国内外企业并购研究文献综述
关于企业并购的文献综述
关于企业并购的文献综述摘要企业并购已经成为世界范围内一种普遍的现象。
为了更加深入了解企业并购的方方面面，本文尝试对该领域内主要贡献者的观点进行整理、归纳，并梳理其理论逻辑，帮助广大理论和实践工作者不断地去发掘和完善。
本文对文献的综述包括以下三个方面：一、企业并购的动因。
二、企业并购的风险分析。
三、企业并购的会计方法的选择。
本文以对我国企业并购的动机和原因展开，企业并购的动因是多种多样的，各个文献视角不同，但都包括了企业内部因素和社会环境因素。
第二部分分析企业并购面临的风险，各文献从不同角度分析企业并购的风险并试图提出一些防范风险的建议。
第三部分围绕企业并购会计方法的选择展开。
关键词：并购动机；风险分析；风险防范；会计方法引言近年来，受国际金融危机快速蔓延和世界经济增长明显减速的影响，加上目前我国经济尚未解决的深层次矛盾和问题，我国经济生活中运行中的困难增加，经济下行压力加大，企业经营困难增多。
在此背景下，我国经济面临着前所未有的挑战和机遇，行业调整、企业洗牌在全球范围内展开，中国企业并购活动日趋活跃。
事实上自1998年以来，全球企业并购就开始出现新动向，它是国际政治、经济局势变化的反映，也是全球一体化程度加深、国际竞争力加剧、技术进步加决的结果。
企业并购对经济运行有着深刻的影响。
因此人们想了解，企业并购的动因是什么？各个时期的动因相同吗？企业并购会面临什么样的风险？人们该如何防范?企业并购的会计方法又是如何选择的？一企业并购的动机因企业并购动因不尽相同。
1997年，吴永林在《企业并购动因和目的析论》中从宏观和微观两个角度分析了企业并购的动机和原因。
宏观来看：（一）企业并购是我国产业重组的需要（二）企业并购是我国经济增长的需要（三）企业并购是我国市场组织的需要（四）企业并购是我国科技进步的需要。
微观上看，企业并购也有其内在的动机因素导致企业的并购冲动：（一）壮大企业（二）获得技术（三）强化竞争（四）优势互补。
国内外企业并购动因理论文献综述
国内外企业并购动因理论文献综述摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。
相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。
关键词：企业并购动因理论并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。
但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。
正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。
并购在当今世界扮演者越来越重要的角色。
施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。
从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。
企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。
在该文中，主要总结并购动因方面的文献。
一、国外企业并购动因的研究企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。
对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。
Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。
企业并购财务绩效研究文献综述
企业并购财务绩效研究文献综述邓雅馨国内外学者对于企业并购财务绩效的研究大致分为四个研究方向：一是并购企业和目标企业的财务绩效；二是企业并购财务绩效的评价方法；三是企业并购财务绩效的影响因素。
下面，笔者将分别对这三个研究方向的国内外研究现状进行归纳总结和评述。
一、并购企业和目标企业财务绩效（一）并购企业财务绩效1.正收益Satish Kumar,Lalit K.Bansal 的研究结果表明，并购活动在大多数情况下能够使并购企业产生长期的协同效应，获得更多的现金流，形成更多的、多元化的业务，获得正的超额收益。
肖晗对2012年8月康恩贝制药并购伊泰药业的案例中并购方公司的绩效进行了研究，结论显示：短期并购交易能为并购方公司带来超额收益,对公司业绩提升有利,但长期绩效有待观察。
冯瀚文研究了2004年至2013年我国上市公司的并购绩效和影响并购绩效的因素，通过对超额累计收益率的显著性检验,认为并购事件能给收购公司的股东带来显著为正的超额累计收益率。
2.负收益Qamar Abbas,Ahmed Imran Hunjra,Rauf I Azam,Muhammad Shahzad Ijaz,Maliha Zahid 研究了巴基斯坦银行并购后的财务绩效，发现巴基斯坦银行并购后的财务绩效变差了。
Ramesh,Deepti,Valk,Vincent 研究了富勒公司收购中国天山新材料技术公司这一并购案例，研究结果表明，富勒公司并购后的财务绩效有所下降。
苏小东选取2008年至2009年间发生的52起国内并购事件为研究对象，运用因子分析法对并购企业的财务指标进行实证分析，研究发现并购活动并未改善并购企业的财务绩效，至少从短期来看，大部分并购企业的财务绩效有所下降。
王婷选取了煤炭行业的4个上市企业的并购活动作为研究样本，运用DEA 模型对企业的并购财务绩效进行评价，得出并购公司的财务绩效下降的结论。
（二）目标企业财务绩效大部分研究学者认为目标企业的财务绩效在并购之后得到了提高，唯一的不同只是提高了多少而已。
并购理论国外研究报告
并购理论国外研究报告一、引言随着全球经济的发展，企业并购活动日益频繁，成为企业扩张和转型的重要手段。
然而，并购成功率并不高，许多企业在并购过程中遇到了种种问题。
为了提高并购成功率，国内外学者对并购理论进行了深入研究。
本报告以国外并购理论为研究对象，旨在分析国外并购理论的最新进展，探讨其在我国企业并购实践中的应用价值。
本研究的重要性体现在以下几个方面：首先，国外并购理论的发展对我国企业并购实践具有指导意义，有助于提高我国企业并购的成功率；其次，通过对国外并购理论的梳理，有助于我国学者在这一领域取得更多创新性成果；最后，本研究有助于推动我国并购理论的发展，为政策制定者和企业提供理论支持。
在此基础上，本研究提出以下研究问题：国外并购理论的主要观点有哪些？这些理论在我国企业并购实践中的应用效果如何？为解决这一问题，本研究假设国外并购理论在我国企业并购实践中具有一定的适用性，但需结合我国实际情况进行调整。
研究范围与限制方面，本报告主要关注国外并购理论的发展及其在我国企业中的应用，不涉及国内并购理论的探讨。
报告将从并购动机、并购估值、并购整合等方面对国外并购理论进行系统梳理，并结合实际案例分析其在我国企业并购中的应用。
本报告的简要概述如下：首先，介绍国外并购理论的发展历程及主要观点；其次，分析国外并购理论在我国企业并购实践中的应用现状；最后，提出针对我国企业并购实践的建议，以期为我国企业并购活动提供理论支持。
二、文献综述国外并购理论研究始于20世纪60年代，至今已形成多个理论框架。
M&A （Mergers and Acquisitions）理论主要包括效率理论、市场势力理论、管理主义理论和战略匹配理论等。
效率理论认为并购可提高企业效率，实现协同效应；市场势力理论强调并购是企业扩大市场份额、增强竞争力的手段；管理主义理论关注管理层利益在并购中的作用；战略匹配理论则强调并购双方在战略上的互补性。
前人研究成果显示，并购动机、估值方法、整合策略等方面取得了显著进展。
并购整合文献综述
并购整合文献综述文献综述----------浅谈并购整合自20世纪80年代以来,在以美国为首的西方国家中,公司并购进行得如火如荼,并购浪潮席卷全球,涉及电信、钢铁、金融等许多领域。
进入21世纪,亚洲市场的并购活动日趋活跃,成为世界经济中引人注目的亮点。
随着经济全球一体化的不断加强和我国市场经济的发展,并购作为公司强大的快捷之路,越来越受到公司和政府的重视。
因此如何有效并购已成为一个重大课题。
20世纪90年代以来，并购后的整合（PMI）越来越变成一个流行的管理问题。
从某种意义上讲，并购容易整合难。
在此，我们根据不同专家、学者对并购整合的概念，意义及措施述，以得出有效并购整合的结论。
一、并购整合的概念及原因王化成主编的《高级财务管理学》书中提到企业整合是指将两个或多个公司合为一体，由共同所有者拥有的具有理论和实践意义的一门艺术。
具体讲就是指在完成产权结构调整以后，企业通过各种内部资源和外部关系的整合，维护和保持企业的核心能力，并进一步增强整体的竞争优势，从而最终实现企业价值最大化的目标。
黄乘政硕士也在2022年第12期经济研究导刊《企业并购整合及风险剖析》中指出企业并购整合是一个过程，他认为：企业并购整合包括“整”和“合”两个过程，“整”即整顿、整理，“合”即组合、合成。
无论是“整”还是“合”，都是一个动态的对原有现状的“修复”过程。
经济学视角下的整合，即对已有经营资源进行重新配置，以保证资源得到最理想的利用。
企业并购整合是指对通过兼并或收购活动方式结合在一起的两个或多个公司组成要素进行重新调整，使其融为一体的系统过程。
另外，美国企业变革资源创始人弗格森在其《并购整合绩效分析》中也提到：现代企业的并购买并不是两个经济实体的简单组合，而涉及文化的融合等诸多无形因素，是各种资源和内部关系的重组。
那么，我们为什么要进行并购整合呢？国内外学者对此进行了探讨。
在国内，翰威特大中华区企业转型和并购咨询首席顾问王宪亮《公司并购方面的研究问题及探讨》中曾指出：在并购交易完成后的6至12个月之内，很可能会出现以下现象：被并购企业管理层及雇员的承诺和奉献精神下降，被并购企业的生产力降低，对不同文化、管理及领导风格的忽视造成冲突增加，关键管理人员和员工逐渐流失，客户基础及市场份额遭到破坏，不仅如此，大约三分之一的被并购企业在5年之内又被出售。
企业并购文献综述及外文文献资料
