并購的動機與后果(ppt38頁)-全文預覽
【正文】 n 2. Shleifer and Vishny (1989) a. Managerial entrenchment (1) Managers make investments that increase managers’ value (2) Managementspecific investments are not value enhancing to the shareholders b. Managers are hesitant to pay out cash to shareholders c. Investments can be in the form of acquisitions in which managers overpay but lower likelihood that they will be replaced 勝者的詛咒 為什么收購方會支付昂貴的“溢價”？ 自大假說（理查德 ?羅爾） 管理層將目標的價值定在市場的價格之上，并且總是認為該價格是合理的，可能的原因是管理層具有股東財富最大化以外的目標和動機，比如成為龍頭企業(yè)的 CEO。并購的動機和后果 Incentive for and consequences of MA 1. Positive incentives ? Synergies ? Reduce agency cost ? Transaction cost ? Economy of scale ? Economy of scope ? management 降低代理成本 ? 股權分散 ? 經理人持股比例較低 ? 約束和激勵不足 ? 集體行動的邏輯 ? 股東監(jiān)督的動機弱化 ? 并購成為一種替代機制 降低交易成本 Coase (1937) ? a. Fundamental questions (1) What determines the size of a firm (2) Why and when firms would engage in horizontal bination and/or in vertical integration ? b. Transaction costs (1) Firm faces a variety of costs whether it makes something internally or instead relies on an outside supplier or distributor (2) Relative transactions costs within and outside the firm determines the decision on firm size and mergers (3) Managers should weigh transactions costs of separate versus merged entities before proceeding with merger transaction 規(guī)模經濟 ? 直徑增長低于面積增長： Technical and engineering relations such as between volume and surface area ? 存貨管理中的大數(shù)定律：存貨越多，管理成本占收入比例越低 ? 信息和物流技術的進步降低了存貨成本 ? Specialization： Firms of larger size may be able to anize production into specialist groups that emphasize a single task ? The distribution of fixed costs over a larger number of units 范圍經濟 ? Enable firm to produce related additional products at lower cost because of experience with existing pro
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