公司并购的动因理论:一个基于价值视角的述评

Theory of M&A Motives: A Literature Review from the Perspective of Value

迄今为止,多数公司并购动因理论无法对毁损股东价值的并购现象作出合理解释。本文认为,基于价值视角对于并购动因问题展开探索有益于揭开并购之谜。因此,本文将西方并购动因理论重新整合为两大分支——公司并购的价值创造理论与公司并购的价值毁损理论。并且,本文在梳理国内相关研究后发现,随着我国制度环境与并购市场的完善,西方成熟并购理论在我国并购问题上的适用性必将加强,尤其是公司并购的价值毁损理论尚有较大研究空间。

So far,the theory of MA motives cannot provide sufficient explanations for the causes why acquiring firms initiate value-destruction MAs.We expect that it is contributive to investigate MA motives from the perspective of value.Therefore,this paper integrates the western literature on theory of MA motives and categorizes it into two branches,value-creation MA theory and value-destruction MA theory.Further,we find that the western MA theory,especially value-destruction MA theory,can provide more explanatory power for China＇s MA phenomena under current improved institutional environment and MA markets.