关于企业并购的文献综述
关于企业并购的文献综述
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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
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国内外企业并购动因理论文献综述国内外企业并购是指企业为了实现经济效益和战略目标,通过购买或兼并其他企业的资产、股权或业务来实现的行为。
企业并购是一个复杂的决策过程,涉及到多个因素和变量。
本文将对国内外企业并购动因理论进行综述。
1.经济效益理论经济效益理论是企业并购决策中最为重要的理论之一。
这一理论认为,企业并购的主要目标是通过合并和整合资源,实现规模经济、范围经济和壁垒经济,从而提高企业的效益、降低成本并增强竞争力。
企业通过并购可以实现资源的互补性,提高生产效率和市场份额,进而获得更高的利润和回报。
2.战略目标理论战略目标理论认为,企业并购的动因主要源于企业战略目标的实现需要。
企业在制定并购策略时,通常会考虑到自身现有资源能力与目标市场的差距,通过并购可以快速获取所需的资源和能力,并加快实现战略目标的进程。
企业并购的战略目标包括国际化、多元化、垂直一体化等。
3.经验学习理论经验学习理论认为,企业并购行为受到企业经验积累的影响。
企业通过一系列并购行为,积累了丰富的经验和知识,从而能够更好地应对并购决策所面临的不确定性和风险。
企业在并购决策中会参考过去的并购经验,评估风险和机会,并选择最合适的并购战略和实施方式。
4.交易成本理论交易成本理论认为,企业进行并购的动因主要是为了降低交易成本。
交易成本包括信息获取成本、谈判成本、合同监管成本、交易执行成本等。
通过并购可以消除市场不完全性和信息不对称性,降低交易成本,提高资源配置效率和经济效益。
5.市场势力理论市场势力理论认为,企业进行并购行为主要受到市场势力的影响。
市场势力包括市场竞争、市场需求、市场结构等因素。
企业通过并购可以扩大市场份额,增强市场地位,改变市场结构,从而增强企业在市场中的竞争力和议价能力。
6.机会成本理论机会成本理论认为,企业进行并购的动因主要是为了避免错失市场机会。
企业在制定并购决策时会考虑自身发展的机会成本,即如果不进行并购,可能会错失的机会。
并购阶段概况的文献综述
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并购阶段概况的文献综述并购是指企业通过收购、合并等手段来扩大规模、提升竞争力的行为。
并购是企业发展的重要战略选择,也是市场经济下企业间竞争的重要手段之一。
并购活动在当今经济环境中呈现出愈发活跃的态势,对企业和整个市场产生着重大的影响。
并购阶段的概况对于企业和整个市场都具有重要意义。
本文将对并购阶段概况的相关文献进行综述,以全面了解目前并购活动的动态和趋势。
一、并购阶段的概念与分类对于并购阶段的概况,首先需要了解并购的概念与分类。
幸运的是,已有不少文献对此进行了深入的研究。
张振华(2017)在其文章中指出,从时间跨度上看,可以将并购分为前期准备、实施和整合三个阶段。
而从目的和动机上看,可以将并购分为战略性并购、财务性并购和控股类型并购。
还有学者根据并购活动所处的宏观经济环境将并购分为宏观经济周期下并购、宏观经济周期上并购和宏观经济周期拐点下并购。
这些分类对于我们理解并购阶段的概况有重要的启发作用。
二、并购阶段的影响因素及分析方法并购阶段的概况受到诸多因素的影响,这些因素包括市场需求、宏观政策、企业自身情况等。
为了更好地了解并购阶段的情况,需要运用一定的分析方法。
关于这一点,孙丽萍(2016)在其研究中指出,市场需求和宏观政策因素对并购阶段的影响较为明显,需要对这些因素进行深入的研究分析。
对于企业自身情况的分析也至关重要。
还有学者提出了SWOT分析、PEST分析、五力分析等方法,可以有效地帮助我们了解并购阶段的概况。
三、并购阶段的趋势与展望对于并购阶段的概况,未来的趋势和展望也是我们需要关注的焦点。
在这方面,已有不少研究对此进行了探讨。
梁鑫(2018)在其文章中指出,当前全球并购市场呈现出活跃的态势,尤其是在科技、金融、医药等行业,大型并购案例频频出现。
与此一些新兴产业也成为了并购的热点。
未来的并购活动可能会更加多样化和复杂化。
