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 Abstract TOC \o "1-5" \h \z 二、 相关研究回顾 4 \o "Current Document" \h （-）关于并购绩效评价的研究 4 \o "Current Document" \h （-）关于并购失败一般原因的研究 4 \o "Current Document" \h 三、 中国企业并购失败原因分析 7 \o "Current Document" \h 参考文献 13 \o "Current Document" \h 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，系统分析了屮国企业并购失败的 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 China's 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 China's long history of corporate mergers and acquisitions, has yielded many results, but the success rate of mergers and acquisitions are not high, especially in China's 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, coiporate governance and ownership structure of the difference adds to the difficulty of successful mergers and acquisitions, which also determines can not copy