对于企业并购的研究,现有文献主要集中在三个方面:一是从企业个体角度和宏观角度来研究企业并购动因;二是运用博弈论模型以及运用实物期权模型来分析企业并购过程,对企业并购的研究最新进展主要体现在这个研究领域;三是运用事件研究法和会计指标研究法来研究并购绩效。国有大股东和管理者在并购过程中所起的作用,以及在实物期权和博弈论的框架下研究新一轮战略并购浪潮,构成未来的研究方向。
Current studies of M&A mainly concentrate on three respects. The first respect study merger motives from firm's individual perspective and macro-perspective respectively. The second respect model and analyze merger process with game theory and real option theory respectively, and new developments of studies of M&A are mainly in this field. The third respect study merger performance respectively with event study method and accounting-based method. The rolde of stated owned large shareholders and manageers in merger process, and studying the new strategic merger wace under the real option and game theory framework are future research directions.