供应链视角下的多方并购框架

Frameworks of Multiparty Mergers and Acquisitions from the View of Supply Chain

以并购参与方所在供应链为研究视角,探讨了买方与多个供应商并购分析框架。首先,得出多种框架下并购前后各方所获利润,并数值模拟供应链环境变化对买方利润的影响;其次,在比较基础上给出供应链各方互动下的均衡。结果表明,并购交易的实施和供应链各方互动共同影响并购各方和其余各方所获利润,且互动削弱了并购产生的正向协同效应。本文给出了供应链各方互动下的并购分析框架,进一步完善了并购决策过程中的交易评估内容。

Merger and acquisition （M＆A） is one of main approaches for corporate development in every phase of the corporate life cycle. M＆A not only creates values for the acquirer and the acquired, but also upgrades industries for the country. Nevertheless, M＆A＇s deals do not always succeed. Empirical research shows that the acquirer＇s improper valuation of the target is the major reason for failure. Hence, it is of particular significance to establish a reasonable framework of M＆A＇s valuation for the acquirer.