还有学者认为,随着全球经济一体化的深入发展,跨国并购和行业整合将成为未来的主要趋势。
企业并购文献综述及外文文献资料
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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
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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。
企业并购绩效及影响因素文献综述
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企业并购绩效及影响因素文献综述一、引言企业并购是指两个或多个公司之间通过收购或合并等方式,以实现规模经济、资源整合和市场扩展为目的的一种商业活动。
在全球化和市场竞争日益激烈的今天,企业并购已成为企业发展战略中不可或缺的一部分。
并购活动并非总能带来预期的效果。
很多并购案例以失败告终,给相关公司和投资者带来了严重的损失。
研究企业并购绩效及其影响因素对于理解并购活动的成功与否,具有重要的理论和实践意义。
本文将综述国内外学者对企业并购绩效及其影响因素的研究成果,以期为相关领域的学术研究和实际操作提供参考。
二、企业并购绩效评价企业并购的绩效评价是一个复杂的课题,绩效评价的结果将直接影响并购的成败。
在学术研究和实际操作中,对企业并购绩效的评价多从财务绩效和战略绩效两个方面展开。
1. 财务绩效评价企业并购后的财务绩效是最直观的表现,也是衡量企业并购成败的重要指标之一。
而对企业并购的财务绩效评价主要体现在企业的收益能力、资本结构、市场价值和现金流量等方面。
对于并购后企业的收益能力,通常通过销售收入、净利润、息税前利润(EBIT)等指标来反映。
而资本结构方面,则主要关注企业的财务杠杆、偿债能力和股权结构等情况。
市场价值和现金流量也是企业并购绩效评价的重要方面。
2. 战略绩效评价企业并购的战略绩效主要关注企业战略目标的实现情况,包括市场份额的扩大、产品创新、技术升级和品牌价值等方面。
通过对市场份额、市场渗透率、产品销售情况和品牌影响力等指标的分析可以评估企业并购后的战略绩效情况。
三、影响企业并购绩效的因素企业并购绩效的成败受多种因素的影响,其中包括公司内部因素、外部市场因素和并购过程中的管理决策因素等。
1. 公司内部因素公司内部因素包括企业规模、企业业绩、企业文化、管理制度和团队合作等。
研究表明,企业规模较大、业绩稳定、管理制度健全、企业文化相近、团队协作良好的企业,进行并购后的绩效往往更好。
2. 外部市场因素外部市场因素主要包括宏观经济环境、行业竞争环境、市场需求和法规政策等方面。
企业并购动因文献综述
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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。
并购阶段概况的文献综述
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并购阶段概况的文献综述并购(Mergers and Acquisitions)是指一家公司通过收购另一家公司的股权或资产,或者与另一家公司合并来实现业务战略目标的行为。
并购活动的频繁发生使其成为了现代商业中的重要现象。
本文将对并购阶段概况进行文献综述,以探讨并购活动在不同阶段的特点和影响。
一、并购活动的阶段1. 策略规划阶段并购活动通常始于公司的战略规划阶段。
在这个阶段,公司会通过分析市场和竞争环境、评估自身资源和优势,并制定相应的发展战略。
公司会考虑自身的业务领域、市场定位和未来发展方向,从而确定是否需要通过并购来实现战略目标。
2. 目标筛选阶段一旦公司决定通过并购来实现战略目标,下一步就是确定适当的并购目标。
在这个阶段,公司会对潜在的目标公司进行充分的调研和分析,包括财务状况、商业模式、市场地位和管理团队等方面的情况。
公司还会考虑目标公司与自身的业务互补性和整合难度,从而筛选出最适合的并购目标。
3. 谈判阶段一旦确定了并购目标,公司就会开始与目标公司展开谈判。
在谈判阶段,公司需要就价格、交易结构、股权转让和员工待遇等方面与目标公司进行协商。
