中文摘要：

本文将产业链看作由众多传输资源的渠道有机连接组合而成的纵向链条,而并购对产业链的影响可视为主并企业与产业链上其它企业争夺有利传输渠道所引起的连锁反应。基于这一角度,本文利用博弈论相关知识,分析了信息不对称和参与人有限理性条件下并购活动对产业链产生的影响,并提出主并企业的应对策略。结论表明,并购对产业链的影响主要体现为主并企业对其上游企业数量和同游企业行动策略的影响。而主并企业最优行动使用效果与产业链总价值、主并企业原有产业链份额及主并企业为使用资源传输渠道而支付的追加固定成本紧密相关。主并企业只要使其支付的追加固定成本的数额低于两倍的其原有产业链份额乘以产业链总价值之积,就可以通过最优行动控制有利传输渠道,阻止产业链同游企业的模仿行为并加速其策略转换速度,以降低来自产业链其它企业的阻力,顺利实现并购目标。

英文摘要：

The paper thinks of the industrial chain as a vertical chain consisting of many channels which transmit resources and the influence of M＆A actions to the industrial channel as the chain reaction of the acquirer and other enterprises on the industrial channel. And from the viewpoint the paper analyzes the impact of M＆A actions to the industrial chain by using game theory and puts forward useful advices on the background of asymmetric information and bounded rationality. The result shows that the actions of M＆A only influence the number of the upstream enterprises and the strategies of the acquirer＇s peer enterprises. And the average level the optimal actions＇ result of the acquirer has close relationship with the following factors： the total value of the industrial channel, the acquirer＇s the original share of the industrial chain and additional fixed cost which uses in the aspects of using channels to transmit resources. The acquirer can take effective actions to own beneficial transmission channels by making the number of additional fixed cost less than twice the product which multiplied by the total value of the industrial channel and the acquirer＇s the original share of the industrial chain. These actions also can prevent the action of other enterprises and accelerate their strategies conversion to reduce the resistance from other enterprises of the industrial chain and realize the acquirer＇ s strategic goals.