中西方并购动因研究述评

Comparative Analysis of the Motives,Problems and Prospects between Chinese and Western Merger

西方和国内理论界对企业并购进行了大量深入的研究,仅就并购动因而言,西方学界主要有传统并购动因理论、新古典并购浪潮动因理论和行为金融并购浪潮动因理论,而中国学界则主要有中国特殊企业并购动因观点和中国特殊并购浪潮动因观点。中西方理论在并购终极目标、壳资源重要性、投资者成熟度三个方面存在差异性,而在追求企业或管理者利益最大化、投资者非理性两个方面存在共性。但这些理论缺乏统一性,不乏相互矛盾之处,而且中国的理论假说还缺乏系统的实证研究支撑,因此理论界应更密切关注并购实践的发展,不断创新并购动因理论。

The paper at first systematically reviews the main Chinese and western merger motive theories and latest viewpoints. The differences lie in the three aspects of ultimate goal of mergers, importance of resources of transferrable listing qualifications, and maturity of investors. And there are two similarities, i. e., maximization of corporate or management interests and irrationality of investors between Chinese and western theories. The authors then point out the existing problems in the motive theories and development directions of theoretical researches.