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A Research on the Enterprise Merger and Acquisition under the Asymmetric Information Environment

Author: LiJingJing
Tutor: LuoYunFeng
School: Huazhong University of Science and Technology
Course: Systems Engineering
Keywords: Information Asymmetry Enterprise Merger and Acquisition Moral Hazard Adverse Selection Economic Efficiency Game Behavior
CLC: F271
Type: Master's thesis
Year: 2008
Downloads: 188
Quote: 0
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Abstract


Recently,the global enterprise merger and acquisition tide has been blustery. From the domestic to the international, the enterprise merger and acquisition is irreplaceable as an effective measure to optimize the allocation of resources, to impel the company value to grow and to optimize the market mechanism. However,the asymmetrical information will affect the efficiency of the enterprise merger and acquisition,increase the cost and the risk,then the merger and acquisition can’t go smoothly. It’s always been the essential topic in the enterprise merger and acquisition to reduce the risk and the cost. It is always requested that enterprise should make the correct decision according to the changing environment.Based on the theories and methods of the economics of information, the adverse option model, the moral hazard model and the cournot-contest model have been used to research the game behaviors of the target enterprises and the seeking enterprises, which are under the asymmetrical information environment.This thesis has reviewed the theory of the asymmetry information and enterprise merger and acquisition; it has also analyzed the cause of the information asymmetry of the enterprise merger and acquisition. Then this thesis divides the questions into beforehand asymmetrical information problems and the afterwards asymmetrical information problems. The adverse option model and the moral hazard model have been applied to investigate the influence of the asymmetrical information to the target enterprises and the seeking enterprises, which are under the merger and acquisitions environments. Prevention countermeasures have been given to these two problems. The thesis has also summarized and reviewed the previous researched of the enterprise merger and acquisition under the asymmetry information. The cournot-contest model has been used to analysis the influence of the changing factors such as the desires, determinations and abilities to the game behaviors of the target enterprises.Finally, further researches on the game behaviors of the target enterprises under the asymmetrical information are needed in the future.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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