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R&D并购作为获取R&D资源的重要方式,经常为企业使用。本文利用博弈论和实物期权理论,探讨了外部性、“谈判力”、无风险利率、投资延迟损失率以及项目价值波动率差异对兼并动机影响,得到以下结论:并购双方网络外部性强度差异,导致企业采用不同并购策略。而被并购企业R&D活动可能产生的负外部性及网络产业中企业在无风险利率、项目价值波动率等方面的优势是并购动因产生的重要因素。
R & D mergers and acquisitions as an important way to get R & D resources, often for business use. In this paper, using game theory and real option theory, this paper discusses the influence of externality, “bargaining power”, risk-free interest rate, investment delay loss rate and project value volatility on the merger motivation. The following conclusions are obtained: Differences, leading to different mergers and acquisitions strategy. The negative externality of the R & D activities of M & A firms and the advantages of risk-free interest rate and the volatility of the project value in the network industry are important factors in M & A.