基于DEA方法的企业并购目标选择策略
Target selection strategy of enterprise mergers and acquisitions based on DEA method

针对企业并购(M&A)目标选择问题，利用数据包络分析(DEA)方法从效率和规模两方面进行研究，提出一个考虑个体偏好的并购目标选择循环策略. 首先定义一个体现企业个体偏好的并购方案偏好函数，再利用该函数筛选出可行并购方案. 在此基础上，利用可行并购方案的交叉效率选出最佳并购方案，该并购方案参与下一轮循环直至无可行并购方案. 最后，通过一个算例说明了该方法的可行性和有效性.
Target selection of mergers and acquisitions (M&A) is researched from efficiency and scale by using data envelopment analysis(DEA) method in this paper. A loop algorithms of M&A target selection is put forward in consideration of individual preference：firstly，a preference function is defined to reflect individual preferences；secondly，the feasible M&A schemes is selected using the preference function. On this basis，rational M&A schemes are selected using cross efficiency of feasible M&A schemes，the rational M&A schemes participate in the next round of loop until no feasible M&A schemes. Finally，an illustrative example is given to show the method feasibility and validity of the proposed method