Option-Game Theory and Its Application on the Price Decision of Enterprises M&A

并购是企业一种重要的战略投资方式，是企业发展到一定规模之后，实现跳跃性增长的捷径。并购交易非常复杂，涉及繁多的程序和战略战术以及不同的法律条款和规定。但并购的交易价格无疑是其中的核心，它关系着并购交易是否能达成，以及并购后的公司能否达到预期目的，即并购能否最终成功。因此，作为并购参与人，如何较为准确而合理地确定并购价格决策直接关系到并购项目的成败。并购价格决策是指，在并购活动中并购方[1]如何对目标公司做出正确合理的估价并最终确定并购交易价格。本文就以并购方价格策略的确定作为研究核心。文章针对传统企业并购估价和决策理论方法中存在的问题，结合前沿研究成果，利用期权博弈方法对并购方价格决策进行分析...M&A project is a crucial way of strategic in vestment in a corporation. After reaching a certain size, a corporation always gets a rapid growth through M&A.M&A is a complex deal, which is involved with many programs, strategies and various laws. Obviously,a factor that can directly affect the success of M&A is the price of the deal. Therefore ,it is critical for a player of M&A...学位：经济学硕士院系专业：经济学院金融系_金融学(含保险学)学号：2005130088

JUNO Sensitivity on Proton Decay p→νˉK+p\to \bar\nu K^+ Searches

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this paper, the potential on searching for proton decay in $p\to \bar\nu K^+$ mode with JUNO is investigated.The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits to suppress the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar\nu K^+$ is 36.9% with a background level of 0.2 events after 10 years of data taking. The estimated sensitivity based on 200 kton-years exposure is $9.6 \times 10^{33}$ years, competitive with the current best limits on the proton lifetime in this channel

JUNO sensitivity on proton decay p → ν K + searches*

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this study, the potential of searching for proton decay in the $p\to \bar{\nu} K^+$ mode with JUNO is investigated. The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits suppression of the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar{\nu} K^+$ is 36.9% ± 4.9% with a background level of $0.2\pm 0.05({\rm syst})\pm$$0.2({\rm stat})$ events after 10 years of data collection. The estimated sensitivity based on 200 kton-years of exposure is $9.6 \times 10^{33}$ years, which is competitive with the current best limits on the proton lifetime in this channel and complements the use of different detection technologies