摘要
战略购并(Strategic M&A)作为购并活动的高级形式日益成为购并研究中的焦点问题。基于目前对战略购并广泛存在模糊理解的问题,文章在评述购并理论的基础上,从与财务性购并的对比出发,对战略购并的内涵从"购并"和"战略"两个方面深入剖析;基于过程视角,明晰了战略购并的价值实现过程包涵价值分配和价值创造两个过程,并在此基础上对战略购并失败问题进行了深刻阐释。
Strategic merger and acquisition (M&A) , as a high rank M&A, has become a focus of research. Targeting at the ambiguous understanding of strategic M&A, this paper, based on the review of M&A theories, has in-dept discussion of the connotation of strategic M&A in terms of "M&A" and "Strategy" in contrast with financial M&A. Then, this paper, from the perspective of process, classifies the two processes of value distribution and value creation in value realization of strategic M&A. followed by fully discussing the failure of strategic M&A.
出处
《当代经济管理》
2010年第2期33-36,共4页
Contemporary Economic Management
关键词
战略购并
价值创造
购并后整合
strategic M&A
value creation
post-merger integration