基于行业生命周期理论的并购类型和并购绩效实证分析-empirical analysis of m a types and m a performance based on industry life cycle theory.docx

take full account of industrial environment, and keep in mind that the post-merger integration is as the same important.Finally, according to the status quo of MA market and the research outcomes of this article, advices are given to enterprises and related sectors: ①Improving theinternal management and the external monitoring levels of enterprises to prevent the managers from seeking personal gains and the shareholders from interests-deliveringactivities; ② Deepening the reform of state-owned companies, perfecting thegovernance structures of state-owned companies, and improving the marketization levels of operation in state-owned companies; ③When an enterprise formulates aMA strategy, special attention should be paid on the industry circumstances, selecting proper MA strategy, and avoiding blindly following the trend; ④Managers shouldnot underestimate the difficulties in post-merger integration and should reinforce the investment in integration.Keywords: MA motivation,MA type, MA performance, Industry Life Cycle目录中文摘要..........................................................................................................................................I英文摘要........................................................................................................................................ II1引言 ...................................................................................................................................... 11.1 研究背景和意义....................................................................................................................... 11.1.1 宏观经济环境 ................................................................................................................... 11.1.2 制度环境 ........................................................................................................................... 11.1.3 中国并购市场现状 .............................................................................................