本文档包括改专题的：外文文献、文献综述一、外文文献Financial synergy in mergers and acquisitions. Evidence from Saudi ArabiaAbstractBusinesses today consider mergers and acquisitions to be a new strategy for their company's growth. Companies aim to grow through increasing sales, purchasing assets, accumulating profits and gaining market share. Thus; the best way to achieve any of the above-mentioned targets is by getting into either a merger or an acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and acquisitions are an important factor in building up market capitalization. Based on three structured interviews with major Saudi Arabian banks it has been found that mergers motivated by economies of scale should be approached cautiously. Similarly, companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. Firms should seek out mergers that allow them to acquire specialized knowledge. It has also been found that firms should look for mergers that increase market power whilst avoiding unrelated mergers or conglomerate mergers.Keywords: Synergy, Mergers and Acquisitions, Saudi Arabia 1. IntroductionThere is a major difference between mergers and acquisitions. Mergers occur between similarly sized companies and the collaboration is "friendly" between both companies. However, Acquisitions often occur between differently sized companies and the partnership is usually forced and hostile.Wheelen and Hunger (2009) define a merger as a transaction involving two or more corporations in which stock is exchanged but in which only one corporation survives. In other words, the two companies become one and the name for the corporation becomes composite and is derived from the two original names. Furthermore, an acquisition is the purchase of a company that is completely absorbed as an operating subsidiary or divisionof the acquiring corporation (Wheelen and Hunger, 2009). The authors also state thathostile acquisitions are called takeovers.The main reason for firms entering into mergers and acquisitions (M&A) is to grow, andcompanies grow to survive (Akinbuli, 201 2). Growth strategies expand the company's activities and add to its value since larger firm have more bargaining power than smaller ones. A firm sustaining growth will always have more opportunities for advancement, promotions and more jobs to offer people (Wheelen and Hunger, 2009). In general, mergers and different types of acquisitions are performed in the hope of realizing an economic gain. For such a business deal to take place, the two firms involved must be worth more together than each was apart.A few of the prospective advantages of M&A include achieving economies of scale, combining complementary resources, garnering tax advantages, and eliminating inefficiencies. Other reasons for considering growth through acquisitions contain obtaining proprietary rights to products or services, increasing market power by purchasing competitors, shoring up weaknesses in key business areas, penetrating new geographic regions, or providing managers with new opportunities for career growth and advancement (Brown, 2005).Many firms choose M&A as a tool to expand into a new market or new area of expertise since it is quicker and cheaper than taking the risk alone. Furthermore, M&A happen when senior executives feel enthusiastic and excited about a potential deal ; the idea of successfully pursuing and taking over another company before the company s competitors are able to do so. Competition in a growing industry drives firms to acquire others. In fact, a successful merger between companies increases benefits for the entire corporation.However, failures also occur in M&A as indicated by Haberbserg and Rieple (2001) and Akinbuli (2012). They showed that 50% of acquisitions are unsuccessful; they increase market power but do not necessarily increase profits. Brown (2005) explains the reasons for the high failure rate of M&A as follows:(a)Over-optimistic assessment of economies of scale. Economies of scale are usually achieved at certain business size. However, expansion beyond the optimum level results in disproportionate cost disadvantages that lead to various diseconomies of scale.(b)Inadequate preliminary investigation combined with an inability to implement the amalgamation efficiently. Resistance to change and the inability for the acquired company to manage change well is a main reason for failure due to the resistance of the employees and management of both companies involved.(c)Insufficient appreciation of the personnel problems, which will arise, is due mainly to the differing organizational cultures in each company.