企业并购成败的影响因素研究..doc

企业并购成败的影响因素研究 目 录 中文摘要 1 Abstract 2 一、前 言 3 二、相关研究回顾 4 （一）关于并购绩效评价的研究 4 （二）关于并购失败一般原因的研究 4 三、中国企业并购失败原因分析 7 参考文献 13 致谢 14  中文摘要 企业并购是整合资源、获取购并效益的重要举措。事与愿违的是并购失败成为全球资本市场的一个司空见惯的现象。国外有关研究表明, 公司并购失败的比例比较高。因此, 并购失败的原因也就成为众多学者关注的焦点, 并形成一系列的并购理论解释。本文系统介绍了国外关于并购失败因素分析的八个学派, 并结合国内研究就影响我国并购失败的因素进行了分析。文章对国外有关文献进行了检索，系统分析了中国企业并购失败的原因。 与西方的并购活动相比, 我国企业的并购历史不长, 虽然取得了很多成果, 但并购成功率并不高, 特别是我国非市场化的并购活动比较多, 受政府、内部人控制、“黑箱”操作的影响较多, 缺乏实质性、战略性并购, 公司治理结构和股权结构的差异更增加了并购成功的难度, 这也决定了不能完全照搬国外的并购理论和经验。针对这一点本文对中国企业并购成败影响因素做了深入分析。 关键词 并购失败，公司并购，公司绩效，因素分析 Abstract M A is the integration of resources, an important measure for effective acquisition. M A failure is counterproductive to become a common global capital market phenomenon. The study showed that the foreign company M A relatively high proportion of failure. Therefore, the failure of mergers and acquisitions has become the focus of attention of many scholars, and the formation of a series of mergers and acquisitions theoretical explanation. This system describes the failure of foreign factors on the acquisition of eight schools, combined with research on the impact on Chinas domestic M A failure factors are analyzed. Articles on foreign literature were searched for, the system analyzes the failure of mergers and acquisitions of Chinese enterprises. M A activity, compared with the West, not Chinas long history of corporate mergers and acquisitions, has yielded many results, but the success rate of mergers and acquisitions are not high, especially in Chinas non-market M A activities are more affected by the government, internal control, black-box operations affect more, the lack of substantive, strategic mergers and acquisitions, corporate governance and ownership structure of the difference adds to the difficulty of successful mergers and acquisitions, which also determines can not copy the foreign acquisition theory and experience. For this paper, factors affecting success or failure of mergers and acquisitions of Chinese ent