公司还需要与监管部门和股东进行沟通,确保交易的合规性和顺利性。
4. 尽职调查阶段一旦双方达成初步协议,就需要进行尽职调查。
在这个阶段,公司会对目标公司的全部资产、负债、法律事务和商业情况进行全面的调查和审核。
通过尽职调查,公司可以更全面地了解目标公司的实际情况,规避潜在的风险和问题。
5. 合同签署阶段在完成尽职调查之后,双方可以签署正式的并购协议。
并购协议通常包括交易价格、交易结构、股权转让和员工待遇等方面的内容。
通过签署并购协议,交易正式落实,双方开始筹备后续的交易流程。
6. 政府批准阶段在协议签署之后,公司需要向相关监管部门提交并购申请,并等待政府的批准。
在一些情况下,特别是涉及行业垄断和国家安全的并购案例中,政府可能会对并购进行调查和评估,以确保交易不会对市场和国家利益产生不利影响。
企业并购理论文献综述
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企业并购理论文献综述企业并购理论文献综述一、引言企业并购作为一种重要的企业发展战略,已经在全球范围内得到广泛的关注与研究。
它不仅对企业自身发展具有重要影响,还对整个市场格局、资源配置以及经济增长产生显著的影响。
本综述将系统地总结和梳理企业并购的理论研究,以期为企业并购各方面的决策提供理论依据和启示。
二、企业并购的概念与形式1. 企业并购的定义及特点企业并购是指通过一定的合并、收购与联营方式,将两个或多个企业整合为一个新的实体,以达到资源整合、规模优势、市场拓展等战略目标的过程。
它具有资源整合、规模效应、风险分散、市场拓展、创新能力提升等特点。
2. 企业并购的基本形式企业并购可以分为水平并购、纵向并购、集中并购、跨界并购等不同的形式。
水平并购是在同一产业中同属一个层次的企业之间进行的并购;纵向并购是在同一产业的不同层次的企业之间进行的并购;集中并购是在同一产业中的不同细分领域企业之间进行的并购;跨界并购是指在不同产业之间进行的并购。
三、企业并购的动因与动力1. 企业并购的动因企业并购的动因是推动并购行为发生的原因,主要包括经济因素、战略因素、市场因素、金融因素等。
经济因素主要是由于成本压力、规模效应、资源整合等经济相关的因素;战略因素主要是企业为了实现战略目标、提升核心竞争力等而进行的并购;市场因素主要包括市场变化、市场份额占有、市场拓展等;金融因素主要是包括资本市场的运作和资金融通等。
2. 企业并购的动力企业并购的动力是推动实施并购行为的动力源泉,主要包括资源动力、市场动力、技术动力和运营动力。
资源动力是指企业通过并购获取新的资源,以实现资源整合和规模效应;市场动力是指企业通过并购扩大市场份额,提升市场竞争能力;技术动力是指企业通过并购获取新的技术、知识和专利等,以提升自身技术创新能力;运营动力是指通过并购改善企业运营状况,提高企业效率和盈利能力。
四、企业并购的效应与影响1. 企业并购的效应企业并购对参与者和整个市场都产生了重要的效应。
并购阶段概况的文献综述
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并购阶段概况的文献综述并购是企业之间合并或收购的过程,是企业扩张的一种重要手段之一。
并购分为多个阶段,包括前期规划、尽职调查、谈判和结算等。
本文将从多个角度对并购阶段概况进行文献综述。
一、前期规划阶段前期规划是并购的第一阶段,其重点是确定并购目标、制定并购计划和评估目标企业的价值。
而该阶段的成功与否将直接影响着后续的尽职调查和交易谈判。
在文献中,有几篇研究探讨了前期规划阶段的重要性。
资本市场环境、行业发展趋势以及企业战略目标等因素都会影响并购的前期规划。
一篇研究指出,业内专业人士应该集中精力对目标公司进行深入的研究,包括对其营销战略、重要客户和资产负债表的分析,并在这个过程中考虑如何降低风险和最大化投资回报。
另一篇研究强调了需制定一个可行的商业计划,以确定并购是否符合企业近期和长期的战略目标。
因此,前期规划的重要性在于确保企业选择正确的并购目标并为后续步骤打下良好的基础。
二、尽职调查阶段尽职调查是并购的核心阶段。
在这个阶段,目标公司的各个方面将受到评估和审查,以确保交易的合法性和合理性。
尽职调查通常涉及法律、财务、商业等多个方面,因此要充分准备。
对目标公司的尽职调查可以提供有关其管理和金融状态的信息,并揭示风险和机会。
尤其是在财务和税务方面,调查的要求更严格。