(d)Dominance of subjective factors such as the status of the respective boards of directors.Therefore, drafting careful plans before and after the merger is a necessity that should not be overlooked. Some companies find the solution in hiring a change manager who will add value and better manage the transition of the "marriage between both companies" (Brown, 2005).2.Synergy in M&A and financial synergyThis section discusses the literature review in order to identify the importance of acquiring financial synergy in the M&A.2.1Synergy in M&ASynergy, as defined in the business dictionary, is the state in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater than the sum of their individual effects. Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings (Mergers and acquisitions: Definition, n.d.).Synergy is also expressed as an increase in the value of assets as a result of their combination. Expected synergy is the justification behind most business mergers. For example, the 2002 combination of Hewlett-Packard and Compaq was designed to reduce expenses and capitalize on combining Hewlett-Packard's reputation for quality with Compaq's impressive distribution system (Synergy Business Definition, n.d.).Through research it has been noted that synergy is the concept that two businesses will generate greater profits together than they could separately (Wheelen and Hunger, 2009). Synergy is said to exist for a divisional corporation if the return on investment of each division is greater than what the return would be if each division were an independent business (Wheelen and Hunger, 2009). In order to succeed cooperation between the partners is the basic ingredient for achieving growth through synergy (Rahatullah, 201 0). This requires partners to build trust, commitment, and secure consensus, to achieve their targets (Gronroos, 1997; Ring and Van-de-Ven, 1994).Synergy can take several forms. According to Goold and Campbell (1 998) synergy is demonstrated in six ways: benefiting from knowledge or skills, coordinated strategies,shared tangible resources, economies of scale, gaining bargaining power over suppliers and creating new products or services.M8<A result in the creation of synergies, the sharing of manufacturing facilities, software systems and distribution processes. This type of synergy is referred to as operational synergy and is seen mostly in manufacturing industries. Another motive for forming an acquisition is gaining greater financial strength by purchasing a competitor, which increases market share. The aim of mergers and acquisitions is to achieve improvement for both companies and produce efficiency in most of the company's operations. (Haberberg and Rieple, 2001).However, Brown (2005) summarizes the sources of synergy that result from M8<A underthe following headlines:1.Operating economies which include:(a)Economies of scale: Horizontal mergers (acquisition of a company in a similarline of business) are often claimed to reduce costs and therefore increase profits due to economies of scale. These can occur in the production, marketing or finance divisions.Note that these gains are not expected automatically and diseconomies of scale may also be experienced. These benefits are sometimes also claimed for conglomerate mergers(acquisition of companies in unrelated areas of business) in financial and marketingcosts.(b)Economies of vertical integration: Some acquisitions involve buying out other companies in the same production chain. For example, a manufacturer buys out a rawmaterial supplier or a retailer. This can increase profits through eliminating the middleman in the supply chain.(c)Complementary resources: It is sometimes argued that by combining the strengths of two companies a synergistic result can be obtained. For example, combining a company specializing in research and development with a company strong in the marketing area could lead to gains. Combining the expertise of both firms would benefit each company through the gained knowledge and skills that individually they lack.(d)Elimination of inefficiency: If either of the two companies had been badly managed; its performance and hence its value can be improved by the elimination of inefficiencies through M&A, Improvements could be obtained in the areas of production, marketing and finance.2.Market power; Horizontal mergers may enable the firm to obtain a degree of monopoly power which could increase its profitability. Coordinated strategies between both companies will lead the entire organization in gaining competitive advantage. Gaining bargaining power over suppliers is realized since the company is larger in size after the merger.3.Financial gains; Companies with large amounts of surplus cash may see