国外并购文献综述
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。
国内外企业并购动因理论文献综述
国内外企业并购动因理论文献综述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。
并购理论国外研究报告
并购理论国外研究报告一、引言随着全球经济的发展，企业并购活动日益频繁，成为企业扩张和转型的重要手段。
然而，并购成功率并不高，许多企业在并购过程中遇到了种种问题。
为了提高并购成功率，国内外学者对并购理论进行了深入研究。
本报告以国外并购理论为研究对象，旨在分析国外并购理论的最新进展，探讨其在我国企业并购实践中的应用价值。
本研究的重要性体现在以下几个方面：首先，国外并购理论的发展对我国企业并购实践具有指导意义，有助于提高我国企业并购的成功率；其次，通过对国外并购理论的梳理，有助于我国学者在这一领域取得更多创新性成果；最后，本研究有助于推动我国并购理论的发展，为政策制定者和企业提供理论支持。
在此基础上，本研究提出以下研究问题：国外并购理论的主要观点有哪些？这些理论在我国企业并购实践中的应用效果如何？为解决这一问题，本研究假设国外并购理论在我国企业并购实践中具有一定的适用性，但需结合我国实际情况进行调整。
研究范围与限制方面，本报告主要关注国外并购理论的发展及其在我国企业中的应用，不涉及国内并购理论的探讨。
报告将从并购动机、并购估值、并购整合等方面对国外并购理论进行系统梳理，并结合实际案例分析其在我国企业并购中的应用。
本报告的简要概述如下：首先，介绍国外并购理论的发展历程及主要观点；其次，分析国外并购理论在我国企业并购实践中的应用现状；最后，提出针对我国企业并购实践的建议，以期为我国企业并购活动提供理论支持。
二、文献综述国外并购理论研究始于20世纪60年代，至今已形成多个理论框架。
M&A （Mergers and Acquisitions）理论主要包括效率理论、市场势力理论、管理主义理论和战略匹配理论等。
效率理论认为并购可提高企业效率，实现协同效应；市场势力理论强调并购是企业扩大市场份额、增强竞争力的手段；管理主义理论关注管理层利益在并购中的作用；战略匹配理论则强调并购双方在战略上的互补性。
前人研究成果显示，并购动机、估值方法、整合策略等方面取得了显著进展。
企业并购文献综述及外文文献资料
本文档包括改专题的：外文文献、文献综述一、外文文献Financial synergy in mergers and acquisitions. Evidence from Saudi ArabiaAbstractBusinesses today consider mergers and acquisitions to be a new strategy for their company's growth. Companies aim to grow through increasing sales, purchasing assets, accumulating profits and gaining market share. Thus; the best way to achieve any of the above-mentioned targets is by getting into either a merger or an acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and acquisitions are an important factor in building up market capitalization. Based on three structured interviews with major Saudi Arabian banks it has been found that mergers motivated by economies of scale should be approached cautiously. Similarly, companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. Firms should seek out mergers that allow them to acquire specialized knowledge. It has also been found that firms should look for mergers that increase market power whilst avoiding unrelated mergers or conglomerate mergers.Keywords: Synergy, Mergers and Acquisitions, Saudi Arabia 1. IntroductionThere is a major difference between mergers and acquisitions. Mergers occur between similarly sized companies and the collaboration is "friendly" between both companies. However, Acquisitions often occur between differently sized companies and the partnership is usually forced and hostile.Wheelen and Hunger (2009) define a merger as a transaction involving two or more corporations in which stock is exchanged but in which only one corporation survives. In other words, the two companies become one and the name for the corporation becomes composite and is derived from the two original names. Furthermore, an acquisition is the purchase of a company that is completely absorbed as an operating subsidiary or divisionof the acquiring corporation (Wheelen and Hunger, 2009). The authors also state thathostile acquisitions are called takeovers.The main reason for firms entering into mergers and acquisitions (M&A) is to grow, andcompanies grow to survive (Akinbuli, 201 2). Growth strategies expand the company's activities and add to its value since larger firm have more bargaining power than smaller ones. A firm sustaining growth will always have more opportunities for advancement, promotions and more jobs to offer people (Wheelen and Hunger, 2009). In general, mergers and different types of acquisitions are performed in the hope of realizing an economic gain. For such a business deal to take place, the two firms involved must be worth more together than each was apart.A few of the prospective advantages of M&A include achieving economies of scale, combining complementary resources, garnering tax advantages, and eliminating inefficiencies. Other reasons for considering growth through acquisitions contain obtaining proprietary rights to products or services, increasing market power by purchasing competitors, shoring up weaknesses in key business areas, penetrating new geographic regions, or providing managers with new opportunities for career growth and advancement (Brown, 2005).Many firms choose M&A as a tool to expand into a new market or new area of expertise since it is quicker and cheaper than