也因此,许多文献集中讨论了尽职调查阶段的有效性和必要性。
在尽职调查中,法律团队通常会关注合同和法律要求、机构结构、业务和财务状况,以及任何已存在的诉讼或争议等。
这些信息对于保护购买方的利益至关重要。
在财务方面,公司的财务声明和会计准则会受到广泛审查。
通过对财务状况、核心指标和市场趋势等的评估,购买方可能会获得更全面的信息,以帮助其制定决策。
此外,对目标公司的商业战略和目标进行分析也是重要的尽职调查程序之一。
通过细致的尽职调查,企业可以更好地了解潜在目标公司的价值和潜在风险,最终影响后续谈判和交易。
三、谈判阶段进行谈判是并购的关键阶段之一,也是整个交易的决定性阶段。
企业并购动因、并购绩效及并购风险文献综述
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企业并购动因、并购绩效及并购风险文献综述企业并购动因、并购绩效及并购风险文献综述一、引言企业并购作为一种重要的发展策略,被广泛应用于各行各业。
并购的动因、绩效和风险一直是学术界关注的焦点。
本文旨在综述相关文献,探讨企业并购的动因、绩效和风险。
二、企业并购动因2.1 资源整合资源整合是企业并购的主要动因之一。
通过并购,企业可以实现资源的共享、优化配置和提高效率。
例如,某公司通过收购具备核心技术的企业,实现了技术优势的整合,推动了产品创新和市场竞争力的提升。
2.2 市场扩张市场扩张是另一个常见的并购动因。
通过收购或兼并具有相同或相似业务的企业,企业可以迅速扩大自身的市场份额,提高市场竞争力。
例如,某公司通过收购竞争对手,在某一特定市场实现了市场份额的快速增长。
2.3 创新能力增强创新能力增强也是企业并购的动因之一。
通过收购具备或强化创新能力的企业,企业可以获得技术、人才和知识等方面的优势,提高自身的创新能力。
例如,某公司通过收购具有创新技术的初创企业,加速了自身产品线的研发和市场推广。
2.4 品牌与声誉品牌与声誉也是一些企业进行并购的重要动因。
通过收购具有知名品牌和良好声誉的企业,企业可以借助品牌影响力和口碑,拓展新的市场,提高自身品牌价值。
例如,某公司通过收购知名品牌,将品牌影响力扩展到新的市场领域。
三、企业并购绩效3.1 经济绩效经济绩效是衡量企业并购成功与否的重要指标之一。
根据研究,有论文显示,相比独立经营,企业并购在一定程度上可以提高企业的财务绩效,如增加销售收入、降低成本和提高盈利能力等。
3.2 管理绩效管理绩效是另一个衡量企业并购绩效的重要指标。
通过并购,企业可以引入优秀的管理团队,提升企业的管理水平和组织能力,从而进一步提高企业的综合竞争力。
3.3 市场绩效市场绩效是衡量企业并购绩效的另一个重要指标。
通过并购,企业可以扩大市场份额、提高市场地位和增强市场竞争力。
当市场绩效显著提高时,可以认为企业并购取得了成功。
《企业并购的动因和绩效的相关研究文献综述2800字》
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企业并购的动因和绩效的相关研究文献综述目录企业并购的动因和绩效的相关研究文献综述 (1)(1)基于经典动因理论 (1)(2)短期并购绩效 (1)(3)长期并购绩效 (2)企业创新绩效的衡量标准的相关研究 (2)(1)创新绩效的内涵 (2)(2)创新绩效的影响因素 (3)(1)基于经典动因理论如Hagedoorn J等(2003)认为对协同效应的追求驱动了大多数并购案例的发生,其他驱动因素包括以及代理问题和管理者自大倾向。
Hirshleifer D等(2012)在对银行业数据的进行研究后,得出并购有利于规模经济的形成。
Hobson J A等(1902)的实证研究也支持以Roll为代表人物的自大假说,研究认为媒体对高管的评价情况,以及高管对高薪的追求,都会影响并购中企业支付的对价。
ensen M C等(1976)研究得到,企业之所以进行并购,是因为规模大的企业更容易充分利用资源,从而通过实现协同效应,因此并购有利于成本降低以及协同效应的实现。
Kaplan S N 等(1997)认为,企业进行并购是为了减少与竞争对手的竞争,获得更大的话语权。
Kotz D M(2009)的研究结论认为企业进行并购是为了实现多元化,从而通过企业的业务扩张优化资源配置,最终实现企业绩效的提高。
Krippner G R(2005)研究认为企业进行并购是为了降低交易成本。
