接管者的存在是提供股東與董事會另一種的監督機制。在接管時，併購者所關心的是能如何以最低的價格收購股東手中的股票完成接管。所以本文以非線性定價模型討論，當股東間存在異質性時間偏好時，併購者如何最小化其併購成本。從中我們得到併購者的最適收購方向是從股東時間偏好低的到時間偏好高的，使其成本最小。當股東間存在極端差異下，造成併購者收購時間增長使其持有成本上升，此時應該考慮使用排除機制，以降低成本完成接管。 While most takeover models assume homogeneous stockholders, we analyze a nonlinear model with heterogeneous stockholders. According to heterogeneous time preference, the raider can make optimal nonlinear tariffs to minimize cost. We find that raider's optimal tariffs are increasing, as the stockholder's preference is increasing. And the raider's holding cost is increasing as time goes by. In this situation, we suggest the raider can use exclusion to complete takeover. By using exclusion, the raider can minimize the cost of takeover.
