国有资产并购价格的形成机制与合谋风险防范
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财经研究 2005 年 第 31 卷第 11 期, 页码：131 - 138
摘要
参考文献
摘要
文章研究了公司并购价格尤其是国有企业并购价格的形成机制。首先讨论了在非合作博弈前提下,强制一次成交与多回合讨价还价的解空间;然后引入交易主持人的效用函数,分析合谋操纵下的价格扭曲及对资产出卖方的利益侵害;最后从多方面提出风险防范的改进措施。相关结论应用于国有企业的并购重组具有很强的现实意义,不但能提高交易的撮合成功率,有利于盘活国有不良资产,而且能有效防范串谋带来的不利影响,防止国有资产的非正常流失。
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[2]王?.双重博弈中的激励与行为[A].陈国富.委托代理与机制设计[C].天津:南开大学出版社,2003:174.
[3]张维迎.博弈论与信息经济学[M].上海:上海人民出版社,上海三联书店,1995.
[4](美)罗杰.B.迈尔森.博弈论矛盾冲突分析[M].(于寅,费剑平译)北京:中国经济出版社,2001:333.
[5]Bulow J I,Klemperer P D.Auction vs.negotiations[J].American Economic Review,1996,(86):180~194.
[6]Chatterjee K,W Samuelson.Bargaining under incomplete information[J].OperationsResearch,1983,(31):835~851.
[7]Klemperer P D.Auction theory:A guide to the literature[J].Journal of EconomicSurvey,1999,(13):227~286.
[8]Maskin E,J Riley.Asymmetric auction[J].Review of Economic Studies,2000,(67):413~438.
[9]Milgrom P R.Rational expectations,information acquisition,and competitive bidding[J].Econometrica,1981,49:921~943.
[10]Myerson R,M Satterthwaite.Efficient mechanisms of bilateral trading[J].Journal ofEconomic Theory,1983,(28):265~281.
[11]Rubinstein A.Perfect equilibrium in a bargaining model[J].Econometrica,1982,(50):97~109.
[12]Shaked A,J Sutton.Unvoluntary unemployment as a perfect equilibrium in abargaining model[J].Econometrica,1984,(52):1351~1364.
[13]Wilson R.A bidding model of perfect competition[J].Review of Economic Studies,1977,44:511~518.
引用本文
马理. 国有资产并购价格的形成机制与合谋风险防范[J]. 财经研究, 2005, 31(11): 131–138.
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