Li D 等(2011)等认为,横向并购有利于公司提升整体价值。
Liqun Z, 等(2020)通过研究认为,公司选择进行横向以及纵向整合的一个非常重要的原因是降低企业间的交易成本,以及快速进入新市场。
Lin C等(2009)的研究认为初创公司通过并购实现多元化有助于其快速找到主要发展领域。
(2)短期并购绩效Mario D A等(2013)引入的事件研究方法,这种研究方法的基本思路是分析比较并购事件发生前后相关公司的股票收益情况,判断超额收益是否为正,并购是否创造了累计超额收益,从而通过累计超额收益的情况来衡量并购的短期绩效。
并购阶段概况的文献综述
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并购阶段概况的文献综述【摘要】本文对并购阶段的概况进行了文献综述。
在首先介绍了并购阶段的概述,包括并购的定义和主要特点;其次探讨了并购阶段的确定性和不确定性因素,包括市场波动、竞争压力等;然后分析了并购阶段的影响因素,如组织文化融合、领导力协调等;接着讨论了并购阶段的绩效评价指标和方法;最后通过实践案例分析,展示了不同公司在并购阶段的策略和经验。
在总结了并购阶段的启示和挑战,指出未来研究应重点关注并购过程中的关键因素和成功案例,以提升并购绩效和减少风险。
文章为相关领域的研究提供了理论和实践的参考。
【关键词】并购阶段、概况、确定性、不确定性、影响因素、绩效评价、实践案例分析、启示、挑战、未来研究方向1. 引言1.1 研究目的本文旨在探讨并购阶段概况,分析并购阶段的确定性和不确定性因素,探讨影响并购阶段的因素,评价并购阶段的绩效,以及通过实践案例分析来深入了解并购阶段的情况。
研究目的旨在帮助读者更全面地了解并购阶段的特点、挑战和机遇,为相关从业人员提供指导并提出未来研究方向,以推动并购领域的发展。
通过对并购阶段进行综述和分析,可为从业人员提供参考,帮助他们更好地应对并购活动中的各种情况,提高并购成功的概率和效率。
本文也旨在促进学术界对并购阶段的研究,拓展对该领域的认识和理解,为未来的研究工作提供借鉴和参考。
1.2 研究意义:并购是当今全球经济中日益普遍的一种商业行为,它在推动企业发展、改善市场结构、提高产业效率等方面发挥着重要作用。
研究并购阶段的概况和相关因素对于加深我们对并购实践的理解,促进并购活动的规范和有效进行具有重要的指导意义。
通过对并购阶段进行深入研究,可以帮助企业更好地把握并购机会,降低并购风险,提升并购绩效,实现企业的长期可持续发展。
本文将对并购阶段的概况进行综合分析,揭示并购阶段的确定性和不确定性因素,探讨并购阶段的影响因素,评价并购阶段的绩效表现,并通过实践案例分析展示并购阶段的具体应用。
企业并购绩效及影响因素文献综述
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企业并购绩效及影响因素文献综述企业并购绩效及影响因素是企业并购研究的重要内容之一,对企业并购的成功与否具有重要的指导作用。
本文将综述一些相关的文献,以便更好地了解企业并购绩效及其影响因素。
Rafael La Porta等(1999)通过对220宗并购案例的研究发现,企业并购的绩效与企业治理环境密切相关。
在弱治理环境下,大型并购更容易导致财务问题,而在较好的治理环境下,大型并购则可以提高企业绩效。
这表明,企业并购的绩效与企业治理的完善程度有着密切关系。
Liu Shixia等(2019)的研究发现,企业并购绩效与企业文化的契合程度密切相关。
当并购双方的文化差异较小且契合度较高时,企业并购的绩效较好;反之,文化差异过大会导致并购绩效的下降。
企业在进行并购时应该充分考虑双方的文化因素,以提高并购绩效。
Kumar等(2018)的研究发现,并购的绩效还受到并购前后员工流动性的影响。
他们的研究发现,在并购完成后员工流动性较大的企业,其并购绩效较差。
这说明,在并购过程中,企业应该积极管理员工流动性,以提高并购的绩效。
Allen等(2019)的研究发现,企业并购绩效还与领导者的决策能力有关。
他们发现,在并购过程中,有经验且具有较好决策能力的领导者能够更好地把握并购的机会,提高并购的绩效。
在进行并购决策时,企业应该充分考虑领导者的决策能力及经验。
企业并购绩效受到多方面因素的影响,包括企业治理环境、企业文化、员工流动性以及领导者的决策能力等。
