并购整合文献综述
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。
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。
并购阶段概况的文献综述
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。
并购阶段概况的文献综述
并购阶段概况的文献综述并购是指一个公司通过收购或合并方式，获得另一个公司或若干个公司或其业务或财产。
并购是企业实现战略转型的常用手段之一，对于企业增强竞争力，拓展市场和资源优化具有重要意义。
但是，由于并购涉及到多方面利益的博弈，因此并购过程中的风险和挑战也不容忽视。
一、并购过程1. 收购要约阶段收购要约是指收购方向被收购方的股东发出收购要约，要约方向被收购方的股东提出自愿性收购。
2. 反应期被收购方的股东可以接受要约、拒绝要约、暂缓回应、要求交涉等。
3. 交涉期双方进行交涉，如被收购方接受要约则双方进入签约阶段。
双方签订合同进行交易。
5. 执行期完成合同的履行。
二、并购风险剖析1. 经营风险包括被收购方的经营收入增长停滞、利润下降等经营风险。
2. 市场风险包括被收购方市场结构的变化、市场风险等。
3. 财务风险包括被收购方的财务风险和融资问题等，可能会给收购方造成财务上的损失。
4. 法律风险包括被收购方遗留的法律纠纷、侵权诉讼等法律上的风险。
三、优化措施1. 组建专业团队由于并购涉及到多方面的因素，因此应该组建专业的团队对并购项目进行评估、财务分析和风险评估等工作。
2. 制定完备的并购方案应该制定完备的并购方案，包括对被收购方公司的财务、市场、业务和人员等方面进行评估和分析，以保证并购成功。
在并购前应该进行彻底的法律尽职调查工作，以充分了解被收购方公司的法律情况，避免法律争端。
4. 建立合适的融资方案建立合适的融资方案可以帮助收购方有效地应对资金不足的情况，确保并购顺利完成。
五、结论并购是企业发展中的常见手段，它可以提高企业的竞争力和市场份额，但同时也存在一定的风险挑战。
企业应该制定完备的并购方案，组建专业团队进行评估和风险评估，并严格检测法律风险。
通过合适的融资方案确保并购资金充足，既确保并购顺利完成，又有效避免并购风险和挑战的出现。
并购阶段概况的文献综述
并购阶段概况的文献综述
并购是企业间合并的一种重要方式，具有促进竞争、拓展市场等多种优势。
对于并购
阶段的管理与控制，学者们进行了多次研究和讨论。
首先，一些学者关注并购的成功因素。
他们认为，合适的目标企业选择、合理的定价、协调的整合计划，以及顺畅的组织文化融合等因素是实现并购成功的关键。
其中，组织文
化融合是不可或缺的一步，要通过妥善安排交流机制、建立统一的文化价值观等方式消除
企业间文化障碍。
同时，一些学者还提出，对于跨国并购而言，政府的政策、法律的规定
等外部因素也可能会对并购的结果产生影响。
其次，另一些学者关注并购阶段的风险控制。
他们指出经济环境的不确定性，如市场
波动、金融风险等，是导致并购失败的原因之一。
他们认为，要通过合理的风险规避策略，如收购前的尽职调查、再保险、风险转移等措施，来降低风险水平。
此外，学者们还建议，在一个并购交易的不同阶段，应该采取相应的风险管理和控制策略。
最后，有些学者研究并购后的绩效评价。
他们认为，对于并购后的绩效评价，需要对
交易前后的企业财务状况、管理能力、组织文化等多个领域进行评估。
在具体的评价指标
方面，学者们提出了许多不同的方法，如财务表现、市场表现、员工满意度和顾客满意度等。
此外，由于绩效评价可能对未来并购拓展产生影响，学者们强调了绩效评价的重要性，同时建议，制定合理的绩效评价需要考虑到企业的独特性。
综上所述，对于并购阶段的管理与控制，学者们研究的重点涵盖了成功因素、风险控
制和绩效评价等方面。
他们提出了许多理念和方法，以指导企业在并购过程中取得成功。
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。
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。
并购阶段概况的文献综述
并购阶段概况的文献综述并购，即合并和收购，已成为企业扩张和增强竞争力的重要手段之一。
本文主要对并购阶段概况相关的文献进行综述。
据市场研究公司Statista发布的报告显示，2018年全球并购完成了4.6万宗交易，总金额达到了3.9万亿美元。
并购是公司实现扩张、增强市场竞争力、优化资源配置的有效途径。
