes the model, finally puts forward the suggestion.