taking the risk alone. Furthermore, M&A happen when senior executives feel enthusiastic and excited about a potential deal ; the idea of successfully pursuing and taking over another company before the company s competitors are able to do so. Competition in a growing industry drives firms to acquire others. In fact, a successful merger between companies increases benefits for the entire corporation.However, failures also occur in M&A as indicated by Haberbserg and Rieple (2001) and Akinbuli (2012). They showed that 50% of acquisitions are unsuccessful; they increase market power but do not necessarily increase profits. Brown (2005) explains the reasons for the high failure rate of M&A as follows:(a)Over-optimistic assessment of economies of scale. Economies of scale are usually achieved at certain business size. However, expansion beyond the optimum level results in disproportionate cost disadvantages that lead to various diseconomies of scale.(b)Inadequate preliminary investigation combined with an inability to implement the amalgamation efficiently. Resistance to change and the inability for the acquired company to manage change well is a main reason for failure due to the resistance of the employees and management of both companies involved.(c)Insufficient appreciation of the personnel problems, which will arise, is due mainly to the differing organizational cultures in each company.(d)Dominance of subjective factors such as the status of the respective boards of directors.Therefore, drafting careful plans before and after the merger is a necessity that should not be overlooked. Some companies find the solution in hiring a change manager who will add value and better manage the transition of the "marriage between both companies" (Brown, 2005).2.Synergy in M&A and financial synergyThis section discusses the literature review in order to identify the importance of acquiring financial synergy in the M&A.2.1Synergy in M&ASynergy, as defined in the business dictionary, is the state in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater than the sum of their individual effects. Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings (Mergers and acquisitions: Definition, n.d.).Synergy is also expressed as an increase in the value of assets as a result of their combination. Expected synergy is the justification behind most business mergers. For example, the 2002 combination of Hewlett-Packard and Compaq was designed to reduce expenses and capitalize on combining Hewlett-Packard's reputation for quality with Compaq's impressive distribution system (Synergy Business Definition, n.d.).Through research it has been noted that synergy is the concept that two businesses will generate greater profits together than they could separately (Wheelen and Hunger, 2009). Synergy is said to exist for a divisional corporation if the return on investment of each division is greater than what the return would be if each division were an independent business (Wheelen and Hunger, 2009). In order to succeed cooperation between the partners is the basic ingredient for achieving growth through synergy (Rahatullah, 201 0). This requires partners to build trust, commitment, and secure consensus, to achieve their targets (Gronroos, 1997; Ring and Van-de-Ven, 1994).Synergy can take several forms. According to Goold and Campbell (1 998) synergy is demonstrated in six ways: benefiting from knowledge or skills, coordinated strategies,shared tangible resources, economies of scale, gaining bargaining power over suppliers and creating new products or services.M8<A result in the creation of synergies, the sharing of manufacturing facilities, software systems and distribution processes. This type of synergy is referred to as operational synergy and is seen mostly in manufacturing industries. Another motive for forming an acquisition is gaining greater financial strength by purchasing a competitor, which increases market share. The aim of mergers and acquisitions is to achieve improvement for both companies and produce efficiency in most of the company's operations. (Haberberg and Rieple, 2001).However, Brown (2005) summarizes the sources of synergy that result from M8<A underthe following headlines:1.Operating economies which include:(a)Economies of scale: Horizontal mergers (acquisition of a company in a similarline of business) are often claimed to reduce costs and therefore increase profits due to economies of scale. These can occur in the production, marketing or finance divisions.Note that these gains are not expected automatically and diseconomies of scale may also be experienced. These benefits are sometimes also claimed for conglomerate mergers(acquisition of companies in unrelated areas of business) in financial and marketingcosts.