按照交易规模的不同，可以把并购分为几个阶段。
一般而言，最形式化的一般为五个阶段：准备阶段、目标寻找阶段、尽职调查阶段、谈判和交易结构阶段和后并购整合阶段。
二、并购阶段的具体内容1. 准备阶段并购前的准备工作是进行并购之前必须完成的阶段。
在这个阶段，企业需要认真评估自己的经营状况和未来成长的潜力，制定可行的并购计划。
在制定计划的过程中，需要考虑组织架构、人才、技术和其他方面的需求或者问题。
准备阶段还包括确定并购目标的标准和标准，以及对公司的定位和策略的调整等。
2. 目标寻找阶段在寻找合适的并购目标时，企业需要从多个方面进行考虑，如竞争环境、市场趋势等。
对于并购目标的筛选，需要考虑以下因素：（1）目标公司是否符合企业的扩张要求；（2）目标公司是否有可持续的盈利模式；（3）目标公司是否有卓越的管理团队和专业人才；（4）目标公司是否有完整的产品或服务线。
3. 尽职调查阶段尽职调查阶段是并购中最重要的步骤之一。
这个阶段主要是了解目标公司的真实情况和风险因素，以便在交易中减少不确定性并规避风险。
尽职调查的内容包括财务、法律、税务、人力资源等方面的审核。
4. 谈判和交易结构阶段在谈判和交易结构阶段，企业需要考虑如何使并购交易达到最佳效果。
交易结构应该合理，并且前期的工作应该充分考虑。
在这个阶段，尤其需要考虑交易的价格问题，并且还需要注意协议表述和保密等事项。
5. 后并购整合阶段后并购整合阶段是实际操作的步骤，企业需要在这个阶段进行组织和平衡。
这包括整合资产和人员、处理有关的贷款、审计和法律问题、合并制度、服务和保留顾客等方面的问题。
并购阶段概况的文献综述
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
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
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】。
并购阶段概况的文献综述
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。
关于跨国公司并购我国企业的文献综述
关于跨国公司并购我国企业的文献综述关于跨国公司并购我国企业的文献综述摘要：随着中国入市以及近年来经济的高速增长，跨国公司对我国企业的并购行为日趋活跃。
跨国公司的并购行为无疑能给我国带来一定的积极作用，但同时也产生了一系列负面效应。
本文对一些学者在此问题的探讨上进行综述，对跨国公司并购我国企业的现状、影响和应对措施做简单分析。
关键词：跨国公司；并购；影响Abstract: With China’s accession to the WTO and the recent rapid economic growth, multinational corporations on mergers and acquisitions of enterprises has become increasingly active. This behavior will give multinational companies to bring a positive role in China, but also produced a series of negative effects. In this paper, a number of scholars on this issue were reviewed, on the status of transnational mergers and acquisitions of businesses, and impacts of response measures to do simple analysis. Keywords: Multinational corporation, merger and acquisition, influence 一．引言跨国并购是指跨国公司等国际投资主体通过一定的程序和渠道, 依照东道国法律取得东道国某些现有企业的全部或部分资产所有权的行为[1]。
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。
(完整word版)文献综述并购
文献综述摘要近些年来，随着市场经济不断地发展，公司并购己经成为公司发展的一种趋势。
企业并购是一种优化资源配置的过程，是企业成长的一种重要方式。
通过对资产的合并重组来实现企业价值最大化，从而提高企业经营绩效，扩大经营规模，降低平均成本，实现“协同效益”。
