企业董事会并购决策行为分析  

On Decision-making Behavior of Enterprise's Boards on Merger and Acquisition

作　　者：孙亮[1] 

机构地区：[1]中国社会科学院研究生院,北京100836

出　　处：《北京化工大学学报（社会科学版）》2014年第4期35-40,68,共7页Journal of Beijing University of Chemical Technology(Social Sciences Edition)

摘　　要：互联网革命、3D打印技术和"大数据"处理等新技术革命从技术层面引发了全球第六次并购浪潮,中国企业逐渐成为了全球并购市场的重要角色。企业能否通过并购交易取得良好的并购绩效进而做强、做大,关键在于企业决策层能否系统地分析自身的主观、客观因素进行理性的并购决策,如果决策的非理性成分增多,则会增加企业发展中的不确定因素。本文认为,个体决策行为中的"自大效应"、"禀赋效应"和"处置效应"会在一定程度上体现在董事会集体决策过程中,文章分析了董事会的结构对这种转化的影响。此外,通过分析多数决定原则的合理性,确定了董事会决策行为的六个变量,即并购主体的主动性、交易方式、产业相关性、溢价比、时间跨度、主体的并购决策经验,刻画企业并购决策行为,并通过这些变量来确定企业并购行为的特征,最后以三一重工并购德国工程机械巨头普茨迈斯特为案例进行分析。Such new technology as internet revolution, 3D print and ＂big data＂ processing, etc, contribute to the sixth global M＆A wave from the technological aspect, and Chinese enterprises are playing an important role in the global M＆A market. Whether an enterprise can become bigger and stronger through M＆A is determined by the quality of the decision-making. That is, if the decision is dominated by irrationality, the uncertain factors would be increased. It is believed that ＂hubris effect＂, ＂endowment effect＂ and ＂disposition effect＂ in the individual decision model can be converted into the decision-making of a corporate board. Therefore, the influence of board＇s structure on this conversion will be analyzed and clarified in this paper. On the basis of analyzing the rationality of the principle ＂majority decision＂, the six variables in corporate board＇s decision-making behavior, that is, the initiative, transaction mode, industrial correlation, premium ratio, the time span, M＆A decision-making experience, are determined and then a decision-making model is constructed. This model would be used to identify the degree of irrationality of the M＆A decision-making behavior. At last, one M＆A case is discussed according to this model.

关 键 词：企业董事会 并购 决策行为 

分 类 号：F272.3[经济管理—企业管理]