CAJ | 학술논문

信息不对称、有限理性增加了并购公司对目标公司价值估计的难度，本文通过分析目标公司的信息披露尤其是自愿披露的信息来识别目标公司的并购动机，促进并购公司对目标公司价值估计的有效性。通过分析目标公司披露的信息来降低信息不对称所引起的目标公司价值估计偏差，促进并购参与各方采用正确的策略与方法。提出了信息披露的稳定策略，并证明在信息披露稳定策略下目标公司价值估计的策略是最优的。
신식불대칭、유한이성증가료병구공사대목표공사개치고계적난도，본문통과분석목표공사적신식피로우기시자원피로적신식래식별목표공사적병구동궤，촉진병구공사대목표공사개치고계적유효성。통과분석목표공사피로적신식래강저신식불대칭소인기적목표공사개치고계편차，촉진병구삼여각방채용정학적책략여방법。제출료신식피로적은정책략，병증명재신식피로은정책략하목표공사개치고계적책략시최우적。
Information asymmetry and bounded rationality make the valuation process of target firm complex. The paper analyzed the information disclosure of target firm, especially voluntary disclosed information, and identified target firm＇ s merging motives. We also studied the relationship between information disclosure and firm value. According to merging motives, acquiring firm can further value target firm. And information disclosure can weaken the bias coming from infonnafion asymmetry, which can also improve acquiring firm＇ s methods and strategies on valuing target firm. We introduced the ＂evolutionary stable strategy （ESS） of information disclosure, and proved the valuing strategy of acquiring firm is maximum under the ESS.