上市公司并购动机的系统博弈研究

摘要 并购的动因一直是国内外学者研究的课题之一。本文首先回顾了国内外理论界对并购动因研究的成果，对主要的有代表性的观点进行了介绍，指出了这些理论的侧重点。在此基础上，本文从系统论和博奕论的角度对上市公司并购的动机进行了分析，提出了相应的模型，并应用该模型对以往理论的形成做出了解释。

关键词 并购动因 系统论 博弈论

Abstract Motives of M & A is one of tasks that civil and foreign scholars study. This thesis retrospects the achievements of study of civil and foreign theories firstly, then introduces the main representative viewpoints and points out the difference among them. On the basis of prior researches, motives of mergers and acquisitions are analyzed according to theory of system and games. Accordingly, model of system and game are brought forward to explain the prior theories and M&A activities.

Key words motives of mergers and acquisitions system theory game theory