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本文将产业链看作由众多传输资源的渠道有机连接组合而成的纵向链条,而并购对产业链的影响可视为主并企业与产业链上其它企业争夺有利传输渠道所引起的连锁反应。基于这一角度,本文利用博弈论相关知识,分析了信息不对称和参与人有限理性条件下并购活动对产业链产生的影响,并提出主并企业的应对策略。结论表明,并购对产业链的影响主要体现为主并企业对其上游企业数量和同游企业行动策略的影响。而主并企业最优行动使用效果与产业链总价值、主并企业原有产业链份额及主并企业为使用资源传输渠道而支付的追加固定成本紧密相关。主并企业只要使其支付的追加固定成本的数额低于两倍的其原有产业链份额乘以产业链总价值之积,就可以通过最优行动控制有利传输渠道,阻止产业链同游企业的模仿行为并加速其策略转换速度,以降低来自产业链其它企业的阻力,顺利实现并购目标。
In this paper, the industrial chain is regarded as the vertical chain composed of many organic channels connecting the transmission resources. The impact of the M & A on the industrial chain can be regarded as the main link and the competition between the enterprises and other enterprises in the industrial chain for the favorable transmission channel is caused by the chain reaction. Based on this perspective, this paper analyzes the impact of mergers and acquisitions (M & A) activities on the industrial chain under the condition of information asymmetry and participant bounded rationality by using the game theory-related knowledge, and puts forward the coping strategies of the M & A firms. The conclusion shows that the impact of mergers and acquisitions on the industrial chain is mainly reflected by the impact of M & A on the number of its upstream enterprises and their corporate strategy. The effectiveness of the optimal operation of the SCO is closely related to the total value of the industrial chain, the share of the SCO’s original industrial chain and the additional fixed costs paid by the SCO for using the channel for resource transmission. As long as the amount of additional fixed costs it pays is less than twice the amount of its original industrial chain multiplied by the total value of the industrial chain, the main and enterprise can control the favorable transmission channels through optimal actions and prevent the enterprises in the same chain And accelerate the speed of its strategic transformation in order to reduce the resistance from other enterprises in the industrial chain and achieve the goal of merger and acquisition smoothly.