企业在进行并购时,应该全面考虑这些因素,并采取相应的措施,以提高并购的绩效。
未来的研究可以进一步深入探讨这些因素之间的关系,为企业并购提供更加科学的指导。
企业并购动因、并购绩效及并购风险文献综述
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企业并购动因、并购绩效及并购风险文献综述企业并购动因、并购绩效及并购风险文献综述摘要:本文对企业并购的动因、并购绩效以及并购风险进行了综述。
通过分析相关文献,总结了企业并购的动因包括资源获取与优化、扩大市场份额、提高竞争力、降低成本等;并购绩效主要涵盖财务绩效、市场绩效和战略绩效,并且存在一定的绩效差异因素;同时,企业在并购过程中也面临着多种风险,包括战略风险、操作风险、金融风险和法律风险等。
通过对这些问题的研究,有助于企业更好地进行并购决策和管理。
1. 引言企业并购是指一家企业通过购买其他公司的股权或资产,以实现业务扩张、扩大市场份额、获得技术与资源优势等目标的行为。
近年来,企业并购在全球范围内呈现出快速增长的趋势。
然而,并购活动往往带来各种挑战与风险,因此了解并购的动因、绩效以及风险成为了研究和实践的焦点。
2. 企业并购的动因企业进行并购有多种动因,其中一些是获取资本、技术和资源优势的需要。
首先,通过并购,企业可以获得更多的资本支持,弥补自身发展所需的资金缺口。
其次,通过并购,企业可以获取先进技术和专利,提升自身的创新能力和竞争力。
此外,并购还可以帮助企业获取战略性资源,如市场份额、品牌价值、供应链等,进而实现经济规模的扩大和运营效率的提高。
具体来说,企业并购的动因包括资源获取与优化、扩大市场份额、提高竞争力、降低成本等。
在资源获取与优化方面,企业通过并购可以获得关键技术、人才、渠道和品牌等资源,从而提升自身的核心竞争力。
扩大市场份额是企业通过并购获取更多的市场份额和客户资源,实现业务扩张和销售增长的重要动因。
提高竞争力方面,企业通过并购可以整合供应链、拓展市场渠道,从而获得更强的市场竞争力。
降低成本则是企业通过并购实现规模经济、降低采购成本和生产成本等,提升自身的运营效率和利润率。
3. 企业并购的绩效并购绩效是衡量企业并购成果的重要指标,主要包括财务绩效、市场绩效和战略绩效等。
财务绩效是指企业并购后的财务状况和经营能力的改善情况,如营业收入、净利润、资产回报率等。
企业并购绩效及影响因素文献综述
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企业并购绩效及影响因素文献综述随着全球化程度的深入,企业并购成为了企业发展过程中的常见策略之一。
并购是指通过购买其他企业的股份或资产来扩大企业规模的行为。
企业并购的目的包括增加市场份额、降低成本、提高资源利用效率、加快技术升级等。
本文将综述有关企业并购绩效以及影响企业并购绩效的因素的相关文献。
1. 企业并购的绩效评价企业并购绩效评价被广泛研究,并形成了一系列的评价方法和指标。
其中比较常见的评价指标包括股东价值增值、财务绩效、市场绩效、组织绩效等。
股东价值增值是指企业并购后股东的财富增值。
该指标的优点在于可以直接反映企业并购的财务效益,但缺点也很明显,即忽视了其他方面的绩效因素。
财务绩效是指企业并购后的财务表现,包括营收增长、净利润、每股收益等。
这是评价并购绩效最常用的指标之一,但是该指标也存在着盲目追求利润最大化的弊端。
市场绩效是指企业并购后的股票市场表现,包括股票价格和投资回报。
该指标反映了市场对并购决策的评价,但是并不能准确反映企业并购的整体贡献。
组织绩效是指企业并购后组织总体效率和效益的变化,包括生产能力、技术水平、资源利用效率等。
该指标是一个更综合的评价指标,不仅关注财务表现,还注重了企业战略、组织架构和文化等方面的影响。
根据相关研究,企业并购的绩效评价一般是在短期、中期和长期三个时间段内进行比较。
短期评价主要关注财务表现,中期评价重视市场绩效,长期评价强调组织绩效。
企业并购的绩效取决于众多因素,包括企业的战略目标、并购的类型、并购前后的财务状况、组织文化的融合等等。
下面将从几个方面介绍这些因素。
2.1. 战略目标企业并购的战略目标是企业并购成功的关键因素之一。
战略一致性是指并购之前的战略规划与并购后的企业经营方向是否一致。
如果并购的目标与企业现有的战略目标不一致,那么企业并购的成功可能性会大大降低。