the acquisition of other companies as the best application for these funds. Shared tangible resources such as sharing a bigger building, more office supplies, equipment, manufacturing facilities and research and design labs will also lead to a reduction in costs translated into better financial performance. McNeil (2012) identifies that the shareholders of a business under M&A process may benefit from the sale of their stocks, this is especially true if the M&A is with a better, bigger and more reputable prospective partner.4.Others; such as surplus management talent, meaning that companies with highly skilled managers can make use of their qualified personnel only if they have problems to solve. The acquisition of inefficient companies allows for maximum utilization of skilled managers. Incorporating the efforts of both management teams will drive the creation of innovative products or services.The synergy factor prevails in the M&A when the firms produce a greater return than the two individual firms owing to reasons such as improvements in efficiency and an increase in market power for the merged or acquired firms (Berkovitch and Narayana, 1993).2.2Financial synergyAs defined by Knoll (2008), financial synergies are performance advantages gained by controlling financial resources across businesses of firms. There exist four types of financial synergies, which are:1.Reduction of corporate risk: Reduction of corporate risk is increasing the risk capacity of the overall firm, which means the ability of the firm to bear more risk. Meaning that by increasing the risk capacity the shareholders will invest more in the company and the firm will gain benefits such as coinsurance effects.2.Establishment of internal capital market: Establishing internal capital gains means that the firm will decrease its financing costs and will increase financialflexibility which results in the company having higher liquidity and the ability to payits creditors easily.3.Tax advantages: Tax advantages by reducing the tax liabilities of the firm using the losses in one business to offset profits in the other business referred to as "profit accounting".4.Financial economies of scale: Financial economies of scale reducing transaction cost in issuing debt and equity securities (Knoll, 2008).3.Methodology and resultsFor this project, the method of interviews was used due to it being the most appropriate way to gather information about the interpretation of events, as to why some mergers produce synergy while others do not; and to understand the reasons why companies enter into mergers. In Saudi Arabia it is difficult to secure responses from senior executives. Approaching such a person is not only difficult protocol wise but there are bureaucratic hurdles. The quantitative analysis is more suitable for large scale data collection (Denzin and Lincoln, 1997). Whereas, qualitative research provides the researcher with the perspective of target audience members through captivation and direct interaction with the people under study (Glesne and Peshkin, 1992). These methods help to comprehend what others perceive of a certain phenomenon, postulates Creswell (1994).The planned interview method was to use a structured interview. In a structured interview, the researcher knows in advance what information is needed and asks a predetermined set of questions (Sekaran and Bougie, 2009). The same questions are asked of all interviewees, which allows for better comparison of the responses than unstructured interviews, where the interviewees are asked different questions. The structured interview process does allow the researcher to ask different follow up or probing questions based on the interviewee's response. This allows the interviewer to identify new factors and gain a deeper understanding of the topic (Sekaran and Bougie, 2009).Since the interviewees were located in different parts of Saudi Arabia the interviews were scheduled in advance and conducted face to face. The data was gathered by taking notes during the interviews, which were not recorded as that may have seemed too intrusive.When conducting interviews it is important to conduct them in a manner that is free of bias or inaccuracies. According to Sekaran and Bougie (2009), bias can be introduced by theinterviewer, interviewee or the situation. Interviewers can introduce bias by distorting the information that they hear so it aligns with their expected responses to the question or through simple misunderstandings. To prevent this, the respondents' answers were