基于差異產(chǎn)品市場(chǎng)的企業(yè)兼并研究.pdf

1、基于差異產(chǎn)品市場(chǎng)的企業(yè)兼并研究摘要兼并作為企業(yè)快速擴(kuò)張的主要手段，在積極推動(dòng)企業(yè)及社會(huì)經(jīng)濟(jì)發(fā)展的同也可能由于增強(qiáng)了企業(yè)的市場(chǎng)勢(shì)力而給社會(huì)總福利帶來負(fù)面影響。就兼并r了1.，時(shí)手段而言，企業(yè)希望找到最佳兼并途徑來實(shí)現(xiàn)利潤(rùn)最大化而政府則需要客觀、公正地評(píng)判某兼并行為是否有利于社會(huì)總福利的增長(zhǎng)，企業(yè)兼并的理論研究也正是在這兩方面需求的推動(dòng)下孕育而生的。尤其是第五次兼并浪潮的興起及全球經(jīng)濟(jì)一體化趨勢(shì)擴(kuò)大了企業(yè)兼并的影響范圍，在進(jìn)一步豐富發(fā)展兼并

2、理論的同時(shí)，也對(duì)其提出了許多新的要求。但由于經(jīng)濟(jì)、管理行為相對(duì)復(fù)雜，且受當(dāng)時(shí)經(jīng)濟(jì)環(huán)境的影響，目前業(yè)己取得的兼并理論研究成果尚不能完全解釋、指導(dǎo)許多新的兼并現(xiàn)象，從而無法滿足實(shí)務(wù)界的需求?；谝陨显?，針對(duì)第五次兼并浪潮中企業(yè)追求“產(chǎn)品種類的優(yōu)勢(shì)互補(bǔ)、成本節(jié)約”的特點(diǎn)以及全球經(jīng)濟(jì)一體化對(duì)兼并的促動(dòng)作用理論現(xiàn)有研究成果的基礎(chǔ)上，以“差異產(chǎn)品組織理論、博弈論、微分方法及數(shù)值模擬技廠商序列兼并:本文在回顧了兼并為主線，運(yùn)用產(chǎn)業(yè)術(shù)，通過對(duì)差異產(chǎn)品

3、廠商序列橫向兼并、序列縱向兼并、基于范圍經(jīng)濟(jì)的序列兼并的分析，研究產(chǎn)品差異性對(duì)兼并行為的影響，以填補(bǔ)“差異產(chǎn)品廠商序列兼并”研究的空白。此外，本文還分析了第五次兼并浪潮中經(jīng)濟(jì)一體化對(duì)兼并(包括跨國(guó)兼并)的促動(dòng)作用?，F(xiàn)將本文創(chuàng)新性研究成果歸納如下:1從產(chǎn)品差異性及成本協(xié)同角度，深入分析了產(chǎn)品差異度及成本協(xié)同效應(yīng)對(duì)橫向兼并動(dòng)機(jī)及序列橫向兼并行為的影響。研究表明:對(duì)于能夠產(chǎn)生成本協(xié)同效應(yīng)的橫向兼并，兼并廠商的利潤(rùn)增長(zhǎng)量是關(guān)于產(chǎn)品差異性及成本協(xié)

4、同效應(yīng)的增函數(shù)，產(chǎn)品差異越大、兼并成本協(xié)同效應(yīng)越強(qiáng)，兼并廠商的利潤(rùn)增長(zhǎng)量越多而未兼并企業(yè)的利潤(rùn)損失量也是關(guān)于產(chǎn)品差異性及成本協(xié)同效應(yīng)的增函數(shù)，產(chǎn)品差異越大、兼并成本協(xié)同效應(yīng)越強(qiáng)，未兼并廠商受到的負(fù)面影響越嚴(yán)重，其發(fā)起跟隨兼并的動(dòng)機(jī)也越強(qiáng)烈且就廠商兼并動(dòng)機(jī)及社會(huì)福利增長(zhǎng)而言，產(chǎn)品差異度與成本協(xié)同效應(yīng)具有互補(bǔ)性，從而彌補(bǔ)了目前有關(guān)橫向兼并研究的不足。2.從產(chǎn)品差異性及成本協(xié)同角度，深入分析了橫向兼并對(duì)市場(chǎng)結(jié)構(gòu)的影響及市場(chǎng)結(jié)構(gòu)變化對(duì)廠商兼并動(dòng)

