并购成本对企业并购决策的作用分析

Analysis on the Effect of Cost on Decision-making of Corporate M&A

企业在决定是否实施并购时通常都有其主要的决策依据。传统理论多从战略角度研究影响企业并购决策的因素。与之不同,本文立足于企业并购成本,论述了并购成本对企业并购决策的作用机制,阐明并购成本对于企业并购决策的重要性,并且结合实际指出导致中国企业并购发展缓慢的重要原因在于过高的并购成本。

There are some important factors to be considered when enterprises make decision about implementing M＆A or not. These factors are usually studied in terms of strategy in classic theories. Different from that, this paper analyses the operating mechanism of how costs affect decision-making of M＆A and illustrates the importance of cost to decision-making of M＆A, points out that it is the high costs of M＆ A that delay the development of China＇ M＆A.