基于目标企业竞争力灰色关联分析的并购决策方法

Research on Decision-making Method of M&A Based on Grey Relational Analysis to Evaluate Competitiveness of Target Companies

在企业并购决策过程中,为识别目标企业未来收益的合理性和可持续状况,并购企业应该对目标企业进行竞争力分析。构建目标企业竞争力分析模型,运用灰色关联分析方法对有并购意向的目标企业进行同业竞争测试,并将具有同业竞争优势的目标企业与并购企业经营的其他主业进行异业竞争力比较,由此筛选出并购对象。运用灰色关联理论对目标企业进行竞争力分析的方法是可行的,它是其它并购投资决策方法的补充。

In order to identify target companies＇ rationality of future earnings and its sustainable condition,acquiring companies should evaluate target companies＇ competitiveness in the process of MA decision-making.This paper constructs an analysis model of target companies＇ competitiveness.We test industry＇s competitiveness of several target companies,which have M A intentions.And we compare the competitiveness of target companies having industry＇s competitiveness advantage with that of different sectors operated by acquiring companies.Thus we select the MA target.We think it is feasible to apply gray incidence theory to evaluate competitiveness of target companies,which is the supplement of the other decision-making methods of MA investment.