5、機(jī)及序列兼并行為的影響。針對(duì)第五次兼并浪潮，本文在研究產(chǎn)品差異性、兼并成本協(xié)同性對(duì)廠商兼并動(dòng)機(jī)影響的基礎(chǔ)上，研究了市場(chǎng)結(jié)構(gòu)(主要指行業(yè)內(nèi)廠商數(shù)目、消費(fèi)者偏好、己發(fā)生兼并次數(shù))變化對(duì)多次橫向兼并行為的影響。研究表明:對(duì)于同時(shí)具有產(chǎn)量協(xié)同效應(yīng)及成本協(xié)同TheStudyofMergerswithDifferentiatedProductsABSTRACTBeinganimportantmeanstoenlargerapidlyforfirms

6、MergerislikelytobringwithnegativeinfluencetosocietywelfareasithaspromotedtherapidgrowthoffirmsandtheEconomygreatly.Inthelightofmergerfirmswishthattheycanlookforsuitablemergerstylestoachievethemaximizationoftheirprofitsan

7、dthegovernmentneedstojudgeobjectivelyandreasonablywhetherthemergercanincreasethesocietywelfare.Withthepromotionofthesetwokindsofneedsthetheorystudyofmergerarousedinindustryorganizationfield.Especiallytheriseofthefifthmer

8、gerwaveandthedevelopmentoftheworldeconomyintegrationhaveenlargedtheinfluencescopeofmergerandputforwardmanynewproblemstomergertheoryaspromotingthedevelopmentsofmergertheory.Aseconomyandmanagementhavemorecomplexuncertainty

9、andthestudiesofmergertheorywereinfluencedbythebackgroundofeconomydevelopmentatthattimethepresentmergertheorycantexplainandguidemanynewmergerbehaviorsandcantsatisfytheneedofpractice.Basedontheabovereasonsandfocusedonthema

10、incharacteristicsofthefifthmergerwavethedissertationanalyzedthesequentialmergerswithdiferentiatedproductssequentialmergerswithscopeeconomyandthetriggermechanismtomergersofeconomyintegrationbeyondindustryorganizationgamet

11、heorydiferentialcalculusandsimulation.Thesummaryofinnovationsinthedissertationisasfollowing:I.Inthisdissertationfocusedonthediferentiationbetweenproductsandthecostsynergyefectsofmergersthemotivesofhorizontalmergerandthei

12、nfluencesbetweensequentialmergersareanalyzeddeeply.Theresultshows:asthehorizontalmergerswithcostsynergyefectstheincreasingquantityofprofitofmergedfaresisanincreasingfunctionwithregardtothediferentiationbetweenproductsand

13、thecostsynergyefects.Themorethediferentiationbetweenproductsorthestrongerthecostsynergyefectsofmergersthemoretheincreasingquantityofprofitofmergedfirms.Andthedecreasingquantityofprofitofunmergedfirmsisalsoanincreasingfun

14、ctionwithregardtothediferentiationbetweenproductsandthecostsynergyefects.Themorethediferentiationbetweenproductsorthestrongerthecostsynergyefectsofmergersthemorethedecreasingquantityofprofitofunmergedfirmsandthestrongert

15、hemergermotivesofunmergedfirms.Asthemergermotivesandthegrowthofsocietywelfaretherelationshipbetweenthediferentiationbetweenproductsandthecostsynergyefectsofmergersiscomplementary2.Inthisdissertationfocusedonthediferentia

16、tionamongproductsandthecostsynergyefectsofmergerstheinfluenceofhorizontalmergeronmarketstructureandtheinfluencesofmarketstructurechangesonmergerareanalyzeddeeply.Theresultshows:asthehorizontalmergerswithbothproductionsyn