论文部分内容阅读
企业跨国并购是企业整合全球资源,追求长期成长,以实现利润最大化的重要手段之一。在20世纪70年代以来的全球第四次并购浪潮中,企业间的跨国并购开始出现并逐渐增多。20世纪末期,跨国并购已成为对外直接投资的主要形式,并出现了发展中国家企业对发达国家企业的逆向并购和小企业并购大企业的“蛇吞象”现象等新型并购方式和特点。长期以来,理论界运用Cournot模型、Bertrand模型、Stackelberg模型等对企业兼并行为进行了理论分析;近年来一些学者运用博弈分析方法对发展中国家企业对发达国家企业的逆向并购行为与“蛇吞象”现象进行分析,尝试对发展中国家企业的跨国并购行为进行理论上的诠释。本文拟对企业兼并、逆向并购以及“蛇吞象”行为的博弈分析路径进行系统梳理,旨在提供一个对企业跨国并购进行博弈分析的路线图,为对发展中国家企业国际化行为的研究提供借鉴与参考。
Cross-border mergers and acquisitions (M & A) are one of the most important ways for enterprises to integrate global resources and pursue long-term growth in order to maximize profits. In the fourth wave of M & A in the world since the 1970s, cross-border mergers and acquisitions among enterprises began to emerge and gradually increase. At the end of the 20th century, cross-border M & As have become the major forms of OFDI. There have been emerging mergers and acquisitions by developed-country firms against developed-country firms and the phenomenon of mergers and acquisitions by large firms . For a long time, theorists have used Cournot model, Bertrand model and Stackelberg model to analyze the theory of enterprise mergence. In recent years, some scholars use game theory to analyze the reverse mergers and acquisitions of enterprises in developed countries from those in developed countries Image “phenomenon, try to make a theoretical interpretation of the cross-border mergers and acquisitions of enterprises in developing countries. This paper attempts to systematically analyze the path of the game analysis of corporate mergers, reverse mergers and ”snake swallows" behavior in order to provide a road map of the game analysis of cross-border mergers and acquisitions of enterprises for the internationalization of enterprises in developing countries Research provides reference and reference.