基于并购匹配的目标企业选择研究

Research on the Choice of Target Enterprise Based on M&A Fit

在对并购匹配内涵界定的基础上,以尽职调查为界限,将目标企业的选择划分为战略运营匹配和组织管理匹配两阶段。前者强调的是目标企业选择的宏观性,是在开展尽职调查前借助目标企业所披露的外部信息,从地理位置、企业规模、企业性质、市场布局、产品类型和战略目标上分析两者的匹配性,实现对目标企业的初选;后者注重从微观和战略执行等方面进行选择,借助尽职调查,分析双方在组织资本、人力资本、文化、关系资本和业务流程等方面存在的匹配性,达到对目标企业精选的目的。

Based on the definition of MA fit and the time point of due diligence,the choice of target enterprise is divided into two stages： strategic operation match and organization management match.The former emphasizes on the macro choice,using the external information to preliminarily select the matched target enterprise from geographical location,enterprise scale,enterprise nature,market distribution,product type and strategic goal.The latter pays attention to micro choice and strategic execution,using the due diligence to analyze the match of two enterprises from organization capital,human capital,culture,relationship capital and business process in order to select the best matched target enterprise.