不完全信息下考虑效率和规模的多时点并购决策

运筹学学报 ›› 2015, Vol. 19 ›› Issue (1): 65-76.

不完全信息下考虑效率和规模的多时点并购决策

施海柳^1,2, 王应明^1,*, 陈圣群^1,2

1. 福州大学经济与管理学院决策科学研究所，福州 350116; 2. 福建江夏学院电子信息科学学院，福州 350108

收稿日期:2014-06-30 出版日期:2015-03-15 发布日期:2015-03-15
通讯作者: 王应明 E-mail:msymwang@hotmail.com
基金资助:
国家自然科学基金(No. 71371053), 福建江夏学院青年科技课题(No. 2012C025), 福建省中青年教师教育科研项目(JA14322), 福建江夏学院青年科研人才培养基金项目(JXZ20140003)

Multiperiod mergers and acquisitions (M{\&}A) decision in consideration of efficiency and scale under the incomplete information

SHI Hailiu^1,2, WANG Yingming^1,*, CHEN Shengqun^1,2

1. Institute of Decision Science, School of Economics and Management, Fuzhou University, Fuzhou 350116, China; 2. School of Electronic Information Science, Fujianjiangxia University, Fuzhou 350108, China

Received:2014-06-30 Online:2015-03-15 Published:2015-03-15

摘要/Abstract

摘要： 针对企业并购过程中存在不完全信息和多时点信息的问题，提出了一种考虑效率和规模的企业并购决策方法. 通过证据推理集结并购双方的不完全的、多时点的评价信息，利用\,DEA\,方法判断合并企业规模是否过大，并筛选出可行并购方案，再根据合并企业竞争型并购交叉效率高低决策最佳并购目标. 最后算例分析说明了方法的有效性和实用性.

关键词: 不完全信息, 并购决策, 数据包络分析, 证据推理, 效率与规模

Abstract: For problem of incomplete information and multiperiod information existing in the process of mergers and acquisitions (M{\&}A), an approach of enterprises M{\&}A decision is proposed in consideration of efficiency and scale. Incomplete and multiperiod evaluation information of two sides involving in M{\&}A is aggregated using evidence reasoning (ER), and whether the scale of a merger enterprise is too large is determined using DEA method, which is used to select feasible M{\&}A scheme, then the best targets is determined according to the value of competitive cross-efficiency of M{\&}A scheme. Finally, an illustrative example is given to show the feasibility and validity of the proposed method.

Key words: incomplete information, mergers and acquisitions (M{\&}A) decision, data envelopment analysis, evidence reasoning (ER), efficiency and scale

中图分类号:

C931

施海柳, 王应明, 陈圣群. 不完全信息下考虑效率和规模的多时点并购决策[J]. 运筹学学报, 2015, 19(1): 65-76.

SHI Hailiu, WANG Yingming, CHEN Shengqun. Multiperiod mergers and acquisitions (M{\&}A) decision in consideration of efficiency and scale under the incomplete information[J]. Operations Research Transactions, 2015, 19(1): 65-76.

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