企业并购模式的动态选择  

A Study on Flexibly Choice Model for Merger & Acquisition

作　　者：刘焰[1] 

机构地区：[1]华南师范大学旅游管理系,广东广州510631

出　　处：《经济管理》2011年第2期63-70,共8页Business and Management Journal ( BMJ )

基　　金：广东省自然科学基金项目"广东省企业并购模式选择研究-基于生命周期的视角-基于生命周期的视角"(10151063101000021);广东省科技计划项目"广东省旅游产业绿色科技创新路径研究"(2008B070800065)

摘　　要：企业并购有横向、纵向、混合三种主要模式。横向并购浪潮促进了资本主义初期企业规模经济的形成与产业集中度提高;纵向并购浪潮促进了西方国家工业化中期企业资本进一步聚集与产业结构升级;混合并购浪潮一方面形成了一批多元化经营的巨型企业,另一方面,使规模小、实力弱的企业重新突出主业。本文将企业并购模式的选择与企业、产业生命周期联系起来考察,提出企业生命周期系数与产业生命周期系数的概念与计量方法;建立了企业、产业生命周期系数与经济周期指数三维坐标系,定量分析了企业、产业及宏观经济处于不同阶段时,如何动态选择并购模式,提高并购绩效。There are three basic models of M＆A ： horizontal merger, vertical integration and conglomerate merger. The horizontal merger wave from 1880＇s to 1920＇s had contributed to the forming of scale economic in firms and high integration of industry, and vertical integration had promoted integration of firms capital greatly and the up grate of structure of industries. However, the wave of conglomerate merger had contributed to the forming of a lot of huge firms on the one hand, and had made a lot of small firms who deal with diversification operation on the other hands, and failed in the end. The paper connects the choice model of M ＆ A with enterprises＇ and industries＇ life cycle, and considering business cycle at the same time, it aims to form a flexible choice model of M＆A, and provides the concepts of coefficient of firm＇s life cycle and coefficient of industry life cycle.

关 键 词：生命周期 企业并购 并购模式 模式选择 

分 类 号：F425[经济管理—产业经济]