| 并购经营者与并购促成者关系下的主并方合作联盟关系契约研究 |
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| 引用本文： | 边璐,扈文秀,张江朋. 并购经营者与并购促成者关系下的主并方合作联盟关系契约研究[J]. 科技进步与对策, 2011, 28(2): 23-27. DOI: 10.3969/j.issn.1001-7348.2011.02.005 |
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| 作者姓名： | 边璐 扈文秀 张江朋 |
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| 作者单位： | 西安理工大学工商管理学院;西安建筑科技大学管理学院; |
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| 基金项目： | 国家自然科学基金项目(70973096); 西安理工大学优秀博士学位论文基金项目(602-210807); 陕西省高校重点学科专项建设项目 |
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| 摘 要： | 主并方为多方的合作并购是一种新的企业并购形式,当外部潜在收益作用于合作并购联盟时,主并方的合作并购联盟稳定性会受到威胁。从不完全信息角度分析了合作并购中关系契约作为正式合作契约补充的必要性,进而系统地分析了关系契约中并购促成者和并购经营者的最优努力与最优转移支付的选择问题,并给出了并购经营者与并购促成者关系契约的达成条件及相关贴现值的选择准则。研究结论表明,关系契约中,并购经营者努力程度受到并购经营者转移支付的正向影响,而最优转移支付又取决于并购成功概率下的级差收益。
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| 关 键 词： | 主并方合作 并购经营者 并购促成者 最优努力 转移支付 |
Research on Relational Contracts of Merger Bidders Alliance with the Relationship of Merger Manager & Merger Promoter |
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| Bian Lu,Hu Wenxiu,Zhang Jiangpeng. Research on Relational Contracts of Merger Bidders Alliance with the Relationship of Merger Manager & Merger Promoter[J]. Science & Technology Progress and Policy, 2011, 28(2): 23-27. DOI: 10.3969/j.issn.1001-7348.2011.02.005 |
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| Authors: | Bian Lu Hu Wenxiu Zhang Jiangpeng |
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| Affiliation: | Bian Lu1,Hu Wenxiu1,Zhang Jiangpeng2(1.School of Business Administration,Xi'an University of Technology,Xi'an 710054,China,2.School of Management,Xi'an University of Architecture and Technology,Xi'an 710055,China) |
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| Abstract: | Multi-bidders cooperative to merger target enterprise is a new type of merger and acquisition.The cooperative alliance of bidders is not a stable organization structure especially tempted by some potential profit from external of alliance.From the view of incomplete information,this paper analyzes the necessary of relation contract as an important supplemental agreement for formal contract.Furthermore,we make the research on optimal efforts of merger promoter and optimal transfer payments of merger manager ... |
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| Keywords: | Cooperative Bidders Merger Manager Merger Effort to Promote Optimal Efforts Transfer Payments |
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