(b)Economies of vertical integration: Some acquisitions involve buying out other companies in the same production chain. For example, a manufacturer buys out a rawmaterial supplier or a retailer. This can increase profits through eliminating the middleman in the supply chain.(c)Complementary resources: It is sometimes argued that by combining the strengths of two companies a synergistic result can be obtained. For example, combining a company specializing in research and development with a company strong in the marketing area could lead to gains. Combining the expertise of both firms would benefit each company through the gained knowledge and skills that individually they lack.(d)Elimination of inefficiency: If either of the two companies had been badly managed; its performance and hence its value can be improved by the elimination of inefficiencies through M&A, Improvements could be obtained in the areas of production, marketing and finance.2.Market power; Horizontal mergers may enable the firm to obtain a degree of monopoly power which could increase its profitability. Coordinated strategies between both companies will lead the entire organization in gaining competitive advantage. Gaining bargaining power over suppliers is realized since the company is larger in size after the merger.3.Financial gains; Companies with large amounts of surplus cash may see the acquisition of other companies as the best application for these funds. Shared tangible resources such as sharing a bigger building, more office supplies, equipment, manufacturing facilities and research and design labs will also lead to a reduction in costs translated into better financial performance. McNeil (2012) identifies that the shareholders of a business under M&A process may benefit from the sale of their stocks, this is especially true if the M&A is with a better, bigger and more reputable prospective partner.4.Others; such as surplus management talent, meaning that companies with highly skilled managers can make use of their qualified personnel only if they have problems to solve. The acquisition of inefficient companies allows for maximum utilization of skilled managers. Incorporating the efforts of both management teams will drive the creation of innovative products or services.The synergy factor prevails in the M&A when the firms produce a greater return than the two individual firms owing to reasons such as improvements in efficiency and an increase in market power for the merged or acquired firms (Berkovitch and Narayana, 1993).2.2Financial synergyAs defined by Knoll (2008), financial synergies are performance advantages gained by controlling financial resources across businesses of firms. There exist four types of financial synergies, which are:1.Reduction of corporate risk: Reduction of corporate risk is increasing the risk capacity of the overall firm, which means the ability of the firm to bear more risk. Meaning that by increasing the risk capacity the shareholders will invest more in the company and the firm will gain benefits such as coinsurance effects.2.Establishment of internal capital market: Establishing internal capital gains means that the firm will decrease its financing costs and will increase financialflexibility which results in the company having higher liquidity and the ability to payits creditors easily.3.Tax advantages: Tax advantages by reducing the tax liabilities of the firm using the losses in one business to offset profits in the other business referred to as "profit accounting".4.Financial economies of scale: Financial economies of scale reducing transaction cost in issuing debt and equity securities (Knoll, 2008).3.Methodology