并购与新建投资决策影响因素分析

Factors Governing on Mergers and Acquisitions vs Greenfield Investments

并购和新建投资是企业外部扩张和内部扩张的两种典型战略发展方式。本文运用战略管理、产业组织和并购理论,从中提炼出并购与新建投资决策影响因素。认为影响并购和新建投资的外部因素主要有市场的竞争程度、资源的限制、资源的可转移性、行业需求变化,影响并购和新建投资活动的内部因素主要有进入市场速度、企业战略类型、管理水平、主营业务多元化程度、企业文化、企业并购经验以及管理层偏好,并试图建立并购和新建投资战略选择框架。

Both mergers and acquisitions and greenfidd investments are the typical devdopment strategies respectively for external and internal expension. This paper refines factors governing on mergers and acquisitions greenfidd investments from the researches in strategic theories, industrial organization and mergers and acquisiitons. This paper eoncludes that the external donimant governing factors are degree of 0ompetence, limitation of resources, possibility of resources transference, demand changes of industry, and that the internal donimant governing factors are the speed of entrance, type of strategy, management skills, diversification of operation, enterprises culture, experience of mergers and acquisitions and indination of the management. All the factors am trying to be included in a decision framework.