本文将结合并购绩效的理论知识，以及并购绩效的研究方法，通过搜集国内外文献资料，探讨企业并购前后的绩效变化，分析并购绩效的影响因素并采取有效措施来提高公司绩效。
关键词：并购并购绩效协同效应前言并购是促进产业结构优化升级的重要途径，可以给企业带来生产和经营上的规模经济，扩大协同效应，节约交易成本，增强企业的市场控制力与竞争力。
纵观国外大企业的发展历史，做大做强除了要靠企业自身的积累外，最重要的是靠并购重组。
国务院《关于十大产业调整振兴规划》中，有9 个产业明确提出要扶持大企业、支持并购重组，这必将引起国内企业新的并购浪潮。
根据投中集团旗下数据产品C V Source 统计显示，2006 年至今，中国并购市场的交易完成规模明显呈现逐年上升趋势，从2006 年的1434.8 亿元上升至2010 年的6921.52 亿元。
在并购市场如火如荼发展的同时，我们也要注意到企业并购是一把双刃剑，既蕴含着机遇又富有挑战。
研究并购绩效，总结以往并购案中的经验与教训，对以后的并购有借鉴意义。
一、并购相关概念（一）并购实践中的公司并购活动不断创新，人们对并购概念的认识难以统一。
一般来说并购概念有广义和狭义之分。
狭义的并购《中华人民共和国公司法》第184条规定的公司合并，分为吸收合并和新设合并两种方式。
一个公司吸收其他公司为吸收合并(Merger)，被吸收的公司解散，也称为兼并。
根据权威性的《大不列颠百科全书》兼并（Merger）一词的解释是：“指两家或更多的独立企业、公司合并组成一家企业，通常由一家占优势的公司吸收一家或更多公司。
兼并的方法：（1）用现金或证券购买其他公司的资产；（2）购买其他公司的股份或股票；（3）对其他公司股东发型新股票以换取其所持有的股权，从而取得其他公司的资产和负债。
并购阶段概况的文献综述
并购阶段概况的文献综述引言并购是指公司之间的联合和整合，以便获得更大的市场份额，降低成本，提高效率，并实现更高的盈利。
并购活动在企业发展战略中起着至关重要的作用，不仅可以扩大企业规模，还可以实现资源整合，提高市场竞争力。
本文将对并购阶段的概况进行文献综述，进一步分析并购的相关理论和实践，为相关研究和实践提供参考。
一、并购的概念及分类并购是指一个公司或者机构收购另一个公司或者机构的股票、资产或者经营权，并将其合并到已有的企业当中。
根据并购目的的不同，可以将并购分为战略性并购和财务性并购两种。
战略性并购是指企业为了实现市场扩张、资源整合或者技术提升等目标而进行的并购活动；财务性并购则是指企业为了获取财务回报而进行的并购活动，通常是为了实现规模经济或者降低成本等目标。
二、并购阶段的概述并购活动通常包括策略规划、目标筛选、交易洽谈、尽职调查、合同签署、财务融资、监管审批、并购整合等多个阶段。
在策略规划阶段，企业需要明确并购的目标和动机，以及合并后的预期效果；目标筛选阶段则是确定合并对象，并对其进行综合评估；交易洽谈阶段则是双方就合并条款和条件进行协商；尽职调查阶段则是对目标公司的财务、法律、经营等情况进行详细审查；合同签署阶段是双方就合并协议进行最终的确认和签署；财务融资阶段是为并购交易筹集必要的资金；监管审批阶段则是向监管机构提交相关申请，并取得批准；并购整合阶段是将合并后的企业进行业务整合和管理整合。
三、并购阶段的理论分析在以上并购阶段中，相关学者提出了许多理论来解释并购活动的影响因素和机制。
资源依赖理论认为，企业进行并购是为了获取和整合外部资源，以实现规模经济和市场优势；机会成本理论则认为，并购活动可以减少企业的机会成本，提高企业的市场竞争力；整合成本理论则强调了并购活动可能带来的管理整合和文化整合问题，以及由此可能产生的成本。
这些理论为我们理解并购活动提供了重要的思路和框架，同时也为相关实践提供了指导和启示。
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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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。
实
际上，以上这些现象不是个别的、偶然的。
实证研究结果表明，并购领域
存在着70/70现象，即当今世界70%的企业并购后未能实现期望的商业价值；70%的并购失败直接或间接起因于并购后的整合过程。
在国外，德国学者马克思M·贝哈曾在其《并购整合及风险》中表明，并购最终流产于整合阶段的比例高达52%.目标公司被收购后，很容易形
成经营混乱的局面，尤其是在敌意收购的情况下，这使许多管理人员纷纷