and resultsFor this project, the method of interviews was used due to it being the most appropriate way to gather information about the interpretation of events, as to why some mergers produce synergy while others do not; and to understand the reasons why companies enter into mergers. In Saudi Arabia it is difficult to secure responses from senior executives. Approaching such a person is not only difficult protocol wise but there are bureaucratic hurdles. The quantitative analysis is more suitable for large scale data collection (Denzin and Lincoln, 1997). Whereas, qualitative research provides the researcher with the perspective of target audience members through captivation and direct interaction with the people under study (Glesne and Peshkin, 1992). These methods help to comprehend what others perceive of a certain phenomenon, postulates Creswell (1994).The planned interview method was to use a structured interview. In a structured interview, the researcher knows in advance what information is needed and asks a predetermined set of questions (Sekaran and Bougie, 2009). The same questions are asked of all interviewees, which allows for better comparison of the responses than unstructured interviews, where the interviewees are asked different questions. The structured interview process does allow the researcher to ask different follow up or probing questions based on the interviewee's response. This allows the interviewer to identify new factors and gain a deeper understanding of the topic (Sekaran and Bougie, 2009).Since the interviewees were located in different parts of Saudi Arabia the interviews were scheduled in advance and conducted face to face. The data was gathered by taking notes during the interviews, which were not recorded as that may have seemed too intrusive.When conducting interviews it is important to conduct them in a manner that is free of bias or inaccuracies. According to Sekaran and Bougie (2009), bias can be introduced by theinterviewer, interviewee or the situation. Interviewers can introduce bias by distorting the information that they hear so it aligns with their expected responses to the question or through simple misunderstandings. To prevent this, the respondents' answers were summarized back to them before moving on to the next question. Interviewees can introduce bias if they do not like the interviewer or if they phrase the answers to be biased towards what they think the interviewer wants to hear. Since the interviewees were obtained through referrals, it is highly unlikely that they gave false responses. Also, the basic area of research was discussed with the interviewees, but no hypothesis was advance to them, such that they would skew their answers to what they though the interviewer wanted to hear.Three companies were interviewed and asked a specific set of questions (see Appendix). There are numerous reasons to interview three companies in Saudi Arabia. These are the following:*The M&A in Saudi Arabia are normally carried out by large size companies.*It is difficult to reach out to the senior managers to discuss such issues.*The officers are also tied by company confidentiality rules to not divulge information.*The number of M&A is also significantly less in comparison with other countries.*The researchers, using diverse resources including personal contacts and formal requests, were able to reach out to three of the major companies of the Kingdom.An interview was conducted with National Commercial Bank (NCB) NCB is an international bank headquartered in Saudi Arabia and engaged in personal, business and private banking, and wealth management (NCB, 2011 ). Another interview was done with Samba Financial Group. Samba is also an international bank headquartered in Saudi Arabia that is engaged in personal and business banking (Samba, 2011). The third company that was interviewed was Savola Holding Company, which is headquartered in Jeddah, Saudi Arabia and is engaged in the food industry. Through subsidiary companies, Savola is engaged in the manufacturing of vegetable oils, dairy products and food retailing operations both in Saudi Arabia and other international markets. Due to strict confidentiality of the companies interviewed, the