并购时机选择影响因素评价体系研究——以嘉能可并购为例  

Evaluation System of M&A Timing Influencing Factors:A Case Study of Glencore’s M&A

作　　者：张继德[1] 相里媛 薛荣斌 李化冰 ZHANG Jide;XIANGLI Yuan;XUE Rongbin;LI Huabing(School of Business,Beijing Business University,Beijing 100048,China;Finance Bureau of Zibo City,Zibo 255000,China)

机构地区：[1]北京工商大学商学院,北京100048 [2]山东省淄博市财政局,山东淄博255000

出　　处：《山东财经大学学报》2021年第4期77-88,共12页Journal of Shandong University of Finance and Economics

基　　金：国家社会科学基金项目“实体企业业绩承诺与业绩承诺机制、后果和防控研究”(18BLG064);国家社会科学基金重大项目“国家治理视角下国有经营预算制度研究”(14ZDA027);国家社会科学基金重点项目“国有资本授权关系及实现模式研究”(14AJY005);“国有科技型企业股权激励与创新提升机制研究”(20BJY026)。

摘　　要：党的十九大报告指出要坚持深化国有企业改革,培育世界一流企业。企业并购作为现代经济中资本优化配置的最重要方式,是企业做强做优做大,实现发展战略经常选择的一种途径。并购作为资本市场上的一种交易,其内容、形式、过程相较商品市场或资金市场上的交易更为复杂,而并购时机选择是企业并购成功的关键因素。基于制度变迁理论,从经济基础、资源条件、发展需求的初始条件出发,系统探讨企业在并购时机选择时须考虑的因素,并结合嘉能可的实际经验,围绕经济周期、行业发展周期、企业生命周期、产品市场价格、股票价值、财务资源等因素,构建并定义了基于过程导向的MAT并购时机选择评价体系,可以为企业选择并购时机提供依据和判断标准。The report of the 19 th CPC National Congress points out that we should persist in deepening the reform of state-owned enterprises and cultivate world-class enterprises. As the most important way to optimize the capital allocation in modern economy, M&A is a way often chosen by enterprises to become stronger, better and bigger, and realize their development strategy. As a kind of transaction in the capital market, the content, form and process of M&A are more complex than those of the transactions in the commodity market or capital market, and the timing of M&A is the key factor for the success of M&A. Based on the theory of institutional change and starting from the initial conditions of economic basis, resource condition and development need, this study systematically discusses the factors that enterprises should consider when selecting the timing of M&A, and combined with Glencore’s practical experience, constructs and defines a process-oriented MAT M&A timing evaluation system by centering on such factors as economic cycle, industry development cycle, enterprise life cycle, product market price, stock value and financial resources, which can provide the basis and judgment standard for enterprises to select the timing of M&A.

关 键 词：嘉能可 并购时机 MAT评价体系 制度变迁 

分 类 号：F271.4[经济管理—企业管理]