此外,企业还需要考虑并购后的战略协同效应,即并购双方能否实现资源整合,提升竞争力。
2.2. 并购类型企业并购的类型包括垂直并购、水平并购和多角化并购。
国内外企业并购研究文献综述
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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。
企业购并_文献综述和案例
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邮发代号82-387 2005年第22期(半月刊) 总第251期63企业购并:文献综述和案例文/张志伟一、企业购并理论的文献综述企业购并包括任何一项由两个或更多个实体形成一个经济单位的交易。
购并分为几种不同的方式:横向型购并涉及到两个从事同类业务活动的企业;纵向型购并涉及到某项生产活动的不同阶段;混合型购并涉及到从事不相关类型经营活动的企业。
混合型购并又分为三种类型:产品扩张型购并拓宽了企业的生产线;市场扩张型购并涉及到在不重叠的地理区域内从事经营的两个企业;纯粹混合购并则涉及到既不能被认为是产品扩张型,又不能被认为是市场扩张型购并的不相关的经营活动。
目前,人们已经提出了许多理论来解释为什么购并与其他形式的资产重组活动会发生。
表1对购并活动的各种解释进行了归纳。
效率理论暗含了购并活动除了能给参加者带来收益外,还能带来社会效益。
“差别效率”理论表明效率高的企业将收购效率低的企业,并且通过提高其效率来实现收益,这意味着收购企业中有额外的管理能力。
差别效率最有可能成为相关行业中企业间购并活动的一个要素,因为在相关行业中可以更容易地觉察出改进管理的需要。
“无效率的管理者”理论认为,目标企业的管理者太不称职,以至于任何管理者都可以做得更好,因此,其可以用来解释不相关行业中企业间的购并活动。
该理论的主要局限性在于代理成本太高,以至于如果不通过代价高昂的购并,股东便无法惩戒管理者的看法。
“经营协同”理论假设存在规模经济并且收购有助于达到可以获得规模经济的活动水平,它包含了能力互补性的概念。
例如,一个企业可能在研究与开发方面有较强的实力,但在市场营销方面实力较弱,而另一个企业的市场营销部门可能有很强的实力,但缺乏研究与开发方面的能力。
这两个企业的购并将导致经营上的协同。
“财务协同”理论认为,购并的两个企业间的互补性不是管理能力方面的,而是在投资机会和内部现金流量方面的互补性。
一个衰退行业内的企业将产生大量的现金流量,因为其有吸引力的投资机会很少,而一个成长的行业有很多投资机会,以至于没有足够的现金来进行投资。
《企业连续并购问题研究国内外文献综述3600字》
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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
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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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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。
如何搞好国有大中型企业是我国经济体制改革进一步深化的关键,根据“抓大放小”的方针全面实施大公司大集团发展战略,
促使理论工作者开始探讨企业并购这一产权交易高级形式的作用和做法而企业也正在进行着通过购来发展壮大的崭新尝试。
我国企业股权高度集中、国有股一股独大以及代理问题的存在,除了企业自身发展需求外,管理者和政府亦是推动我国上市公司进行并购的主要原因。
2009年,吴静在《我国企业并购动因分析》一文中提到除了企业发展需求动因外,政府绩效动因在企业并购动机中也占有很大比重,“壳”资源(上市公司的壳资源对企业是一种可以用来低成本再融资的工具,对地方政府是政绩工程的重要评价指标)分配,以及政府为提高政绩推行体制改革。
无论从宏观和微观层面分析还是从企业自身与社会环境分析,我们可以看出,并购的动因并不是完全孤立的,它们之间有横纵交叉的错综关系。
二、企业并购的风险分析