names of the people will not be mentioned or their titles. This was the most important condition in order to conduct these interviews.Each of the three companies has been involved in significant mergers. NCB's most significant merger was when it acquired a Turkish bank, Turkiye Finans Katilm Bank in 2008.Samba's most significant merger was its acquisition of Cairo Bank in 1 999. Savola's most significant acquisition was its acquisition of Al-Marai in 1 991.NCB has engaged in four mergers overall and three international mergers. In addition to its acquisition of the Turkish bank, it acquired Estate Capital Holdings, The Capital Partnership Group Limited and NCB Capital. The acquisition oftheTurkish bank was considered its most successful acquisition because it allowed NCB to expand into a new international market with strong growth.While NCB does not consider any of its acquisitions to be a failure, it has recognized losses through goodwill impairment, even in the Turkish bank acquisition. Samba's most prominent M8<A has been with Cairo bank of Egypt.Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.All the companies tried to achieve company growth and synergy in their mergers.The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in their respective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue,increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.Samba noted that it usually takes until the second year after a merger to evaluateits success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio ofinvestments.From the responses to the questions included in the structured interview, thefollowing findings can be highlighted:A.Mergers to Expand to International Markets:One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.B.Mergers to Gain Economies of Scale:Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can also be achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.C.Eliminating Inefficiencies:Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.D.Gain More Market Power:Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be on the supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.E.Gain Growth:Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, itis difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.F.Reducing RisksFirms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from reducing risk. Thus, the merger was considered to be a failure because it reduced the overall value of the firm. Due to the difficulties of creating financial synergies through diversification, there are few conglomerate mergers and few conglomerate companies.The companies interviewed look for synergies when considering mergers and try to estimate the potential synergistic gains that could be attained in a proposed merger. The potential synergies gained depend on the industry and the characteristics of the company acquired. In the failed mergers, the firm overestimated the amount of synergy that could be gained through the merger. Savola overestimated the synergy that could be gained through the acquisition of a real estate company because the only synergy that could be gained was。
文献综述
企业并购动因文献综述1.国外相关研究文献。
兼并与收购是资本市场永恒的主题，从19 世纪末至今，西方国家已经历了六次并购浪潮。
企业并购动因是促成并购行为的发端，可以解释为诱发企业并购行为的因素。
国外学者对于企业并购动因作了广泛而深入的研究，提出了多种并购动因理论。
一是协同效应理论。
Ansoff ( 1965 )最早提出协同效应理论，即指并购双方资产、能力等方面的互补或协同从而提高公司业绩和创造价值，使合并后公司的整体业绩大于合并前各自原有业绩的总和。
Berkovitch和Narayana(1993)也将企业并购动因归结为协同效应或效率，并分析该动因对合并后企业收益的影响。
Sirower ( 1997) 认为如果并购后的业绩改进已经被市场预期，那么该预期将以并购溢价的形式体现出来，并归集到目标公司股东手中。
Hagcdoom、Duysters(2000)在对计算机行业的并购研究中证明，在经营战略和组织结构上相近的两个公司合并有利于发挥双方技术协同效应，促进技术资源的重新配置。
协同效应理论包括经营协同效应、财务协同效应以及管理协同效应。
经营协同效应假定存在着规模经济，合并后可以对企业规模进行扩充和调整，达到最佳规模经济，使相关业务单元的成本降低。
Stigler(1950)认为公司间的并购可以减少竞争者，扩大优势企业的规模，增加对市场的控制能力，从而导致市场垄断。
即使不能形成垄断，也可以由于并购扩大的规模效应构成潜在进入者的市场进入壁垒。
Meeks(1997)将并购的动因归结为扩大规模、提高市场份额和对市场的控制能力。
财务协同效应是指企业控股权的更迭会给企业带来财务方面的效益，这种效益的取得是由于税法、会计处理和证券交易而产生的。
此外，合并后企业将外部融资转化为内部融资，融资风险与成本下降。
Hannah和Kay(1977)认为税收制度有时会鼓励企业参与并购，其一是营业亏损和税收抵免的延续，通过将利润向亏损企业转移，实现合法避税。
跨国并购文献综述
海外并购文献综述1、彭琳、王春雷.成长性视角下的中国企业海外并购风险研究[J].吉林工商学院学报，2011（2）:36-39.海外并购“风险链”的防范和控制则是完善海外并购方式，实现企业成长效应最核心的问题。
彭林提出海外并购的风险包括并购决策阶段、交易执行阶段和完成后整合发展阶段的风险。
决策阶段包括双方环境风险和对象选择与估值风险，执行阶段包括市场风险跟财务风险，整合发展阶段包括经营风险与整合风险。
