【作者】 王昭镔；

【导师】 洪军；

【作者基本信息】 广西大学 ， 管理科学与工程， 2007， 硕士

【摘要】 近年来，国内企业并购数量与规模呈快速增长趋势。从管理者角度讲，企业并购能实现企业资产的快速扩张；从财务角度讲，企业并购能够为企业带来较大的税收利好；从发展策略来讲，企业并购是实现企业发展的捷径。通过实施企业并购、联合及破产等具体措施能有效地调整企业存量资产，优化产业结构和提高生产效率。本论文首先从并购行为的现实意义着手，总结近年国内外学者关于并购行为的一些最新成果；对企业并购行为的概念进行具体的描述；按照不同的标准对目前流行的并购行为进行分类；并根据民营企业自身的实际情况，提出一些适合民企的并购策略。更为重要的是，结合当今国情，对现阶段中国有关并购的主要法律法规进行了具体的分析与探讨，采用现实操作与法律法规相结合的方法使本文所论述的并购行为在法律上具有可行性。接着采用战略管理常用的方法之一的SWOT分析法对民营企业并购行为的优势、劣势、机遇与威胁等四方面展开分析，全面解析与诠释我国民营企业并购所具有的内在优势、劣势以及外部环境所带来的机会与威胁。通过SWOT分析，可以对整个民营企业并购的大环境有个更为清楚的认识，并通过建立并购行为战略矩阵提出一些可行的策略组合。最后，本文重点运用博弈论分析了目前民营企业主要两种并购模式：善意并购与敌意并购，并建立相关的博弈模型，分析两个模型各自所具有特点与条件，动态博弈次序、战略选择与效用函数，推导出子博弈完美纳什均衡解，并通过具体的善意并购与敌意并购的实证分析发现均衡结果与现实很符合。更多还原

【Abstract】 In recent years, the quantity and scale on which domestic enterprise merger behaviors together is appearing a fleetness increasing tendency. From director angle, enterprise merger behaviors together can realize fast expansion of the enterprise assets : The angle as far as secondary financial affairs is concerned, it can able to bring bigger tax revenue benefits to enterprise as well; As for developing tactics, the behaviors served as a shortcut way of enterprise developing .Specific measures such as buying together , uniting and going bankrupt by putting enterprise into practice can adjust enterprise depositing amounts assets , optimize industrial structure and improve an efficacy effectively.At first, this thesis from buy the realistic meaning of merger behavior to begin ,also sum up the latest production of domestic and international expert, scholar about the merger behavior; Making concrete description of merger behavior; According to different standard to classify the behavior. Combine according to the actual circumstance of private enterprise, put forward some strategies in keeping with its. The most important is we analyzed the main law of present China relevant of mergers, the methods which we adopt made this text have law basis.Following, we adopts one of the Strategic Management methods which is usually use named SWOT analytical law to analyze the advantage, the inferior position, opportunity as well as threat and so on of private enterprise takeover behavior, all-round analytical and annotation our country enterprise merger behavior had inherent advantage, inferior position and chance brought about by outside environment. Through the SWOT analytical method, we may comprehend the whole environment of the private enterprise, and establish stratagem matrix to to put forward some viable strategy combinations.At the same time, we build a gambling model on main means of private enterprise merger behavior—goodwill merger model and hostile merger model. Analyzing the two models of there inherent characteristic and condition, development game order, strategy choose and the efficacy function, and deducing the consummate game Nash balance son untie.. And, even carries out objective analysis on the two kinds. Using the reverse induction to seek the solution and then getting the result, we find even the result and reality matches very much. In fact, the consultation process of both sides according to buying behavior is a process of how one can acquire maximizes benefit and make the other party satisfied as well.更多还原