企業(yè)兼并理論的產(chǎn)業(yè)組織述評(參考版)
2025-06-25 14:30本頁面
【正文】 18. 干春暉：《資源配置與企業(yè)兼并》，上海財經(jīng)大學出版社1997年版。J科斯：《企業(yè)、市場與法律》，上海三聯(lián)書店1990年版。16. R格 John Moore,1990, Property Rights and the Nature of the firm, Journal of Political Economy ,.2. Williamson Oliver E,. 1971, The vertical integration of production: market failure considerations, American Economic Review, 61(May), 11223.3. Williamson, Oliver E., 1986, Vertical integration and related variations on a transactioncost economics theme. In Joseph E. Stiglitz and G. Frank Mathewson (eds), New Developments in the Analysis of Market Structure, Cambridge, MA, MIT Press, 14974.4. Scherer, Frederic M., 1988, Corporate Takeovers: The Efficiency Arguments, Journal of Economic Perspectives, 2, 6982.5. Schmalensee, Richard C., 1973, A note on the theory of vertical integration, Journal of Political Economy, 81(2), Part I, 4429.6. Lin, Y. Joseph, 1988, Oligopoly and vertical integration, American Economic Review, 78, 25147. Dixit, Avinash, 1983, Vertical integration in a monopolistically petitive industry, International Journal of Industrial Organization, 1(1), 6378.8. Farrell, Joseph, and Shapriro, Carl, 1991, Horizontal mergers, American Economic Review, 81(4), 100711.9. Yale Brozen, 1986, Concentration: Mergers and Public Policy,Trustees of Columbia University,1982.10. Terence ,1986, Mergers amp。但是，如果有價證券投資組合的交易成本很高，那么投資多角化兼并后的企業(yè)就顯得更具吸引力，因為這樣可以以較低的成本，同樣達到降低投資風險的目的。即便如此，多角化兼并也大大降低了企業(yè)的經(jīng)營風險。顯然，相關(guān)系數(shù)r的值對降低風險的程度是至關(guān)重要的，例如，當兩個企業(yè)經(jīng)營活動的收益率完全沒有關(guān)系時，兼并企業(yè)收益率的標準差可降低至原來的(1/)倍，而當兩企業(yè)收益率顯負相關(guān)時，兼并后企業(yè)收益率的標準差能降得更低。如果r是
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