降低风险的对策包括完善政治法律体系，并购对象选择与风险的规避，可持续发展目标下的双方资源整合。
2、袁天荣、杨宝.海外并购整合风险控制框架研究[J].中南财经政法大学学报，2013（2）：129-135.文章构建了我国企业海外并购整合风险的全面控制框架，具体包括确定海外并购整合风险控制的目标与原则，进行整合风险要素体系细分及诱因识别研究，提出整合风险评价指标体系与测度方法以及整合风险控制的“全要素观”、“全过程观”。
作者将企业海外并购整合风险划分为战略整合风险、经营业务整合风险、财务整合风险、人力资源整合风险、文化整合风险、组织结构与管理整合风险六个方面，称之为“六分法”。
3、李湘玲.浅析中国企业海外并购的风险[J].企业导报，2012（7）：35-36.李湘玲在文章中提出，目前我国企业海外并购的现状是并购规模逐步扩大，数量不断增长；并购目的呈现多元化，也更为明确；并购手段与方式趋于多样化。
企业在海外并购中的风险有准备阶段的战略选择风险、政治风险和法律风险，实施阶段的估价风险、融资风险和经济技术风险，整合阶段的经营整合风险、管理整:11策包括提高风险估价的能力，人力资源整合与文化整合。
4、李哲.我国企业海外并购中的风险与对策[J].黑龙江对外经贸，2011(7)：34-35. 李哲在文章中指出我国企业海外并购的现状主要是：从行业来看，资源类相关行业是我国企业海外并购的主要目标；从地区来看，我国企业海外并购的目标范围遍布全球，美国、欧盟、澳大利亚、亚洲、非洲是重点地区；从主题来看，国有企业是海外并购的主力军，金额上占有直接优势。
《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】。
关于外资并购上市公司的文献综述
杨 艺林 ， 刘 媛， 迎 春
摘 要： 近 年来 随着外 资不 断进 入 中 国市 场 ， 对我 国 中国上 市公 司的并购 案例也 越 来越 多 ， 学者 也越 来越 关心 外 资并购 上 市
公 司的 问题 ， 本 文从 外 资并购 上 市公 司的法律 制度研 究、 外 资并购 动 因理论研 究、 外 资并购 动 因和价值 评 估三 个 角度 对外 资并
角度 以及地 方 政 府分 析 了外 资并 购 动 因 ，认 为 外 资主 要 因 为： １ ． 国 内上 市公 司 存在 的 相对 的 制度 优 势和 资 源优 势 。２ ．
上市 公 司 所具 有 的无 形 资产 ： 诸 如 良好 的企业 形 象 、 较 高 的
品牌 知 名 度 和产 品 知名 度 ，以期 望 通 过这 些 无 形 资产 得 到
惠政 策 ：相 关 政策 的 出 台为 外 资进 入 中 国市 场 创 造 了 良好 的政 策环 境 ３ ． 市场 规 模 大 ： 中 国 巨大 的 目标 市 场 规 模 是 吸 引外 资 的 新奶 酪 。４ ． 战 略需 求 ： 选 择参 股 、 控 股 或 整体 购买
国 内 企 业 的 方 式 来 迅 速 占领 中 国 市 场 ， 对 国 内 企 业 已 有 的
认 为并 购能 帮 助外 资 有 效规 避 行业 进入 的 政 策 限制 。其 原 因是 国家 对 于新 建 外 资 企业 的审 批 要 比外 资并 购 的审 批严 格得多。 ３ ． 快 速进 入 中 国市场 。 ４ ． 迅速 扩大 市场 份 额 ， 获 得 市
国并 购成 为当代 国 际直接 投 资高 速增 长 的最 主要 支柱 。 ２ ． 优
从实体法和程序法方面提 出了完善我 国反垄断法律制度 的建议 ： １ ． 要提高我 国外资并购反垄 断法律规范的效力层次。２ ． 健全我国
我国企业海外并购风险管理文献综述
道路异常艰 辛 ，主要是面 临很多风险 ，必须加以管控进行规避 。海外 并 购所面临的风险 。可以从宏观 、微观两个层次分析 ，分为外部环境 风险 和企业 内部风险 ， 前 者有 国家风 险、法律风险 、利率、汇率风 险和产业 风险 ；后者包 括决策 风险 、融资风险和整合风险。最后 强调企业和政 府 两个层面都要着手构建海外并购风险管控体系来防范这些风险。２ ０ １ ０ 年 李杰指出海外并购的主要风 险有政治法 律风险 、财务 风险 、经营 风险 、
并购整合风险。其 中 ，财务风险集 中体现在并购支付方式与融资方式 的 选 择 两 个 环节 。企 业 应 遵 循 资 金 成 本 最 小 化 和 风 险 最 低 化 的 原 则 ，选 择 合理的对价方式 ，实施并购支付对价 。同时 ，并购企业要根据 自身 获得 流动性的能力 ，对并 购支 付方式进 行合理设计 ，满足 收购 双方 的需 要 ， 降低并购成本 和风 险。２ ０ １ ０年郭雪平指 出在面对海外并购 的严酷现实的
开始探讨我国资源型企业海外并购 的风险识别与控制措施。 ２ ０ ０ ４ 年 叶建木 、王洪运指出跨国并购会形 成一条风 险链 ，贯穿于并 购决策 、融资支付及整合 三个 阶段 ， 分别是决策风险 、融资风 险和整合 风险 。海外并购企业 首先要支付并购费用 ，接着是 目标企业 的买价 ，最 后是增量投入资金 ，资金 的使用贯穿始末 ，而且只有量的要求 和结 构上 的要求 同时得到满足 ， 才 能避免风 险的发生 。 ２ ０ ０ ６ 年汤谷 良、胡佳超 主 要是从财务视角来分 析海外并购风险 。分为 四类 ：并购动机风 险、融资
新兴市场企业的海外并购：一个文献综述
新兴市场企业的海外并购：一个文献综述随着全球化的推进，新兴市场企业越来越多地进行海外投资和并购活动。
本文旨在对新兴市场企业海外并购的文献进行综述，并探讨新兴市场企业海外并购的特点、动机和挑战。
1. 控股比例较低相比发达国家企业，新兴市场企业的海外并购更倾向于控股比例较低的收购。
2. 重视区域经济合作新兴市场企业更愿意海外并购邻国或地区的企业。
例如，中国企业对东南亚国家企业的并购比较活跃。
3. 基础设施和资源行业的并购新兴市场企业更多地进行基础设施和资源行业的并购。
例如，中国企业海外并购的主要领域是能源、材料和金融等行业。
1. 扩大市场占有率海外并购是新兴市场企业扩大市场占有率的重要手段。
新兴市场企业通过收购海外企业获得先进技术和管理经验，从而提高其市场竞争力。
2. 获得资源和技术优势新兴市场企业海外并购的重要动机之一是获取资源和技术，提升自身的技术和竞争实力。
3. 提高企业国际化水平新兴市场企业通过海外并购提高企业的国际化水平，进一步扩大企业的全球化布局。
1. 文化差异作为跨国企业，新兴市场企业需要面对文化差异的挑战。
企业需要在跨国文化背景下合理处理各方利益，促进并购的成功。
2. 政策风险新兴市场企业海外并购需要面对不同国家的政策和法律环境。
企业需要了解并遵守当地的法规，以减少政策风险。
3. 资金和人才不足企业海外并购需要消耗大量资金和人才资源，新兴市场企业需要增加资本和人力投入，提高企业的实力。
四、结论新兴市场企业海外并购是企业国际化的重要方式。
新兴市场企业海外并购具有控股比例较低、重视区域经济合作和基础设施和资源行业的并购等特点。
海外并购的动机包括扩大市场占有率、获得资源和技术优势以及提高企业国际化水平。
新兴市场企业海外并购需要面对文化差异、政策风险和资金和人才不足等挑战。
《跨国并购财务风险分析的文献综述2600字》
跨国并购财务风险分析的国内外文献综述目录跨国并购财务风险分析的国内外文献综述 (1)1．国外研究现状 (1)2．国内研究现状 (2)参考文献 (3)1．国外研究现状西方国家经历了五次并购高潮，对于企业并购风险的研究起步较早，研究理论和研究成果较多。
研究的文献主要体现在对并购动因、并购风险种类及表现形式、对目标企业估值、对并购融资及支付方式、并购风险和并购整合等方面的研究。
对并购风险定义:Healy (1992)认为，企业并购导致成本增加、企业价值降低等，使并购没有实现预期的可能性为并购风险。
在跨国并购动因研究上:研究认为企业主要是为了获取新的或更多的资源、技术;快速进行跨国扩张;进行多样化经营;获得协同效应。
在并购表现形式上:1987波特⑴认为，企业并购风险主要表现为并购半途终止、并购后企业业绩下滑及股东利益受损，即企业在前期投入部分成本后，并购终止，使企业前功尽弃，损失增加或并购后企业收益无法覆盖运营成本，导致企业失控，成本增加。
2005年杰弗里.C.胡克在《兼并与收购指南》中指出，财务风险是由于借债产生的收购融资制约了经营融资和偿债的能力而引起的。
“财务风险由并购交易融资的负债数额和将要由购买方承担的目标企业的债务数额等因素决定”。
在并购财务风险评估方法方面:美国学者Altmang于20世纪60年代提出了“Z-Score”模型，Z值模型是通过对美国制造业企业进行实证研究得出，研究时分别从流动性、获利性、财务杠杆、偿债能力、周转能力五个方面对企业进行多元分析，选取财务比率，最后赋予权重进行加权计算。
在并购风险的控制措施及防范方面:杰弗里.S.佩里(2004)与汤姆斯vT.海德(2004)认为充分尽职调查对降低并购风险非常重要，成功并购在以下方面做得较好:①征询专家意见;②详细核实;③关注主要问题，如制定市场战略，调整企业渠道和供应链，充分识别风险，制定减缓风险对策;④精心策划并购整合方案。
2005年杰弗里.C.胡克在《兼并与收购指南》中指出，在并购中处于主动地位者能获得正向的经济效果。
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]。
新兴市场企业的海外并购：一个文献综述
新兴市场企业的海外并购：一个文献综述引言随着全球化的深入发展，新兴市场企业在海外并购方面的活动日益频繁。
海外并购是新兴市场企业获取先进技术、市场、品牌和资源的重要途径，也是扩大国际影响力和实现全球化战略的手段之一。
本文将从学术文献的角度对新兴市场企业的海外并购进行综述，探讨其现状、特点、影响因素和管理策略。
新兴市场企业的海外并购现状自20世纪80年代以来，新兴市场企业的海外并购活动逐渐增多。
根据国际清算银行的统计数据显示，自2000年以来新兴市场企业的对外投资总额呈现逐年增长的态势，其中海外并购占据了相当大的比重。
