中国上市公司并购动机研究

The Management Analysis on Merge and Acquisition Motives of Listed Companies in China

上市公司并购动机是上市公司采取并购方式和选择并购对象的决定性因素。西方学者运用经济学理论和方法 ,对其进行了经济学分析 ,建立了一个比较完整的理论体系。由于文化背景和产权制度的差异等 ,这些理论并不能对中国上市公司并购动机予以合理的解释。因此 ,本研究运用管理学理论与方法 ,对中国上市公司并购动机进行了管理学分析 ,提出了中国上市公司需求层次理论 ,即安全的需要、规范的需要、政治的需要、逐利的需要、避险的需要和成就的需要 。

M&A Motives of Listed companies are the determinate factors of listed companies deciding M&A mode and M&A object. Western scholars analyze M&A Motives by economics theory and methods, and develop an integrated academic system. But due to the difference of culture background and property right system, these theories can not give the reasonable explanation to M&A Motives of listed companies in China. So the study analyzes M&A Motives of listed companies through management theory and methods, and develops a demand theory, based on secure demand, normative demand, political demand, benefit demand, risk-preventing demand and achievement demand, to reveal the genuine motives.