summarized back to them before moving on to the next question. Interviewees can introduce bias if they do not like the interviewer or if they phrase the answers to be biased towards what they think the interviewer wants to hear. Since the interviewees were obtained through referrals, it is highly unlikely that they gave false responses. Also, the basic area of research was discussed with the interviewees, but no hypothesis was advance to them, such that they would skew their answers to what they though the interviewer wanted to hear.Three companies were interviewed and asked a specific set of questions (see Appendix). There are numerous reasons to interview three companies in Saudi Arabia. These are the following:*The M&A in Saudi Arabia are normally carried out by large size companies.*It is difficult to reach out to the senior managers to discuss such issues.*The officers are also tied by company confidentiality rules to not divulge information.*The number of M&A is also significantly less in comparison with other countries.*The researchers, using diverse resources including personal contacts and formal requests, were able to reach out to three of the major companies of the Kingdom.An interview was conducted with National Commercial Bank (NCB) NCB is an international bank headquartered in Saudi Arabia and engaged in personal, business and private banking, and wealth management (NCB, 2011 ). Another interview was done with Samba Financial Group. Samba is also an international bank headquartered in Saudi Arabia that is engaged in personal and business banking (Samba, 2011). The third company that was interviewed was Savola Holding Company, which is headquartered in Jeddah, Saudi Arabia and is engaged in the food industry. Through subsidiary companies, Savola is engaged in the manufacturing of vegetable oils, dairy products and food retailing operations both in Saudi Arabia and other international markets. Due to strict confidentiality of the companies interviewed, the names of the people will not be mentioned or their titles. This was the most important condition in order to conduct these interviews.Each of the three companies has been involved in significant mergers. NCB's most significant merger was when it acquired a Turkish bank, Turkiye Finans Katilm Bank in 2008.Samba's most significant merger was its acquisition of Cairo Bank in 1 999. Savola's most significant acquisition was its acquisition of Al-Marai in 1 991.NCB has engaged in four mergers overall and three international mergers. In addition to its acquisition of the Turkish bank, it acquired Estate Capital Holdings, The Capital Partnership Group Limited and NCB Capital. The acquisition oftheTurkish bank was considered its most successful acquisition because it allowed NCB to expand into a new international market with strong growth.While NCB does not consider any of its acquisitions to be a failure, it has recognized losses through goodwill impairment, even in the Turkish bank acquisition. Samba's most prominent M8<A has been with Cairo bank of Egypt.Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.All the companies tried to achieve company growth and synergy in their mergers.The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in their respective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue,increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.Samba noted that it usually takes until the second year after a merger to evaluateits success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio ofinvestments.From the responses to the questions included in the structured interview, thefollowing findings can be highlighted:A.Mergers to Expand to International Markets:One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.B.Mergers to Gain Economies of Scale:Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can also be achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.C.Eliminating Inefficiencies:Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.D.Gain More Market Power:Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be on the supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.E.Gain Growth:Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, itis difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.F.Reducing RisksFirms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from reducing risk. Thus, the merger was considered to be a failure because it reduced the overall value of the firm. Due to the difficulties of creating financial synergies through diversification, there are few conglomerate mergers and few conglomerate companies.The companies interviewed look for synergies when considering mergers and try to estimate the potential synergistic gains that could be attained in a proposed merger. The potential synergies gained depend on the industry and the characteristics of the company acquired. In the failed mergers, the firm overestimated the amount of synergy that could be gained through the merger. Savola overestimated the synergy that could be gained through the acquisition of a real estate company because the only synergy that could be gained was。
