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1、41002072李民权ExamQuestions(50%each)1)Gili,aChinesecarmaker,isspendingaverylargeamountofmoneybuyinganotherforeigncarproducer.Accordingtothetheoriesinthiscourse,doyouthinkthisisagooddeal?TakeChineseGeelyclosetoVolvoacquisitionforexample,Idon'tbelieveit'sinthebestinterestforChinesecarmakers
2、.ChinesecarmakerGeelyissaidtobeinthefinalspurttoacquireSweden-basedVolvoCarsfromFord-butanalystsarealreadycriticizingthedeal.1.Mergersandacquisitions(abbreviatedM&A)isanaspectofcorporatestrategy,corporatefinanceandmanagementdealingwiththebuying,selling,dividingandcombiningofdifferentco
3、mpaniesandsimilarentitiesthatcanhelpanenterprisegrowrapidlyinitssectororlocationoforigin,oranewfieldornewlocation,withoutcreatingasubsidiary,otherchildentityorusingajointventure.Thedistinctionbetweena"merger"andan"acquisition"hasbecomeincreasinglyblurredinvariousrespects(particularlyin
4、termsoftheultimateeconomicoutcome),althoughithasnotcompletelydisappearedinallsituations.Firstly,theacquisitionextendthetransactioncost.Ineconomicsandrelateddisciplines,atransactioncostisacostincurredinmakinganeconomicsexchangeorthecostofparticipatinginamarket.Anumberofkindsoftransactio
5、ncosthavecometobeknownbyparticularnames:·Searchandinformationcostsarecostssuchasthoseincurredindeterminingthattherequiredgoodisavailableonthemarket,whichhasthelowestprice,etc.For·Bargainingcostsarethecostsrequiredtocometoanacceptableagreementwiththeotherpartytothetransaction,drawingupa
6、nappropriatecontractandsoon.Ingametheorythisisanalyzedforinstanceinthegameofchicken.Onassetmarketsandinmarketmicrostructure,thetransactioncostissomefunctionofthedistancebetweenthebidandask.·Policingandenforcementcostsarethecostsofmakingsuretheotherpartystickstothetermsofthecontract,and
7、takingappropriateactionifthisturnsoutnottobethecase.2.Assetspecificityisatermrelatedtotheinter-partyrelationshipsofatransaction.Itisusuallydefinedastheextenttowhichtheinvestmentsmadetosupportaparticulartransactionhaveahighervaluetothattransactionthantheywouldhaveiftheywereredeployedf
