我国种业企业并购决策研究

A research on the merger and acquisition decisions of Chinese seed industrial enterprises

与企业依靠内部资本积累发展相比较,通过企业并购实现种业整合具有更强的推动力,而企业采取什么方法、什么时候、什么地点进行并购,不仅影响并购的实施,也决定并购的效果。本文根据种业企业并购整合特点,从投资收益、核心能力、并购成本和协同效应四个方面,建立评价我国种业企业决策三级指标体系,采用模糊层次分析法,多目标分层次求出最优最佳决策。研究结果表明低成本融资优势、种业市场占有率、产品和市场多样化、内部化优势以及分销渠道这五个因素,所占全部评价子项目的累计权重达到62%以上,可以代表总共十六个评价指标来评价种业企业并购决策体系的影响力,对种业企业并购决策有效实施也起着重要作用。

Compared with the development of enterprises by relying on internal capital accumulation,integration of enterprises through mergers and acquisitions has a stronger driving force,but what method,time and location the enterprises will take to carry out mergers and acquisitions not only affect the implementation of mergers and acquisitions,but also decide their results. According to the characteristics of merger and integration of seed enterprises,this paper establish China's seed industry evaluation index system of three grades from such four aspects as investment income,core competence,merger and acquisition cost and synergy effect,thus making optimal decisions with multi objectives and hierarchies. The study shows that the advantages of low-cost financing,seed market share,product and market diversification,internal advantage and distribution channels also play an important role in the effective implementation of the decisions of mergers and acquisitions of the seed industry.