Study on transaction cost analysis in mergers and acquisition process

摘要

Mergers and Acquisitions (M&A) are behaviour which transferring the property right between buyer and seller corporate, therefore M&A is a set of transaction, whereas both sides have to pay Transaction Costs (TCs). This paper, on the basis of reveiwing researches about M&A process and crtitical factors, builds a transaction process model and proposes TCs as a measure for controlling M&A process, and also builds the measure and calculate model of TCs paid by one side of M&A. This paper also discusses deeply about the interaction between critical factors and transaction cost in M&A process, the M&A process planning and control basing on transaction cost, and the transaction cost analysis as a fundamental source for the success of M&A.