截至目前，新兴市场企业在全球范围内已经实施了大量的海外并购案例，涉及的行业领域广泛，包括制造业、金融业、能源业、科技业等。
海外并购的动机新兴市场企业进行海外并购的动机主要包括市场扩张、资源获取、技术引进和品牌建设等。
通过海外并购可以快速打开海外市场，提高企业的国际市场份额和竞争力。
可以通过并购获取海外先进技术、管理经验和品牌资源，加快企业的技术创新和产品升级。
可以通过并购获取丰富的海外资源，降低生产成本和风险。
可以通过并购进行跨国品牌建设，提升企业的知名度和影响力。
新兴市场企业的海外并购特点相比于发达国家企业，新兴市场企业在海外并购中具有一些独特的特点。
新兴市场企业的资金实力相对较弱，往往需要通过银行贷款、资本市场融资等方式来支持海外并购活动。
新兴市场企业的管理经验和国际化能力相对较弱，需要面对更为复杂的文化、法律和市场环境。
新兴市场企业涉及的行业和领域多样化，既有传统产业也有新兴产业，在海外并购过程中需考虑更多的风险和挑战。
影响新兴市场企业海外并购的因素影响新兴市场企业海外并购的因素主要包括行业特征、国际政治环境、交易价格、并购目标选择、文化差异、法律法规和竞争格局等。
行业特征决定了海外并购的可行性和战略意义，不同行业的企业在海外并购过程中需要考虑的因素不尽相同。
国际政治环境对海外并购的政策法规、监管审批、国际贸易等方面有着直接影响。
《企业跨国并购的风险管理研究文献综述4400字》
企业跨国并购的风险管理研究国内外文献综述1 对跨国并购风险类型的研究随着跨国并购的兴起和蓬勃发展，国内外专家学者对影响跨国并购效果的因素展开深入研究，从而得出跨国并购的主要风险源和类型。
Perry（2014）指出，并购风险贯穿跨国并购的整个过程，存在于跨国并购策略的制定、目标企业的挑选以及并购后企业的整合等各项工作中。
本文对国内外学者关于跨国并购风险类型的研究进行梳理，归纳总结如下。
政治因素是企业跨国并购风险的一个重要来源。
Francesc Trillas（2002）指出，企业跨国并购过程中存在着较大的政治风险。
李梅（2006）指出，缺少配套的政策支持体系会增加中国企业在海外并购竞争中的压力。
杜晓君、刘赫（2012）通过实证研究得出，导致中国企业跨国并购失败的一个关键因素就在于被并购方企业东道国政府的政局、政策风险。
李诗、吴超鹏（2016）从政治和文化视角对跨国并购的影响因素进行实证分析，发现被并购企业的政治性质会影响并购的成败，在中国企业跨国并购的案例中，对于政治敏感性资产的并购失败概率更高、风险更大。
文化影响着企业并购后经营管理的效率，影响着东道国民众对于并购企业的态度，从而影响跨国并购的效果，这其中既包含跨文化风险，也包括整合风险。
王爱林（2002）指出，企业之间的文化差异深刻影响着并购最终能否成功，企业应当充分关注跨国并购中的文化整合风险。
李东红（2005）、Ahern（2012）均认为，国家间、地区间以及企业间的不同文化背景会增加企业并购整合的难度。
唐华茂（2007）、陈传兴和徐颖（2014）等学者都指出整合风险是跨国并购中的一类主要风险。
胡俊男等人（2011）指出，随着企业横向并购数量的日益增加，品牌整合的好坏是决定并购成败的关键，企业亟需关注品牌整合风险。
企业在跨国并购中还面临着多层次的财务风险，主要有定价风险、融资风险、支付风险等。
Holburn和Zelner（2010）认为，在跨国并购中，标的企业估值受到多种因素的影响，存在更多的不确定性，从而产生定价风险。
《企业并购的动因和绩效研究国内外文献综述及理论基础6100字》
企业并购的动因和绩效研究国内外文献综述及理论基础目录企业并购的动因和绩效研究国内外文献综述 (1)1.2国内外文献综述 (1)1.2.1国外文献综述 (1)1.2.2国内文献综述 (2)第二章企业并购动因理论及企业并购相关概念 (4)2.1 并购的含义及分类 (4)2.1.1 并购的含义 (4)2.1.2并购的分类 (4)2.2 企业并购的动因理论 (5)2.2.1 协同效应理论 (5)2.2.2 多元化理论 (5)2.2.3委托代理理论 (6)2.2.4市场势力理论 (6)2.2.5价值低估理论 (6)2.2.6 估值套利理论 (6)2.3 企业并购绩效评价方法 (7)2.3.1 事件研究法 (7)2.3.2 财务指标法 (7)2.3.3 非财务指标分析法 (7)参考文献 (7)1.2国内外文献综述1.2.1国外文献综述（1）企业并购动因的国外文献综述在国外，并购活动很早之前就开始进行了。
但是经过研究，学者们发现企业并购动因的影响因素多种多样，难以归纳成一个确定概念。
就算是一家企业，在不同时间进行并购的目的也是有差异的。
Halil Kiymazh和TarunK.Mukherjee(2000)[1]通过对并购公司进行问卷调查，结果显示大部分公司为获得正的协同效应，增加股东利益而选择并购。
Kode,Ford等(2003)[2]认为企业发起并购也可能是想降低风险。
由于并购后被并购方的投资机会及融资由外转内，企业的融资成本风险会减小。
而Capron(1999)[3]通过研究得到了另一种结论，他们认为企业并购的动因在于取长补短，进而提高企业价值，也使企业在市场中的份额及地位提高。
Heaton(2002)[4]使用了一个简单模型，分析指出：当公司的决策者过于自信，会认为资本市场对本公司的股价低估了，或者高估项目的收益。
在情况一下，当必须用发行股票来进行融资，决策者会放弃净现值为正的投资项目。
在情况二下，会导致决策者其投资于净现值为负的项目。
国内外企业并购研究文献综述
国内外企业并购研究文献综述近年来，国内外企业并购成为了全球经济领域中的一种重要趋势。
企业并购是指两个或多个公司通过合并或收购来达到资源整合和企业集中的目的。
这种方式可以帮助企业实现规模效益、进一步扩大市场份额、获取新技术和资源等。
企业并购研究的文献综述，可以为我们提供对于这一话题的深入理解，并为未来的研究和实践提供指导。
首先，国内外的研究文献就企业并购的动因进行了广泛的探讨。
Wernerfelt(1984)认为，企业并购的动因主要包括资源获得、市场拓展和技术学习等。
此外，Datta等(1992)提出了企业并购的实施路径，包括同业竞争、新技术入侵和产业逆境等。
对于企业并购的动因研究，可以帮助企业更好地理解并购的目的和动机，从而更好地制定并购策略。
其次，国内外研究文献对于企业并购的影响进行了深入的分析。
Khanna和Yafeh(2024)的研究表明，企业并购可以促进企业绩效的提高和盈利能力的增加。
并且，通过并购可以提高企业的创新能力和竞争力，从而进一步提高企业的市场地位。
此外，Kruse等人(2024)的研究发现，企业并购还可以降低企业的运营成本和提高生产效率。
这些研究结果为企业在进行并购决策时提供了重要的理论依据。
此外，国内外研究文献还对企业并购的风险与挑战进行了详细的讨论。
企业并购的失败可能导致企业财务困境、管理混乱和员工流失等问题。
Seth et al. (2024)的研究发现，文化冲突、组织整合和信息不对称等因素是企业并购失败的主要原因。
此外，Brouthers等人(2024)的研究指出，政治因素、法律环境和经济不确定性等也是企业并购面临的风险和挑战。
对于并购风险与挑战的研究，可以帮助企业更好地评估并购交易的潜在风险，并采取相应的措施来降低风险。
最后，国内外的研究文献对于企业并购的影响因素进行了分析。
企业并购涉及到许多因素，如企业规模、技术水平、行业竞争程度等。
Malmendier和Tate(2024)的研究发现，企业文化和管理团队的素质也对并购的成功与否起到重要作用。
跨国并购基本概念与文献综述
跨国并购基本概念与文献综述跨国并购基本概念与文献综述本文关键词：并购，基本概念，综述，跨国，文献跨国并购基本概念与文献综述本文简介：第2章跨国并购基本概念与文献综述在当前的经济背景下，我国企业进行跨国并购的趋势已经不可阻挡，在研究我国汽车企业跨国并购成功的影响因素之前，有必要归纳总结跨国并购的概念与文献综述。
有关跨国并购的论述，是研究企业跨国并购及其影响因素的基础。
2.1基本概念。
2.1.1企业跨国并购的概念。
企跨国并购基本概念与文献综述本文内容：第 2 章跨国并购基本概念与文献综述在当前的经济背景下，我国企业进行跨国并购的趋势已经不可阻挡，在研究我国汽车企业跨国并购成功的影响因素之前，有必要归纳总结跨国并购的概念与文献综述。
有关跨国并购的论述，是研究企业跨国并购及其影响因素的基础。
2.1 基本概念。
2.1.1 企业跨国并购的概念。
企业跨国并购是企业跨国兼并和收购的简称，是指一国企业（又称并购企业）为了实现某种目标，通过一定的渠道和支付方式，将另一国企业（又称被并购企业）的全部或部分股份收买下来，从而对另一国企业的经营管理实施部分或全部的控制行为。
跨国并购是国际并购它涉及两个或两个以上国家的企业，两个或两个以上国家的市场和两个以上政府控制下的法律制度，其中”一国跨国性企业”是并购发出企业或并购企业，”另一国企业”是他国被并购企业，也称目标企业.2.1.2 企业跨国并购的类型。
参照标准不同企业并购类型也不同。
按双方的行业关系可以分为：横向并购、纵向并购及混合并购；按出资方式可以分为：股票并购、现金并购、资产并购以及债券并购；按是否获得被并购企业全部资产可分为：全部并购、部分并购。
本文研究与汽车行业相关的并购所以主要按行业相关性进行分类。
（1）横向并购。
横向跨国并购是指两个以上国家生产或销售相同或相似产品的企业之间的并购。
企业进行横向跨国并购的目的是扩大其在世界市场上所占的份额，增加企业的国际竞争力，实现利润的增长。
《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。
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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。
