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《Chinese Journal of Management Science》 2009-01
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The Analysis of the Behavior of Corporate Mergers Based on Real Option

CHEN Zhu-ming1,YANG Hua-li2(1.Dep.of Finance,School of Business,Sun Yat-sen University,Guangzhou 510275,China;2.Sun Yat-sen University,Guangzhou,510275,China)  
This paper develops a model of pricing for mergers of corporate with debts under stochastic market.By analysing the motivation,process,and the main factors,which would influence the pricing of mergers,we give out the equilibrium mergers prices and optimal mergers timings of "good firms","intermediate firms" and "bad firms" in mergers.The main conclusions are coincident with experience.
【Fund】: 广东省哲学社会科学基金资助项目(03/04C2-07);; 广东省自然科学基金资助项目(031635)
【CateGory Index】: F271;F224.32
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