离去，客户流失，生产混乱。
因此，需要对目标公司进行迅速有效的整合。
由于并购整合涉及企业股东、管理层，雇员、政府机构和资本市场等多个
利益主体，涉及战略、组织、人事、资产、运营、流程等一系列重大而关
键问题的调整和重组，并且都需要同步尽快得到解决，因此，整合的任务
很艰巨、难度很大。
孙班君在2022年4月第2期石家庄经济学院学报《大型企业并购整
合案例研究》一文中，通过对三十个典型整合案例的分析，得出以下整合
措施：(一)进行事前控制
在进行并购以前要对被并购的企业进行全面的调查，如财务状况是否
良好，该企业是否具备先进的管理经验以及高素质的管理团队等。
(二)注
重核心资源
在进行并购时注重核心资源利用及开发，确保核心资源合理运用，建
立以核心资源为整合主线的整合方法。
(三)信息反馈机制企业应建立一个合理的信息反馈机制，在整合阶段，需要定时定点对整合信息进行反馈，这样有利于对被并购企业进行管理控制，减少因信息不对称而带来的经济损失。
(四)监督机制
企业整合风险包括财务风险以及经营管理风险等，企业在整合中应建
立合理的险预警机制以及风险评定小组进行全面的风险管理，尤其在并购
整合处于稳定阶段时，要及时地关注企业发展的外部环境变化。
(六)人员
整合管理
首先要保持人力资源的相对稳定，其次是注重对关键人员的留用和整合，能否留住关键人才，往往在一定程度上决定了并购的成败。
(七)文化
整合管理
注重并购后文化整合，降低并购双方激烈的文化冲突，保护企业的组
织资源以及组织知识。
仁达方略管理咨询公司董事长王吉鹏在《企业整合，谁去谁留》一文
中也提出了人员整合的三点措施：1、裁掉重叠人员等四类人员2、挽留
关键人员3、做好评估。
王宪亮也指出并购整合要分别从经营策略，文化，财务，人力资源、
资产债务等方面入手，全面进行并购的整合。
美国经济学家迈克尔.波特在《竞争优势》一书中强调知识整合是企
业整合的关键。
他认为：知识作为一种有价值的资源在当前的学术界和实
践界已经成为共识,尤其是在知识经济时代,一切都以知识为基础,所有财
富的核心都是知识,企业的发展越来越依赖于对知识的有效整合与利用。
知识整合是实现知识管理的关键环节,知识整合是企业存在的基础,也是企
业获取竞争优势的关键因素。
三、我国并购整合的现状
徐全军博士在《企业并购后整合》中分析了我国并购整合的现状：(1)政府对企业并购行为的不当干预
企业并购归根结底是产权交易，涉及所有权的问题。
而产权是以财产
所有权为基
础由所有制实现形式所决定的，反映不同利益主体对某一财产的占有、使用、收益和处分的法定权益。
在美国，政府对企业并购的干预是积极的。
政府利用政治资源、信息优势和信用优势，针对并购案涉及的地区和国家，政府通过多种途径进行对企业并购实现跨越行政边界的行政协调，并通过
法律程序对企业并购活动进行有效干预。
在中国，政府不是作为并购活动
的裁判，而是作为并购活动的一个主体而出现。
尤其在面对国有亏损企业
的重组问题上，政府通过优惠政策强制或鼓励并购。
这样，由于政府不当
干预，并购代替了破产，限制了企业并购市场的规模，使并购局限于强弱
联合，在一定程度上影响了企业并购的效果。
(2)中国经理层在实施并购
交易及在管理并购整合方面缺少经验
并购历史在中国并不长，从1984年河北省保定市首例并购案以来，
也不过是20余年的历史，且并购的规模也不大，并购的价值只占GDP的
15％，市场潜力大，但是成熟的并购实践尚待时目。
这就导致了中国经理
层在实施并购交易以及在管理并购整合缺少经验的主要原因.四、启示在面对经济全球化和全球企业并购浪潮中，入世后的中国企业面临巨
大的挑战，同时也面临着许多前所未有的发展机遇。
如何在这次全球并购
中争取主动，提升我国企业的国际竞争力，我国企业应做到并购的有的放矢，减少并购的盲目性。
盲目并购没有明确的战略目标和并购时机的选择，没有对并购决策过程的有效控制，没有对并购决策利弊的充分认识，这些
盲目并购活动非但没有对企业集团的发展起到促进作用，反而使企业遭受
了巨大的损失。
因此，企业进行的任何一项并购活动，首先明确并购战略，确立并购的价值标准，依据成本效益原则进行并购决策；其次要抓好并购
前的一系列并购组织活动，对并购的各个环节进行有效的监督和控制，最
大限度地避免失误，争取实现成功企业并购的所有目标：产生管理协同效应，经营协同效应，财务协同效应，获得特殊资产效应，降低代理成本效应，实现战略重组效应。
其实，国内收购也好，国外收购也好，收购要做
的基本工作就是要确定全面整合的“度”。
只有把这个“度”做好了，才
能克服收购后存在的一系列问题，公司才能更好地发展。