摘要
本文模型表明,若企业成员所采用的贴现因子一致且稳定,企业总价值与分配情况无关。但若企业成员所采用的贴现因子与其在企业中所分配得的总收入正相关,则分配方案调整在不影响企业总生产力的情况下已可能损毁企业总价值;即使是依据边际生产率差异进行的分配调整,也只有在被调整的企业成员间的边际生产率差异有一定显著性的情形下,才能创造价值。运用模型结论,本文对并购中的目标公司和整合策略选择提出了政策建议。
Using a DCF model, this paper illustrates that if the members of the firm employ a same and constant discount factor, the total value of the firm will be independent of the compensation distribution schedule. But if the discount factors employed by the members are positive correlated with their total incomes in the firm, even if the adjustment of compensation distribution schedule has no impact on the collective productivity of the firm, it can destroy the total value of the firm, and the compensation distribution adjustment ground on the difference among marginal production rates of the members of the Finn can create value only when the difference is significant in some level. Based on the model, we offer some suggestions on the target firm selection and integration maneuver in M＆A.
出处
《财经科学》
CSSCI
北大核心
2007年第9期75-81,共7页
Finance & Economics
基金
国家自然科学基金资助(70572054)
关键词
贴现模型
报酬分配
组织相容
DCF model
compensation distribution
organizational compatibility