文献综述
企业并购动因文献综述1.国外相关研究文献。
兼并与收购是资本市场永恒的主题，从19 世纪末至今，西方国家已经历了六次并购浪潮。
企业并购动因是促成并购行为的发端，可以解释为诱发企业并购行为的因素。
国外学者对于企业并购动因作了广泛而深入的研究，提出了多种并购动因理论。
一是协同效应理论。
Ansoff ( 1965 )最早提出协同效应理论，即指并购双方资产、能力等方面的互补或协同从而提高公司业绩和创造价值，使合并后公司的整体业绩大于合并前各自原有业绩的总和。
Berkovitch和Narayana(1993)也将企业并购动因归结为协同效应或效率，并分析该动因对合并后企业收益的影响。
Sirower ( 1997) 认为如果并购后的业绩改进已经被市场预期，那么该预期将以并购溢价的形式体现出来，并归集到目标公司股东手中。
Hagcdoom、Duysters(2000)在对计算机行业的并购研究中证明，在经营战略和组织结构上相近的两个公司合并有利于发挥双方技术协同效应，促进技术资源的重新配置。
协同效应理论包括经营协同效应、财务协同效应以及管理协同效应。
经营协同效应假定存在着规模经济，合并后可以对企业规模进行扩充和调整，达到最佳规模经济，使相关业务单元的成本降低。
Stigler(1950)认为公司间的并购可以减少竞争者，扩大优势企业的规模，增加对市场的控制能力，从而导致市场垄断。
即使不能形成垄断，也可以由于并购扩大的规模效应构成潜在进入者的市场进入壁垒。
Meeks(1997)将并购的动因归结为扩大规模、提高市场份额和对市场的控制能力。
财务协同效应是指企业控股权的更迭会给企业带来财务方面的效益，这种效益的取得是由于税法、会计处理和证券交易而产生的。
此外，合并后企业将外部融资转化为内部融资，融资风险与成本下降。
Hannah和Kay(1977)认为税收制度有时会鼓励企业参与并购，其一是营业亏损和税收抵免的延续，通过将利润向亏损企业转移，实现合法避税。
企业并购动因文献综述
企业并购动因文献综述【摘要】本文对企业并购动因进行了文献综述。
在概述了企业并购的重要性和研究现状。
在介绍了企业并购的定义与特点、主要动因、经典理论以及不同学者研究动因的观点。
最后分析了企业并购的影响因素。
结论部分总结了文献综述的主要发现，探讨了未来研究方向和实践意义。
通过本文的研究，可以更好地理解企业并购的动因，为相关研究提供参考和借鉴。
【关键词】企业并购、动因、文献综述、定义、特点、动因、理论、影响因素、研究、总结、未来研究方向、实践意义1. 引言1.1 企业并购动因文献综述引言在过去的几十年里，关于企业并购动因的研究呈现出多样化和复杂化的趋势。
学者们通过从不同角度和方法论出发，对企业并购动因进行深入研究和讨论，取得了丰硕成果。
企业并购动因既包括内部因素，如经营绩效和资源配置，也涉及外部因素，如市场竞争和产业环境。
通过对企业并购动因的全面梳理和综合分析，可以更好地理解企业并购的逻辑和实质，为企业管理者和决策者提供决策支持和战略指导。
未来的研究方向将更加关注企业并购动因的多样性和复杂性，探讨不同类型企业并购的动因差异和影响机制。
结合实证分析和案例研究，深入挖掘企业并购动因的内在逻辑和外部影响，为企业并购实践和战略制定提供更加有效的建议和指导。
企业并购动因文献综述的意义和价值在于为企业并购研究和实践提供前沿信息和思路，促进学术和商业界的互动与交流，推动企业并购领域的进一步发展和深化。
2. 正文2.1 企业并购的定义与特点企业并购是指一家企业通过收购或合并其他企业来实现快速扩张或实现战略目标的行为。
在当今全球化和竞争激烈的市场环境下，企业并购已成为企业发展的重要战略选择之一。
企业并购具有以下几个特点：1.战略性：企业并购通常是为了实现企业的长期发展战略目标而进行的，可以帮助企业快速进入新的市场、获得核心技术、打造全球化布局等。
2.风险与回报共存：企业并购的过程中存在一定的风险，包括整合风险、文化冲突风险等，但成功的并购也可以为企业带来丰厚的回报。
中国企业跨国并购研究
目录
01 一、中国企业跨国并 购的背景和意义
02 二、文献综述
03 三、研究方法
04 四、结果与讨论
05 五、结论
06济的崛起，中国企业跨国并购日益成为国际 经济合作的重要方式。本次演示将探讨中国企业跨国并购的背景、意义、现状、 挑战、成功因素及前景，并通过案例分析加以说明。
二、文献综述
跨国并购是指一国企业通过购买另一国企业的股权或资产来获得其控制权或 经营权的行为。已有研究表明，跨国并购的动机主要包括市场拓展、技术获取、 品牌提升等。例如，通过跨国并购获得了西方企业的技术和市场渠道，从而提升 了其在通信领域的竞争力。此外，一些学者还提出了跨国并购的成功因素，如企 业文化差异、整合能力、管理经验等。
1、股权并购
股权并购是指中国企业通过购买或以其他方式获得国外企业的股权，从而成 为目标企业的股东，实现跨国并购。这种模式的优点在于可以通过股权获得对目 标企业的控制权，同时可以利用目标企业的资源和市场优势，加快全球化进程。 但是，股权并购也存在一定的风险，如并后整合困难、文化差异等。
2、资产并购
参考内容
中国企业跨国并购：机遇、挑战 与未来
随着全球经济一体化的深入发展，企业跨国并购成为了一种重要的商业行为。 中国企业在改革开放以来，也逐渐开始进行跨国并购，以实现其全球化战略和拓 展国际市场。本次演示将对中国企业跨国并购的背景、模式、挑战与风险以及成 功案例进行分析，并探讨未来的发展趋势。
2、跨国并购挑战
尽管中国企业跨国并购的数量和规模不断增加，但其在过程中也面临着许多 挑战。首先，企业文化差异是影响跨国并购成功的重要因素之一。中国企业与西 方企业在文化、价值观和管理理念等方面存在较大差异，这容易导致沟通障碍和 整合困难。其次，跨国并购还面临着政治、法律、税收等方面的风险。此外，由 于语言和文化的差异，中国企业在跨国并购中往往存在信息不对称的问题。
《企业跨国并购的文化整合研究的国内外文献综述》2700字
企业跨国并购的文化整合研究的国内外文献综述目录企业跨国并购的文化整合研究的国内外文献综述 (1)1．国外研究 (1)（1）关于文化差异对并购绩效的影响研究 (1)（2）关于跨国并购进行文化整合的必要性研究 (2)（3）关于文化整合模式的研究 (2)2．国内研究 (2)（1）关于文化差异对并购绩效的影响研究 (2)（2）关于跨国并购进行文化整合的必要性研究 (2)（3）关于文化整合模式的研究 (3)3．评述 (3)参考文献： (3)1．国外研究西方学者首先意识到文化整合对跨国并购的重要影响，并进行了深入的研究。
上世纪九十年代，企业之间的竞争日益激烈，企业文化受到更多学者的关注，越来越多的管理者意识到文化对企业发展的重要作用。
对于并购，尤其是跨国并购，文化差异是否会对跨国并购产生影响，如何使两个完全相反的企业文化整合在一起，国外学者进行了众多研究。
（1）关于文化差异对并购绩效的影响研究Lan等（2015）通过研究中国1997-2010年发生的跨国并购案例发现，文化差异的存在，会对发展中国家跨国并购产生影响【1】，表现在吸收西方企业先进的文化完善自身文化，但也同时指出，西方企业文化较为强势时，会对发展中国家的企业产生抵触。
Buckley(2012)通过分析认为，相似的企业文化能减少交流的冲突，有助于并购之后的管理，促进跨国并购成功【2】，企业文化差距较大容易引发冲突，表现在交流的障碍，文化的不认同，管理的分歧，影响并购绩效。
Hajro（2015）通过研究指出，社会成员在不同的背景里会形成不同的认知和人际关系，受此影响下，不同的民族文化和企业文化会阻碍跨国并购预期目标的实现【3】，面对冲突不能简单的忽略、放任，而是要相互吸收、扬弃和改进。
Hasan等（2016）结合多个案例总结得出，跨国并购的绩效受地域、人文、习惯的影响，差距过大甚至会产生负面作用【4】。
Sung Jun Lee（2014）在对沃尔沃并购韩国三星的案例中分析得出，并购的过程中员工面对不同的企业文化和冲突的感知伴随着从开始到结束【5】。
国外并购文献综述
国外并购文献综述并购是企业的一项重要决策，对企业未来的成长和发展具有重要意义。
本文通过归纳和整理国外并购领域的重要研究成果，为了解企业的并购实际提供了指导意义，也为从我国的制度背景下研究企业并购提供了一定的借鉴。
标签：企业并购；公司治理；并购绩效一、引言并购是企业的重大决策。
来自Wind金融数据库的数据显示，我国企业的并购活动呈显著上升的趋势。
随着并购活动的飞速发展，并购领域的相关研究也得到国内外学者的重视。
本文整理了国外并购研究的几项重要成果，包括并购公司高管的壕沟行为，并购企业间的关联董事、并购定价问题、并购双方的谈判能力、跨国并购、并购活动中的资本结构等问题。
对这些问题的理解，有助于我们了解企业并购的实际，并有助于指导国内的并购研究。
二、文献综述Harford、Humphery-Jenner和Powell（2012）研究了从公司合并高管具有壕沟行为的视角来研究合并后价值降低的原因。
他们利用Gompers，Ishii and Metrick（2003）的GIM指数将公司划分为独裁公司（GIM≥10）和民主公司（GIM<10and CBRD=0）。
然后观察从1990年到2005年各年的收购情况。
总体而言，独裁公司的收购数目偏多，交易规模偏大，但是5天内CAR值反映较差。
