A Case Study Of Merger And Acquisition Of Listed Company B Based On Game Theory Perspective

Merger and acquisition(M&A)is a double-edged sword,which may make the M&A enterprises quickly achieve leapfrog and scale development,break through the industry barriers or the restrictions in reality;may also make the M&A enterprises and the merged enterprises play a synergistic effect;may also make the M&A companies frustrated and trapped.Gas turbine manufacturing industry is the Pearl on the crown of manufacturing industry.As a high-tech company in this industry,company B has been listed in three years since its establishment and has become a star of entrepreneurship in Chengdu.After comprehensive analysis,company B has made the decision to merge and acquire Xinli company,and will build an integrated business mode of R&D,manufacturing,marketing and service.After a series of decision-making and implementation work,such as planning development blueprint,holding special shareholders' meeting,landing the airborne CEO Lu Yi,implementing leveraged M&A and strengthening internal management,the company finally failed to achieve the expected synergy effect,making the M&A into a dilemma.Through a series of M&A decision-making and implementation activities,the management issues to be studied in this paper are extracted.In this paper,through the methods of literature analysis,case analysis,modeling analysis,induction and deduction,the game of the related parties of enterprise merger and acquisition is analyzed as the management problem.This paper analyzes the motivation of company B through the theory of M&A motivation;with the method of game theory,through observing and analyzing the internal characteristics and inherent laws of M&A,seizing the key problems and main contradictions,through abstracting and simplifying,it establishes several models that can reflect the actual M&A decision-making system,constructs a theoretical model to represent and study the relationship of various variables,and through calculation and analysis,The mechanism of M&A is discussed,and the effect of M&A is evaluated by M&A synergy theory.This paper puts forward some suggestions for M&A,including establishing the decision-making game constraint mechanism,increasing the post merger supervision and incentive mechanism,improving the risk control system,controlling the balance of leverage and risk to help enterprises out of M&A dilemma.Through the general theoretical research and analysis of this special case,and then put the special occasion under the general principle to draw some conclusions,and make some reference for the practical M&A operation of enterprises and the development of the M&A theory.