企业并购战略的决策动因述评:从理性预期到行为研究  

A Literature Review on the Decision-Making Motivation of the M&A Strategy: From Rational Expectations to Behavior Research

作　　者：张双鹏 周建[2,3,4] Zhang Shuangpeng;Zhou Jian(School of Accounting,Shandong Technology and Business University,Yantai 264005,China;Business School,Nankai University,Tianjin 300071,China;China Academy of Corporate Governance,Nankai University,Tianjin 300071,China;Binhai College,Nankai University,Tianjin 300270,China)

机构地区：[1]山东工商学院会计学院,山东烟台264005 [2]南开大学商学院,天津300071 [3]南开大学中国公司治理研究院,天津300071 [4]南开大学滨海学院,天津300270

出　　处：《外国经济与管理》2018年第10期107-121,共15页Foreign Economics & Management

基　　金：国家自然科学基金面上项目(71672088);国家自然科学基金重点项目(71533002);教育部人文社科重点研究基地重大项目(15JJD630002)

摘　　要：企业为何追求并购战略是并购领域的重要议题。大量研究支持了基于企业价值增加的理性预期动因解释,但也面临并购结果与目标导向不相符的挑战。本文的目的在于梳理并购动因的实证研究,从决策形成的视角重新整合这些动因,并补充行为研究成果,从而发展并购决策动因的分析框架。在企业一般性决策框架的基础上,本文基于企业价值目标、管理层价值目标、董事会治理机制的理性预期动因,和有限理性条件下管理层特征以及决策框架塑造的行为动因,整合了并购决策形成动因的成果。研究展示了理性预期的目标导向动因在面对不确定的实际结果时逐步修正的趋势和行为动因的解释贡献。本文从并购决策形成的视角回顾和整合动因的组成,并寻找整合中的缺口和前景,为理解并购决策的形成和发展提供了一个更为广泛的框架。The question about why firms pursue the MA strategy is a critical subject in the field of MA.Various researches support value enhancement as the rational expectation motivation,although these researches often face the result of value restructuring.Thus,the purpose of this paper is to review the empirical research on MA motivation factors,integrate these factors from decision-making,supplement the behavior research under uncertain conditions,and develop the framework of MA motivation factors.Based on the general decision-making frame,this paper integrates the MA decision-making motivation on the basis of firm value targets,management value targets,rational expectation motivations of board governance mechanisms,management characteristics under bounded rationality,and behavior motivations of shaping decision frames.The result shows the trend of gradual revisions and the explanation contribution of behavior motivations made by the target direction motivation of rational expectations in the face of uncertain actual results.Based on the review and integration of MA drive factors from decision-making,and by searching gaps from the integration,our study builds a more general formation to understand the theory development on MA decision-making.Following the decision-making process,we review and integrate the researches on MA,the result shows two trends.First,the formation of MA decisions receives lots of support in the use of rational expectations of target-directed,including the synergy effect,increasing the market monopoly power,lowering transaction costs,gaining resources,etc.Recent researches focus on negative earnings explanation after MA,such as managers＇pursuit of personal interests and board of director governance effects on MA.Second,the explanation of MA decisions is in the micro process from external target elements and individual elements to effective decision elements.Recent researches focusing on the executives are not satisfied that who are more likely to make MA decisions.Instead,they focus on the decisi

关 键 词：并购决策 理性预期 行为动因 

分 类 号：F270[经济管理—企业管理]