并从合并者特征、被合并者特征以及交易特征三个方面比较了独公司和民主公司两者的差别，两者在公司规模、自由现金流、财务杠杆、成立时间、CEO两职合一、董事会规模、CEO持股等合并者特征方面存在显著差异；被合并者的规模也存在显著差异；此外，两者在交易特征方面也存在显著差异：独裁公司的交易类型更不可能是高科技型公司，更倾向于是多元化企业或企业集团。
独裁公司更可能成为连环收购者但是他们的收购溢价低于民主公司。
Harford等研究发现：（1）“壕沟”管理层会尽可能的合并公众公司，尽量避免合并私人企业之前的研究表明合并私人企业会导致价值上升而合并公众公司则很可能导致价值降低。
《企业跨国并购的风险管理研究文献综述4400字》
企业跨国并购的风险管理研究国内外文献综述1 对跨国并购风险类型的研究随着跨国并购的兴起和蓬勃发展，国内外专家学者对影响跨国并购效果的因素展开深入研究，从而得出跨国并购的主要风险源和类型。
Perry（2014）指出，并购风险贯穿跨国并购的整个过程，存在于跨国并购策略的制定、目标企业的挑选以及并购后企业的整合等各项工作中。
本文对国内外学者关于跨国并购风险类型的研究进行梳理，归纳总结如下。
政治因素是企业跨国并购风险的一个重要来源。
Francesc Trillas（2002）指出，企业跨国并购过程中存在着较大的政治风险。
李梅（2006）指出，缺少配套的政策支持体系会增加中国企业在海外并购竞争中的压力。
杜晓君、刘赫（2012）通过实证研究得出，导致中国企业跨国并购失败的一个关键因素就在于被并购方企业东道国政府的政局、政策风险。
李诗、吴超鹏（2016）从政治和文化视角对跨国并购的影响因素进行实证分析，发现被并购企业的政治性质会影响并购的成败，在中国企业跨国并购的案例中，对于政治敏感性资产的并购失败概率更高、风险更大。
文化影响着企业并购后经营管理的效率，影响着东道国民众对于并购企业的态度，从而影响跨国并购的效果，这其中既包含跨文化风险，也包括整合风险。
王爱林（2002）指出，企业之间的文化差异深刻影响着并购最终能否成功，企业应当充分关注跨国并购中的文化整合风险。
李东红（2005）、Ahern（2012）均认为，国家间、地区间以及企业间的不同文化背景会增加企业并购整合的难度。
唐华茂（2007）、陈传兴和徐颖（2014）等学者都指出整合风险是跨国并购中的一类主要风险。
胡俊男等人（2011）指出，随着企业横向并购数量的日益增加，品牌整合的好坏是决定并购成败的关键，企业亟需关注品牌整合风险。
企业在跨国并购中还面临着多层次的财务风险，主要有定价风险、融资风险、支付风险等。
Holburn和Zelner（2010）认为，在跨国并购中，标的企业估值受到多种因素的影响，存在更多的不确定性，从而产生定价风险。
《企业并购的动因和绩效研究国内外文献综述及理论基础6100字》
企业并购的动因和绩效研究国内外文献综述及理论基础目录企业并购的动因和绩效研究国内外文献综述 (1)1.2国内外文献综述 (1)1.2.1国外文献综述 (1)1.2.2国内文献综述 (2)第二章企业并购动因理论及企业并购相关概念 (4)2.1 并购的含义及分类 (4)2.1.1 并购的含义 (4)2.1.2并购的分类 (4)2.2 企业并购的动因理论 (5)2.2.1 协同效应理论 (5)2.2.2 多元化理论 (5)2.2.3委托代理理论 (6)2.2.4市场势力理论 (6)2.2.5价值低估理论 (6)2.2.6 估值套利理论 (6)2.3 企业并购绩效评价方法 (7)2.3.1 事件研究法 (7)2.3.2 财务指标法 (7)2.3.3 非财务指标分析法 (7)参考文献 (7)1.2国内外文献综述1.2.1国外文献综述（1）企业并购动因的国外文献综述在国外，并购活动很早之前就开始进行了。
但是经过研究，学者们发现企业并购动因的影响因素多种多样，难以归纳成一个确定概念。
就算是一家企业，在不同时间进行并购的目的也是有差异的。
Halil Kiymazh和TarunK.Mukherjee(2000)[1]通过对并购公司进行问卷调查，结果显示大部分公司为获得正的协同效应，增加股东利益而选择并购。
Kode,Ford等(2003)[2]认为企业发起并购也可能是想降低风险。
由于并购后被并购方的投资机会及融资由外转内，企业的融资成本风险会减小。
而Capron(1999)[3]通过研究得到了另一种结论，他们认为企业并购的动因在于取长补短，进而提高企业价值，也使企业在市场中的份额及地位提高。
Heaton(2002)[4]使用了一个简单模型，分析指出：当公司的决策者过于自信，会认为资本市场对本公司的股价低估了，或者高估项目的收益。
在情况一下，当必须用发行股票来进行融资，决策者会放弃净现值为正的投资项目。
在情况二下，会导致决策者其投资于净现值为负的项目。
国内外企业并购研究文献综述
国内外企业并购研究文献综述近年来，国内外企业并购成为了全球经济领域中的一种重要趋势。
企业并购是指两个或多个公司通过合并或收购来达到资源整合和企业集中的目的。
这种方式可以帮助企业实现规模效益、进一步扩大市场份额、获取新技术和资源等。
企业并购研究的文献综述，可以为我们提供对于这一话题的深入理解，并为未来的研究和实践提供指导。
首先，国内外的研究文献就企业并购的动因进行了广泛的探讨。
Wernerfelt(1984)认为，企业并购的动因主要包括资源获得、市场拓展和技术学习等。
此外，Datta等(1992)提出了企业并购的实施路径，包括同业竞争、新技术入侵和产业逆境等。
对于企业并购的动因研究，可以帮助企业更好地理解并购的目的和动机，从而更好地制定并购策略。
其次，国内外研究文献对于企业并购的影响进行了深入的分析。
Khanna和Yafeh(2024)的研究表明，企业并购可以促进企业绩效的提高和盈利能力的增加。
并且，通过并购可以提高企业的创新能力和竞争力，从而进一步提高企业的市场地位。
此外，Kruse等人(2024)的研究发现，企业并购还可以降低企业的运营成本和提高生产效率。
这些研究结果为企业在进行并购决策时提供了重要的理论依据。
此外，国内外研究文献还对企业并购的风险与挑战进行了详细的讨论。
企业并购的失败可能导致企业财务困境、管理混乱和员工流失等问题。
Seth et al. (2024)的研究发现，文化冲突、组织整合和信息不对称等因素是企业并购失败的主要原因。
此外，Brouthers等人(2024)的研究指出，政治因素、法律环境和经济不确定性等也是企业并购面临的风险和挑战。
对于并购风险与挑战的研究，可以帮助企业更好地评估并购交易的潜在风险，并采取相应的措施来降低风险。
最后，国内外的研究文献对于企业并购的影响因素进行了分析。
企业并购涉及到许多因素，如企业规模、技术水平、行业竞争程度等。
Malmendier和Tate(2024)的研究发现，企业文化和管理团队的素质也对并购的成功与否起到重要作用。
《企业连续并购问题研究国内外文献综述3600字》
企业连续并购问题研究国内外文献综述一、国外研究现状关于企业并购的相关文献研究，西方国家距今已有着多年历史，并取得了较为全面且具体的研究成果，也随之产生了相对完善的企业并购融资体系。
它包括不同的金融并购融资中介机构、金融工具和管理体系。
在并购融资理论方面，西方还形成了丰富完备的并购融资理论，且取得了较为丰硕的成果。
1983年，Schipper 和Thompson第一次提出了连续并购的概念，Schipper 和Thompson将其定意思为“企业在三年期间内发生三次及三次机上的并购交易”。
在此之后，也有国外研究学者将连续并购分类为短时间内的连续并购与长时间内的连续并购。
前者指的是企业在3-5年内发生不少于5次的并购交易，后者指的是企业每年发生1-2次的并购交易。
Doukas和Petmezas（2007）以及Billett和Qian（2008）发现证据表明，过分自信的高管倾向于进行连续收购，因为他们认为，与“理性”高管相比，这样的连续投资决策最符合股东的利益。
由于过度自信的高管认为他们比别人具有更强的能力。
这种认知偏差激励他们对自己的判断力和从事复杂的任务进行下注，例如连续收购。
过度自信会促使高管人员在企业并购管理中将会明显低估并购风险，高估并购产生的协同作用，因此过度自行的高管可以很乐观并且倾向于快速收购和频繁地定位收购目标。
Croci 和Petmezas（2009）以美国1990年至2002年发生连续并购的591个公司为样本，检验了连续并购的四种潜在动机，即管理层过度自信，卓越收购管理技能，管理者帝国构建动机以及收购是否包含单一计划。
研究发现，成功的收购后续也往往伴随着成功的收购。
这种表现的持久性表明，出色的管理技能可能是进行连续收购的重要原因。
过度自信不会驱使胜利者的连续并购，管理者帝国构建动机也不会驱使连续并购，连续并购也不是并购公司整个收购计划的结果，只有管理层卓越的收购管理技能促使了公司连续并购活动。
企业并购动因、并购绩效及并购风险文献综述共3篇
企业并购动因、并购绩效及并购风险文献综述共3篇企业并购动因、并购绩效及并购风险文献综述1企业并购动因、并购绩效及并购风险文献综述企业并购是指一家企业通过收购或兼并其他企业，以实现自身发展战略目标的行为。
随着全球化和市场竞争的日益加剧，企业并购的频率和规模都在不断增加。
在大多数情况下，企业并购被视为一种快速扩大市场份额、加强产品或服务线以及提高企业利润的有效途径。
本文将从企业并购动因、并购绩效以及并购风险三个角度来探讨企业并购的相关文献。
一、企业并购动因企业并购的动因多种多样，包括战略、财务、组织和人力资源等因素。
战略因素是企业实现业务和市场目标的关键因素之一。
例如，一个企业可以通过并购来扩大市场份额、进入新市场和增加产品和服务线。
财务因素也是企业并购的重要动因之一。
结束以确保企业经济效益的最大化。
另外，企业并购的组织和人力资源因素也很重要。
例如，企业可以通过并购获得更多的员工、技术和知识产权等，从而提高组织的运营效率。
二、并购绩效企业并购绩效是评估企业并购战略成功或失败的重要指标。
并购绩效可以通过很多方面来衡量，其中包括财务、市场份额、员工满意度和产品创新等。
财务绩效是评估企业并购成功与否的重要标志。
良好的财务绩效，不仅可以提高企业的市场竞争力，还可以吸引更多的投资者和融资机构。
此外，并购还可以提高企业的市场份额和提高员工的生产率和满意度。
最后，企业并购还可以通过增加产品和服务线来获得创新和竞争优势。
三、并购风险企业并购不仅存在机会，还存在诸多的风险。
企业并购的风险包括财务、运营、人力资源和战略等。
其中财务风险是企业并购面临的最大风险之一。
企业并购需要大量的财务资金，如果企业无法获得足够的投资，企业并购可能会失败。
运营风险是企业并购过程中另一个重要的风险。
