A Dynamic Game Analysis of the Pricing of the Enterprises' Merging Based on Complete Information

摘要

The negotiation process of merging enterprises is a two party game process. It is an issue of how to distribute the increased value in the merging based on the condition of non-cooperative game. This research indicates that in the process of pricing of the merging based on complete information, the outcome of the sub-game refined Nash Equilibrium is a function of stochastic discount factor between the mergee and the merger. The party whose stochastic discount factor is bigger can obtain more profits in the process of merging. The more rounds the negotiation has, the more advantageous the result of the merging is, and the more advantages the party who offers first can obtain from the merging.