Information, Risk and Vertical Integration Choice An Empirical Study Based on Chinese Automobile Industry
Information asymmetry and demand uncertainty is to promote an important reason for vertical integration. By assuming the relation between demand uncertainty and information asymmetry and vertical integration, we have a car company mergers and acquisitions, for example the use of the longitudinal structural equation model analysis of the automotive firm to choose vertical integration, and information and risk relations. The results show that: because that automobile whole car firm and parts firm face information insufficiency and risk extension during the bargain of the product is in the middle as for both parties, the exterior market bargain of the middle product is a way that the price is very high. By rocked in because of themselves asset specificity, both parties face environment that lay hands on of the speculation risk lead to value snatched and information obstruction make the bargain could not reach the Optimal choice. This kind of uncertainty environment will make both parties all take pleasure in keep cooperation because of the demand of evading risk and sharing information, inclining toward vertical integration each other.
vertical integration Automobile Industry Information Risk
XU Zhihong XU Bin
Jiangxi Normal University, Office of Teaching Affairs, Nanchang, Jiangxi, 330013 Jiangxi University of Finance, usiness Administration, Nanchang, Jiangxi, 330013
国际会议
海口
英文
476-482
2010-11-26（万方平台首次上网日期，不代表论文的发表时间）