企业并购需要协调不同的业务和组织，如生产、销售和市场等。
人力资源风险也是企业并购过程中的主要风险之一。
企业并购需要吸引和留住大量的员工，企业需要制定明确的人力资源政策和制度来保证员工的稳定性和忠诚度。
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国内外企业并购研究文献综述TimesFinance2011年第6期中旬刊总第447期时代金融TimesFinanceNO.62011CumulativetyNO.447企业并购这一经济现象由来已久在西方发达国家这种经济现象随着新技术的出现、产业的更新和结构调整以及经济制度的变革掀起一次又一次的并购高潮。
在世界经济日趋一体化的形势下企业并购已成为各国资本运营的有效方式。
我国现已加入WTO 这种经济现象势必对我国企业产生深刻的影响。
我国企业同发达国家相比无论在规模上还是质量上都相差很远。
面对世界经济一体化的发展趋势如何运用并购的手段来增强我国企业的经营实力增强我国企业的国际竞争力已成为目前相当迫切的问题。
一、国内外研究现状一传统并购理论研究1.效率理论。
目标企业并购理论的发展和并购实践一样随着时代环境的变化而变化.传统的效率理论认为并购可以提高企业的整体效率即225。
协同效应包括规模经济效应和范围经济效应又可以分为经营协同效应、管理协同效应、财务协同效应和多元化协同效应。
并狗实际上是寻求一种优势互补。
横向、纵向、混合并购都能产生协同效应。
2.交易费用理论。
科斯1937提出了企业存在的原因是可以替代市场节约交易成本企业的最佳规模存在于企业内部的边际组织成本与企业外部的边际交易成本相等时并购实际上是企业意识到通过并购可以将企业间的外部交易转变为企业内部行为从而能节约交易费用时自然而然发生的。
交易费用理论可较好地解释纵向并购发生的原因。
3.代理成本理论。
现代企业最重要的特点是所有权和经营权的分离所有者和经营者之间存在委托———代理关系企业不再是单独追求利润最大化。
代理成本是詹森和麦克林1976提出的。
二企业并购动因研究1.规模经济动机论。
企业并购的规模经济通常表现在两个方面一是技术方面的规模经济。
即由生产技术所决定的最佳产量规模。
二是管理经营上的规模经济。
主要表现在企业并购可以降低交易成本和销售成本、增强研究开发实力等。
很多规模较小的企业通过并购实现了规模经济。
2..战略动机论。
战略驱动并购的原动力是企业利润的最大化或者是股东价值的最大化及企业盈利能力的持续稳定上升。
新古典经济学从利润最大化的传统假设出发将并购看成是企业追求利润最大化或成本最小化的行为在现实并购中管理层的并购决策应该符合股东利益最大化。
具体战略动机表现在一是能力转移动机。
威斯通等认为兼并是为了转移或获得行业专署管理能力横向兼并或相关兼并转移或获得一般管理能力及财务协同混合兼并。
二是战略重组动机。
通过兼并实现分散经营同时扩充管理技能。
K.D.Brouthers等1998认为在并购的战略动因中包括提高竞争力、追求市场力量和获取稳定的利润增长率等。
3.协同动机论。
一些经济学家Arrow1975AlchainCrawfordandKlein1978Williamson1975通过对第二次并购浪潮的研究后认为企业的纵向联合通过避免相关的联络费用和交易成本使得不同发展水平间的企业实现了经营的协同同时利用并购企业向被并购企业管理的溢出使双方企业的管理水平也得到提高实现了管理上的协同。
此外对市场协同、财务协同、技术协同和采购协同的寻求也是促使企业并购的重要动因。
4.金融创新推动和潜在价值低估论。
金融创新对并购的推动是与潜在价值低估相联系的Tobin1977q理论和Jensen1986的自由现金流假说为这种动因做出了很好的解释。
三目标企业评价标准的研究Palepu1986较早采用平均超额收益率、净资产收益率、规模大小、净资产、P/E值等7个指标以利用Logistic模型来预测目标企业被并购的可能性。
SrinivasanRagothaman使用了8个指标来预测收购目标流动比率、现金流、固定资产、厂房设备对总资产的比率、总资产、资产汇报率、市价对账面价值比率、PE值、债务权益比等。
AnthonyBreitzman在“UsingPatentCitationAnalysistoTarget/ValueMACandid ates”中使用专利引用信息来分析目标企业的价值。
BrianC.Brantley在“DealProtectionorDealPreclusion”中分析了并购目标的锁定问题。
LuannJLynch在“AnExaminationofPre-MergerExecutiveCompensationStr uctureinMergingFirms”中通过实证分析指出了目标企业大小、成长性、绩效、产业等互补结构在并购中的作用。
的目标企业这些研究形成了目标企业选择的主要依据。
国内外企业并购研究文献综述李梅泉无锡职业技术学院江苏无锡214121【摘要】企业并购逐渐成为企业管理中的热点问题。
本文就国内外企业并购的研究现状包括传统并购理论研究、企业并购动因研究、目标企业评价标准的研究、并购整合研究等几个方面的研究进展进行了归纳和梳理并提出了目前研究所需要解决的问题。
【关键字】企业并购文献综述下转第45页28TimesFinance2011年第6期中旬刊总第447期时代金融TimesFinanceNO.62011CumulativetyNO.447很少有关于关于目标企业优化本企业价值链的研究即从双方企业价值链整合角度分析将其作为选择依据。
目前的研究主要存在的问题有一是较多关注目标企业本身的状况而很少关注目标企业与本企业的融合。
一个企业本身的状况很重要但如果目标企业价值链上某一活动的优势在并购后新的价值链上不能充分发挥体现出来发挥作用这必将影响到并购的效果。
价值链上任何活动的优势都不是独立存在它必然要受到外部环境和价值链上其他活动的影响。
企业的竞争优势不仅来源于价值链上的活动还来源于各价值活动之间的联系。
所以并购之前仅关注目标企业本身的状况而忽略双方价值链整合的效果必将不利于做出正确的并购决策。
二是目前文献大多研究应该如何进行并购后的整合而很少进行并购前的整合预测分析。
如果在并购之前对并购后整合效果分析不够的话那么即使并购后花很大的力气进行整合也是事倍功半。
TCL并购汤姆逊失败就是一例。
而对整合的研究中关于人力资源整合和企业文化整合的文献较多而对于价值链整合研究较少。
而价值链的整合是并购后整合一个很重要的方面直接决定并购后企业的效率。
三是目前文献多从并购后企业本身价值链优化角度评价而很少关注企业并购后在整个产业中地位的变化。
作者简介李梅泉1981-女汉族安徽芜湖人毕业于江南大学硕士学位现任教于无锡职业技术学院经济管理学院研究方向企业管理。
上接第28页会的风险一旦投机者的资金链出现问题很可能同时牵连到几个甚至十几个标会。
二标会的规模在农村中标会规模主要为200元、300元两种。
在城镇中多数标会也为600元以下的百元会也有少数千元会和万元会。
一般而言百元会因参加的会脚人数相对较多能更好地形成会脚间的相互制约监督。
综上小金额百元会的风险相对中等大金额百元会及千元会万元会的风险较大。
本小组调查范围内的标会规模风险为中等。
三个人风险意识因素这个层面我们主要从两方面对会脚的风险意识进行了调查统计。
其一关于会脚入会前是否对标会的风险评估情况的调查显示仅10左右的会脚表示他们加入标会之前从来没有对标会的倒会风险进行评估其余受访者均表示会经过考虑了解所加入标会的基本情况后再确定是否加入标会。
这一项中城市和农村的会脚情况相近。
其二在关于会脚自身遇到资金周转困难的问题后首选的解决方法这一项的调查中农村和城市会脚的调查结果相差较明显调查中大部分会脚在遇到资金困难时不会选择逃跑等消极的解决方法其中值得一提的是在农村的调查结果中没有受访者选择直接逃跑或者向银行借款这主要与农村标会的内在制约机制以及农村正规金融的不发达有关。
综上加入标会的会脚均具有一定程度的风险意识对比于农村标会城镇标会的逃会风险相对较大。
四经济环境Condition因素经济环境对企业发展前途具有一定影响也是影响企业信用的一项重要的外部因素。
信用分析必须对标会展开时间段内的经济环境包括宏观经济状况、资金流动趋势、市场需求变化等进行分析预测其对标会的经营效益的影响。
宏观经济状况由于今年标会到会现象较多目前国家政策对标会的态度偏向不积极宏观经济状况视为不佳。
资金流动趋势在农村由于会金主要用于农业生产家庭生活教育等正规渠道标会的资金流动较为顺畅。
而城市的标会则良莠不齐有的标会会金用于政策不鼓励的行业的投资有的只是会套会来获取利息差故城市标会的现金流动不够顺畅健康。
市场需求变化由于正规金融体系不能满足所有的资金需求民间融资形式一直存在并流传至今其中标会属于比较能够满足民间的资信度不够从而不能在正规金融体系获得贷款的人的需求具有利息高筹款易的优点。
故标会的市场需求仍然存在。
故标会的经济环境对其风险的影响是复杂的总体来讲风险处于中上水平。
综合对以上影响标会风险的各个因素的处理和分析借鉴信用评级方法我们得出所调查的闽东地区标会的风险水平处于中等偏上水平对标会的具有正当目的的参与人员有一定的负面的影响对地区经济的正常运行和发展也有一定的阻碍作用。
三、对标会的建议通过走访银行相关人员以及对会首的访问从访谈内容中萃取并结合调查的结果现对闽东地区的标会提出以下可行性的建议一政府应加强风险监测预警工作目前福州地区的标会出现了“民间标会大额化”、“中标金额高利率化”、“开标次数频繁化”以及“会头职业化”等非理性的新特点。
因此政府部门应当加强风险监测预警工作切实提出有力措施对标会加强引导和管理。
一方面政府部门可以对标会进行“会首登记管理制”将一个村的标会组织者进行集中管理约束会首自律行为。
另一方面政府要加强对标会的监管力度做到有为介入不陷入。
二了解会款的用途尽量避免会套会会联会的发生资金的用途决定了资金的周转情况加上标会特有的间隔周期如果二者可以得到有效的配置那将是一个双赢的局面。
所以会首要尽量监督标会会款的使用途径即类似于银行贷款制度中的监督跟踪的机制其他会脚也可以适当参与监督对会首起到辅助作用。
三标会正规化虽然目前标会的正规化在大陆比较困难但是从许多专家的研究中不难看出将标会等一系列的地下金融正规化是一个趋势。
著名经济学家郎咸平就曾提出将地下金融合法化的建议。
郎咸平指出我们可以建立一套新的金融体系将现行的所谓“地下金融”体系转化为可控的金融体系。
标会的合法化和正规化并不是无迹可寻的台湾就已将标会台湾称为合会用民法来规范。
我们也可以借鉴台湾的做法。
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