Year: 2025
Type: article
Abstract: This study investigates the tripartite game mechanism in mergers and acquisitions (M&A) between state-owned enterprises (SOEs) and listed companies in the manufacturing sector. A dynamic evolutionary game model involving the government, SOEs, and listed companies is constructed based on evolutionary game theory. Python-based simulations and case validation are employed to analyze equilibrium stability. Key findings include: 1) Narrowing M&A price differentials increases the likelihood of SOEs adopting high-price strategies and government support; 2) Rising transaction costs drive SOEs to raise acquisition prices while enhancing listed companies' acceptance rates; 3) Widening income gaps boost listed companies' acceptance but reduce government incentives; 4) Government capital assistance directly influences strategic choices—greater capital disparities between parties promote high-price acquisitions and transaction success. The research provides a game-theoretic framework to optimize M&A decision-making, revealing how institutional dynamics and resource allocation shape cross-ownership restructuring outcomes.
DOI: 10.54097/khw84514
Author: Chenhao Shao
Institution: Sichuan University
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: hybrid
Funder: Sichuan University
OpenAlex ID: W4409133529