Multi-bidders cooperative to merger target enterprise is a new type of merger and acquisition. The cooperative alliance of bidders is not a stable organization structure especially tempted by some potential profit from external of alliance.From the view of incomplete information, this paper analyzes the necessary of relation contract as an important supplemental agreement for formal contract. Furthermore, we make the research on optimal efforts of merger promoter and optimal transfer payments of merger manager by analyzing systemically based on relation contract. And finally, we analyze the conditions for both manager and promoter for arriving relation contract and also conclude the criterion of selecting discount present value for respectively cooperative bidders. Some conclusions indicate that the optimal transfer payments of merger manager can make positive incentive to the optimal efforts of merger promoter, and the first one decided by differential income of alliance and external alliance that is based on the success probability of merger and acquisition.%主并方为多方的合作并购是一种新的企业并购形式,当外部潜在收益作用于合作并购联盟时,主并方的合作并购联盟稳定性会受到威胁.从不完全信息角度分析了合作并购中关系契约作为正式合作契约补充的必要性,进而系统地分析了关系契约中并购促成者和并购经营者的最优努力与最优转移支付的选择问题,并给出了并购经营者与并购促成者关系契约的达成条件及相关贴现值的选择准则.研究结论表明,关系契约中,并购经营者努力程度受到并购经营者转移支付的正向影响,而最优转移支付又取决于并购成功概率下的级差收益.
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