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在企业兼并中,信息不对称对主被并双方的价值判断和对价博弈都会产生影响。本文通过期权定价方法研究了壳资源并购中主被并双方的对价约束区间;运用对价博弈方法研究了双边信息不对称情况下的并购对价结果;运用最优停时方法研究了单边信息不对称条件下,在被并方收益最大化约束下的主并方的最优买壳时机,并分析了资本市场的平均交易价格对主被并双方并购时机和对价结果的影响;最后通过数值分析验证了主要结论,揭示了不对称信息对主并方兼并时机和对价结果的影响。
In the process of enterprise mergers, information asymmetry has an impact on the value judgments and the game of competition between the two parties. In this paper, we study the price constraint interval of the main and the parties in the shell resource M & A by using the option pricing method. We study the M & A price result under the condition of bilateral information asymmetry by using the game method of the price. Using the optimal stopping method, Under the conditions of the merger of parties to maximize the constraints of the buyer under the optimal time to buy the shell and analyzed the average market capitalization of the transaction price of both parties and the timing of mergers and acquisitions and the impact of the results; Finally, by numerical analysis to verify The main conclusion reveals the impact of asymmetric information on the merging timing and the result of the consideration.