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企业并购动因与绩效文献综述
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Abstract:
并购现如今已成为企业有效盘活存量资源及变革发展方式的关键举措。为了明晰企业并购动因及并购后企业的绩效表现，国内外学术界对于并购行为从不同视角进行了大量的探索。学者们对于并购动因的研究成果同质化明显，其中，对实现协同效应和扩大市场份额的讨论最为普遍。从“因”溯“果”，学术界针对并购后企业绩效评价的研究成果则不太统一：在财务绩效与市场绩效方面，学者们主要持有并购后收益、并购后损失及并购后无明显变化三种观点；在非财务绩效层面则主要体现在并购能够提高企业创新绩效以及革新产业链结构方面。本文在对国内外涉及企业并购动因及并购绩效的重要研究成果进行汇总整理的基础上，指明已有研究的不足并提出值得进一步深究的领域。
Merger and acquisition has become a key measure for enterprises to effectively revitalize stock resources and change development mode. In order to clarify the motivation of mergers and acquisitions and the performance of enterprises after mergers and acquisitions, domestic and foreign academic circles have conducted a lot of exploration on mergers and acquisitions from different perspectives. Scholars’ research results on the motivation of mergers and acquisitions are obviously homogeneous, among which, the most common discussion is about achieving synergies and expanding market share. From the “cause” to the “effect”, the academic research results on the performance evaluation of enterprises after M&A are not uniform: in terms of financial performance and market performance, scholars mainly hold three viewpoints: profit after M&A, loss after M&A and no significant change after M&A. In terms of non-financial performance, it is mainly reflected that M&A can improve the innovation performance of enterprises and innovate the industrial chain structure. On the basis of summarizing the important research results related to the motivation and performance of M&A at home and abroad, this paper points out the shortcomings of the existing research and puts forward the fields worthy of further study.
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