目标公司特征识别研究及其改进

目标公司特征识别是指运用特定的方法来识别可能被并购的目标公司特征,判断企业是否会被并购.在动态的环境中,目标公司的选择因不同的时代背景会产生差异.如何更好地进行目标公司特征识别,不仅是学术界关注的热点,对于投资人及并购目标探寻者也颇具意义.文章基于不同时代背景的视角,对围绕该问题的国内外相关文献进行系统性回顾,并指出我国未来应就目标公司进行更细致的样本区分来深入探讨目标公司特征、方向(如壳与非壳公司)、强弱、效率等,并引入其他研究领域的方法进行本领城的研究.本研究成果可为未来此类问题的研究方向及研究设计提供参考.

Study on Characteristic Identification of Target Company and its Improvement

Target Company’s Characteristic identification is to use some techniques to identify the characteristics of companies which are probably merged.In the dynamic environment the criteria of selecting targets will be influenced by the environment,therefore,how to improve the identification skill to find the characteristic of those targets is not only the hot topic for research ers,but also with significant means to investors and acquirers.The paper tries to systematically review classical literatures about the issue and explore the skeleton from the different time frame of the merger trend,and recommends to change the crite ria on sample selection to improve the further studies on character,direction,strong or weak,efficiency or inefficiency in M&A target companies.Besides,the research result is useful for the development of future studies and practices in China.