导致这种情况的原因包括合并私有企业可以获得非流动性折价以及在以股权为支付手段的交易中创造一个具有监管职能的大股东（2）当“壕沟”管理层购买私人企业或具有大股东的公众公司时，他们倾向于支付现金而非股权，这样就丧失了把有价值的大股东转为投标人的可能。
（3）由于控制了合并目标的类型后，“壕沟”管理层仍然会进行降低价值的合并且价值降低通常与定价过高有关，因此，Harford等人进一步检验“壕沟”管理层是否会在面临好的合并目标（高协同效应）时支付过度或者选择的项目是具有低协同效应的。
结果表明，由“壕沟”管理层主导的合并，合并后绩效比其他合并项目的业绩表现差，选择差的合并目标以及为好的目标支付过高是导致价值降低的原因。
Cai and Sevilir（2012）研究存在关联董事会的企业间的并购交易。
他们将企业间董事会的关系分为一级关联和二级关联。
一级关联是指收购方和被收购方具有相同的董事会成员，二级关联是指收购方和被收购方的董事同时在第三方机构的董事会任职。
结果发现，在收购方和被收购方的董事会具有一级关联或二级关联时，收购方公告并购消息时具有较高的市场收益率。
作者进一步探索了导致这种现象的原因，主要从并购溢价、并购双方的整体效益以及并购成本三个角度，结果发现导致董事关联与收购方公告效益之间关系的原因是：一级关联董事可以显著降低并购溢价；二级关联董事可以显著增加并购双方的整体效益；一级关联董事可以显著降低并购费用。
即：董事的一级关联可以通过降低并购溢价来使收购方获益；而董事的二级关联则主要通过创造更高的价值来使收购方获益。
Cai and Sevilir为关联董事会在企业投资及价值创造中发挥的作用提供了新的证据。
Baker、Pan和Wurgler（2012）研究了目标企业在過去的最高股价对并购活动的影响，发现近期最高股价有助于解释投标人的出价，投标人公告效应，交易的成功与否以及并购浪潮。
研究发现：目标企业在被收购前的最高股票价格会影响到收购兼并活动。
收购标的价会偏向于近期的最高股票价格，虽然它们在经济意义上并不显著。
当标的价超过最高股票价格后，它们被接受的概率呈不连续的跳跃形态。
同时，当标的价接近于最高股票价格时，投标人股东的反映更加负面。
当市场收益率很高（市价高或接近最高值）并且潜在的标的物能够使投标人很容易的报出最高价时，就会产生合并浪潮。
因而，当事人会用近期的最高价作为参照系来简化对复杂项目的估值。
Ahern（2012）研究了并购中的谈判力量和行业独立性。
用1980-2008年间的样本研究发现，客户-供应商关系有助于解释并购收益在收购方和被收购方的分配。
不同于传统观念认为的被收购者占有并购收益的绝大部分份额，Ahern研究发现被收购者平均收益仅略微高于收购者。
为了解释这种并购结果，作者验证了一个新的假设，即被收购者的（产品的）相对稀缺性及在产品市场上的独立性有助于解释被收购者对于总的收购收益的分享。
这些结果为产品市场在并购谈判结果中所发挥的作用提供了新的证据。
Erel，Liao和Weisbach（2012）研究了1990至2007年间的56，978个观测值的跨国并购样本，结果发现：地理位置、会计信息披露质量及双边贸易可以显著提高两个国家间的并购活动。
并购双方估值差异可以促进并购交易：在股市价值增长、货币升值以及M/B偏高的国家中的企业倾向于是收购方；而来自于经济业绩薄弱国家的企业倾向于是被收购方。
跨国并购的交易量在逐年增加，从1998年占总并购数目的23%到2007年已经占到45%。
与国内并购不同，跨国并购会收购宏观环境的影响，如文化和地理差异会阻碍跨国并购的进行，公司治理以及股票市场的差异也会影响跨国并购活动。
该文研究的是会影响企业并购决策的国际因素。
作者首先研究了影响跨国并购的横截面因素，包括地理距离、会计标准、企业所得税以及并购双方在匯率、股票收益率和M/B方面差异等因素。
然后，作者建立了一个多元模型来预测特定的配对国家的跨国并购数目及并购密度。
结果显示并购双方在汇率、股票收益率和M/B方面差异具有预测作用。
作者对此结果提出了两个可能的解释：一是并购代表的是一种纯财务套利活动；二是估值的改变可以在一定程度上改变企业的并购决策。
结果显示估值会影响国家间的配对并购，即估值的变动会使得某些并购更具吸引力。
因而，跨国并购不能视为一种纯财务套利活动。
对于并购双发在并购前股票收益率的差异，有两个可能的解释：一是股票收益率会影响两国财富的相对值，导致相对富裕国家的企业并购相对贫穷国家的企业；二是与Shleifer 和Vishny（2003）一致，不管是并购企业的价值高估还是被并购企业的价值低估都为并购企业创造了一个潜在的具有盈利性的投资机会。
作者采用Baker、Foley 和Wurgler（2009）的方法对这两个解释进行了检验，结果发现，相对财富的解释比错误定价的解释能更好的解釋估值差异间的关系。
总体而言，作者的思路是寻找并验证影响跨国并购的因素，然后建立模型来预测未来、最后对结果提出了不同解释并对解释进行了比较分析。
Golubov、Petmezas和Travlos（2012）研究了美国上市公司在1996年1月1日至2009年12月31日间收购美国上市公司、私有企业和子公司的并购交易。
结果发现，高级咨询顾问比非高级咨询顾问能够为投标人实现更高投资回报，但这仅限于对上市公司的并购交易，在此类交易中，咨询机构的声誉风险和所需技术相对较高。
雇佣高级顾问可使规模处于平均水平的投标人多赚取6583万美元的股东财富。
高级顾问对业绩的改进主要源自高级咨询机构能够更好的识别增效组合以及能够在并购增效中为投标人争取更大份额的能力。
与高价格-高质量均衡一致，高级咨询机构收取的费用也较高。
Uysal（2011）研究1990年-2007年间美国公司的样本数据，结果发现管理层在策划或构建并购时，会把公司实际资本结构与目标资本结构间的偏离作为考虑因素。
具体而言，与目标负债比率相比，负债过高的公司不太可能进行并购，也不太可能在出价中采用现金支付方式。
因此，这类公司收购的多是规模较小的公司，并支付较低的溢价。
当负债过高公司的管理层预期公司很可能会进行并购时，他们会积极重新调整资本结构。
此外，他们追求的是最能增加价值的并购。
这些结果有助于更好的理解公司如何选择它们的资本结构，并清楚的显示出资本结构与投资决策间的相互依赖作用。
传统的资本结构理论表明公司有目标资本结构，但是公司经常偏离其目标资本结构，而这种偏差会影响公司进一步发行债券的能力。
因此，与目标负债比率的偏差会影响后续的公司决策。
虽然有关杠杆赤字对于权益发行决策的影响已得到大量的论证，我们对于杠杆赤字如何影响公司并购的理解还十分有限。
在有财务摩擦的前提下，杠杆赤字在并购决策中发挥重要影响。
虽然在无摩擦的资本市场中，公司几乎可以在融资方式（如支付方式）和融资水平（如交易金额）上没有任何限制的为所有NPV为正的项目融到资金，融资摩擦会限制负债过高的公司在短期内融到资金，如限制其进一步发行债券。
而在短期内无法融到资金会限制公司进行过多的并购交易，对进一步发行债券的限制也降低了负债过高的公司在并购要约中用现金支付的比例。
总之，公司的杠杆赤字（负债过高）会影响其进行并购的能力。
在进行并购的情形下，会影响融资的方式和水平。
三、结论通过上文的研究，我们了解到并购行为和并购定价会收到多种因素的影响。
只有从不同角度进行研究才能得出科学全面的结论。
在企业并购中，管理层可能存在机会主义行为，他们通过侵占股东利益为自身谋取福利。
公司的董事会也会影响企业并购。
关联董事可以显著降低并购费用和并购溢价。
被并购企业以往的最高股价会影响到最终的收购价格和并购投标人的并购收益。
在纵向并购中，客户与供应商之间的相对议价能力会影响并购收益的分配。
跨国并购会受到地理位置、会计信息披露等因素的影响。
企业在制定并购决策时会考虑目标资本结构。
这些实证研究结論使我们能够更深刻地了解企业并购。
参考文献：[1]Harford，Humphery-Jenner and Powell.The sources of value destruction in acquisitions by entrenched managers.Journal of Financial and Economics，2012.[2]Baker，Pan and Wurgler.The effect of reference point prices on mergers and acquisitions. Journal of Financial and Economics，2012.[3]Ahern.Bargaining power and industry dependence in mergers. Journal of Financial and Economics，2012.[4]Cai and Sevilir.Board connections and M&A transaction. Journal of Financial and Economics，2012.[5]Erel，Liao and Weisbach.Determinants of cross-border mergers and acquisitions.Journal of Finance，2012.[6]Golubov，Petmezas and Travlos.When it pays to pay your investment banker：New evidence on the role of financial advisor in M&As.Journal of Finance，2012.[7]Uysal.Deviation from the target capital structure and acquisition choices.Journal of Financial and Economics，2011.。