战略购并:内涵剖析与过程解释

Strategic Merger and Acquisition: Connotation Anatomy and Process Explanation

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.