并购收益

第四部分：不同的支付方式下的并购收益与成本测算。

PART FOUR : Estimate of profit and cost under different payment modes .

其次，利用进化学习理论建立了企业并购收益的动态定价模型。

The paper use evolutionary stable strategy to set up the equilibrium of repeated signaling game . Secondly , the paper developed dynamic pricing model on merger and acquisition return through evolutionary learning theory .

并在分析中建立了一个以并购协同收益为核心的简单的定价模型。

In my analysis , I build a simple pricing model with the operating synergy as key element .

国家公司治理水平与跨境并购目标企业收益

Corporate Governance Level and the Return of Target Enterprises in Cross-border Mergers and Acquisitions

企业并购中讹诈收益的博弈分析

M & A Revenue Blackmail Game Analysis

有效跨国并购受成本收益的动态变化的影响。

Successful M & As are affected by the dynamic variety of the costs and incomes .

本文提出了通过政府介入并购对总收益的影响来判断政府是否应该介入企业并购；

In this sense , the paper suggests that government 's interference into M & A depends on its influence towards general benefit , income ;

本文对于市场绩效的衡量是从并购的超额收益角度出发，构建了以并购收益为主线的研究思路，按并购动因分类对并购后的长期超额收益的影响进行研究；

This measurement of the market performance of thesis is to proceed from excess income , structuring the thinking of research taking merging incomes as the main thread , researching on the influence of the long-term excess income after merger .

并购风险与并购收益相伴而生，并购在为企业带来巨大收益的同时，也增加了各种并购风险。

With the more income , the risk increases .

国际银行业并购的风险与收益研究

Study on Adventure and Profit of Merger and Acquisitions in International Banking Industry

第二部分是对银行业并购的风险与收益的理论和实证研究。

The second part is about the theory and real example findings of adventure and profit of M & A in banking industry .

通过两个企业并购后的总收益情况来判断一个提价行为是否会导致企业盈利，从而对市场的竞争有不利影响。

After the two enterprises are merged , the total earnings situation is the evidence to judge a mark-up behavior whether can lead to corporate earnings and adverse impact .

较固定资产投资而言，通过股权并购方式取得控制权收益的代价较低，但控制性股东占有被并购公司控制权收益的比例也较低；

Compared with the fixed asset investment , the equity merger has a lower cost for obtaining control benefit , but leads to relatively lower benefit proportion for the control shareholder ;

第四章首先分析了并购的期权特性：并购收益的不确定性、并购的可延迟性、并购过程中的可转变性。

Chapter four analyses the option characteristics of MA at first : the uncertain income of MA , the value of waiting to invest , the transition natures in the course of MA .

通过考察并购事件对并购主体的股东收益影响程度，来窥探并购绩效的实际效果。

By investigating the impact of the main shareholders ' revenue impact of M & A , we will spy the actual results .

跨国并购的有效实现受跨国并购收益与成本均衡条件的制约。

The successful realization of a cross-border M A must meet with the condition of the balance of the cost and income form the cross-border M A.

究其失败的原因一般为政府干预过多、并购目标搜寻不当、过高估计并购收益和并购后企业整合不力等，其中目标企业的搜寻是所有企业并购活动的第一步，是企业并购的关键环节。

The reasons for the failure are generally too much government intervention , the search of improper acquisition targets , overestimated revenues and the ineffective integration after the merger .

其中，并购溢价理论认为并购能够带来正向收益，并购行为使得企业在追求协同效应、分散风险、税收优惠及市场控制力等方面有了明显提升。

M A premium theory , which regards positive benefit exist , assert M A would benefit companies in synergies effect , diversification of risk , tax incentives and market control power , etc. .

并购的融资决策首先要以并购的成本收益分析为前提。

Financing decision must depend on cost-profit analysis of M & A.

第二种研究方法是比较研究法，体现在第四章，比较了跨国银行在中国新设投资和并购障碍，新设投资和并购的成本以及新设投资和并购的收益。

Second method is comparison , in chapter four , we compare the barriers of Greenfield investment and M & A , the costs of them and benefits of them .

建立了并购创造价值的估测模型，具体包括协同效应模型、并购交易估价模型和并购净收益模型。

Setting up estimation model of value creation in M A , including Synergy Effect Model , M A Transaction and Evaluation Model , M A Net Income Model , etc.

进行并购会产生不可逆的成本，因此进行并购的决策方需要寻找最优的决策时机，以使并购产生的收益最大。

The M A activities will produce irreversible costs , so the decision-making side of M A need to find the optimal decision-making opportunity to make the largest revenue that generated by the M A activities .

本文运用讨价还价模型，分析金融业跨国并购中各方的行为策略，探讨了影响并购成败的主要原因，从理论上分析了实际操作中影响并购的因素如何对并购的未来收益分配产生影响。

This article analyzes the tactics of the participant action in the financial cross-border MA and discusses the main reasons which affects the success or failure of the MA , using the bargain model .