近几年来,随着我国市场经济体制的建立和完善,企业间的并购行为更加频繁,并购的规模和领域不断扩大,并购的环境日趋复杂,并购的风险也日益加剧。
2002年张建华在《企业并购风险分析与风险管理》把企业并购面临的风险分为以下十种:政策风险,财务风险,整合风险,体质风险,法律风险,委托—代理关系失控风险,产业风险,反并购风险,投机风险,信息不对称风险。
2006年,胥朝阳在《企业并购风险的因素识别与模糊度量》中将模糊数学的理论和方法引入并购风险的度量,把企业并购的风险划分为以下十种:并购战略,法律环境,政府角色,产权市场,体质因素,信息对称性,资产评估,并购价格,融资与支付方式,企业文化。
2006年,王太顺在《企业并购财务风险产生的原因及控制途径》则提出企业并购的财务风险主要是由于并购估价不准确,并购支付方式不恰当,并购融资不合理,并购整合效率低等原因所引起的。
上述对企业并购的观点虽有所差异,但是我们可以看出,他们都强调了企业自身融资方式、支付方式、及并购目的,信息的对称性,政府的政策等因素。
综合以上观点我们可以把企业并购的风险因素归结为以下几个方面:营运风险,财务风险,信息风险。
企业并购是一项复杂的系统工程,具有高风险特征,有效管理并购风险非常重要。
2006年,王太顺在《企业并购财务风险产生的原因及控制途径》中提出应该谨慎选择并购目标企业、合理确定目标企业的价值、选择合适的并购支付方式、做好融资安排,合理确定融资结构。
企业并购有很多风险因素,2006年,杨明君在《企业并购的信息风险及其防范》中对信息风险的防范做了探讨,提出了签订保密协议,信息披露及保证,信息审查评鉴重点,涉及债务风险防范技巧得建议。
此外,针对财务风险,规范的体制保证,科学的风险管理机制,精心策划、慎重选择并购目标和并购方式,与银行等融资机构的合作,卓越的并购整合
工作等也能起到防范风险的作用。
三企业并购的会计方法选择
企业并购的会计方法选择一直是会计学界最有争议的问题之一。
目前比较通用两种方法是购买法与权益结合法。
以下文献对这两种方法的选择做了探讨。
2004年,杨有红在《并会计处理购买法与权益结合法》中提出:购买法是一个被广泛接受的科学方法。
并购会计方法选择的焦点在于是否允许采用权益结合法。
他认为:(一)权益结合法可以成为合法运用的会计方法(二)对权益结合法的运用条件做出明确、具体、无懈可击的规定。
2006年,肖云龙在《企业并购的会计方法选择》中对两种方法的原理进行了探讨,并比较了两种方法在操作过程中的差异。
他认为,会计方法的选择应重实质而非形式,就我国目前市场经济的发展看,企业并购特别是换股合并会越来越多,权益结合法的使用有其广泛的业务基础。
然而,随着市场经济的不断完善,中国会计也应及早真正地与国际接轨。
同时,随着产权交易制度的完善和资产评估业的不断发展,公允价值的准确性也会逐步提高,权益结合法的弊端在我国会越来越显露出来,而购买会计法则是较为长久、科学的方法。
综上,我们可以看出,企业并购会计方法的选择应注重实质而非形式, 我国目前允许收购法和权益结合法并存的局面是有其经济动因的。
但是,随着我国市场经济的不断完善,被并购企业净资产公允价值的确定能保证公正合理的时候, 权益结合法的废除之日也将随之而来。
结论
通过对企业并购的动机、风险因素及防范、会计方法的选择的分析,可以知道:企业并购的原因是错综复杂的,可以归纳为企业自身和社会环境两种因素。
企业并购也面临着众多风险,为了有效防范风险需要采取相应的措施。
企业并购的会计方法选择应该重实质而非形式,目前在我国收购法和权益结合法是并存的。
主要参考文献
[1]吴永林.企业并购动因和目的析论[j]北方工业大学学报,1997,(4)
[2]吴静.我国企业并购动因分析[j]经济论坛,2009,(2)
[3]张建辉.中西方企业并购动因比较[j]特区经济,2006,(5)
[4]胥朝阳.企业并购风险的因素识别与模糊度量[j]商业时代,2004,(15)
[5]张建华.企业并购风险分析与风险管理[j]华南金融研究,2002,17(3)
[6]王太顺.企业并购财务风险产生的原因及控制途径[j]财会经纬,2006,(9)
[7]杨明君.企业并购的信息风险及其防范[j]会计之友,2006,(2)
[8]肖云龙.企业并购的会计方法选择[j]企业经济,2006,(3)
[9]杨有红.并购会计处理:购买法与权益结合法[j]新理财,2004,(3)
[10]吴伟琼.企业并购会计方法探讨[j]企业家天地,2008,(9)。