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引文資料
題名:
Strategic Choice between Joint Ventures and Mergers for Vertical Integration
書刊名:
財務金融學刊
作者:
吳菊華
/
胡聯國
作者(外文):
wu, Chu-hua
/
Hu, Len-kuo
出版日期:
2009
卷期:
17:3
頁次:
頁103-125
主題關鍵詞:
合資
;
併購
;
非完全契約
;
股權結構
;
公司控制
;
Joint ventures
;
Mergers
;
Incomplete contract
;
Stock ownership
;
Corporate control
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
3
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
2
共同引用:0
點閱:30
Drawing upon the incomplete contract theory, this study examines the criterion of the strategic choice between joint ventures (JVs) and mergers when two firms contemplate vertical integration. Our model reaches the following conclusions: (1) some ownership provision to the acquired company after the mergers may prove to be more lucrative to the acquirer than 100% takeover; (2) given the same equity share arrangement for JVs and mergers we conclude that these two firms should choose to merge or be merged rather than JVs; (3) we derive the optimal equity share arrangement in both JVs and mergers when ownership provision is considered as a strategic means. In addition, we also compare the welfare and effort of both companies in JVs and mergers under symmetric cost structures, and find that mergers would provide greater social efficiency and welfare than 50-50 JVs when the acquirer’s equity share is between 30% and 65%.
以文找文
期刊論文
1.
Fan, Joseph P. H.、Goyal, Vidhan K.(2006)。On the Patterns and Wealth Effects of Vertical Mergers。Journal of Business,79(2),877-902。
2.
Stulz, R. M.(1988)。Managerial Control of Voting Rights, Financial Policies and the Market for Corporate Control。Journal of Financial Economics,20,25-54。
3.
Hart, Oliver D.、Moore, John(1990)。Property Rights and the Nature of the Firm。Journal of Political Economy,98(6),1119-1158。
4.
Grossman, Sanford J.、Hart, Oliver D.(1986)。The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration。Journal of Political Economy,94(4),691-719。
5.
Klein, Benjamin、Crawford, Robert G.、Alchian, Armen A.(1978)。Vertical Integration, Appropriable Rents, and the Competitive Contracting Process。The Journal of Law and Economics,21(2),297-326。
6.
Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics,37(1),39-65。
7.
Williamson, Oliver E.(1979)。Transaction-Cost Economics: The Governance of Contractual Relations。The Journal of Law and Economics,22(2),233-261。
8.
Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics,11(1-4),5-50。
9.
Harris, Milton、Raviv, Artur(1988)。Corporate Control Contests and Capital Structure。Journal of Financial Economics,20(1/2),55-86。
10.
Chiu, Y. S.。Noncooperative Bargaining, Hostages, and Optimal Asset Ownership。The American Economic Review,88(4),882-901。
11.
Chen, Z.、Ross, T. W.。Cooperating Upstream while Competing Downstream: A Theory of Input Joint Ventures。International Journal of Industrial Organization,21,381-397。
12.
Johnson, Shane A.、Houston, Mark B.。A Reexamination of the Motives and Gains in Joint Ventures。Journal of Financial and Quantitative Analysis,35(1),67-85。
13.
Lee, S. Y. Tom、Lim, K. S.。The Impact of M&A and Joint Ventures on the Value of IT and Non-IT Firms。Review of Quantitative Finance and Accounting,27(2),111-123。
14.
McConnell, J. J.、Nantell T. J.。Corporate Combinations and Common Stock Returns: The Case of Joint Ventures。The Journal of Finance,40(2),519-536。
研究報告
1.
Siebert, R.、Gugler, K.。Market Power versus Efficiency Effects of Mergers and Research Joint Ventures: Evidence from the Semiconductor Industry。
圖書
1.
Williamson, Oliver E.(1975)。Markets and Hierarchies: Analysis and Antitrust Implications。New York, NY:Free Press。
2.
Williamson, Oliver E.(1985)。The Economic Institutions of Capitalism: Firms Markets, Relational Contracting。Macmillan, Ltd:Free Press。
3.
Hart, O. D.。Firms, Contracts, and Financial Structure。Firms, Contracts, and Financial Structure。Oxford, UK。
4.
Holmstrom, B.、Tirole, J.。The Theory of the Firm。The Theory of the Firm。Amsterdam, Holland。
5.
Laffont J. J.。Incentives and Political Economy。Incentives and Political Economy。New York, NY。
6.
Salanie, B.。The Economics of Contracts。The Economics of Contracts。Cambridge, UK。
7.
Shapley, L. S.。Notes on the N-person Game, II: The Value of an Nperson Game。Notes on the N-person Game, II: The Value of an Nperson Game。
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