国有企业并购动机研究

企业并购从本质上说是企业一种正常的投资行为,是企业实现扩张战略的一种重要手段。企业是否采用并购方式、选择什么样的目标企业予以并购,应该完全取决于企业自身发展战略的需要。政府不应违背企业意愿,采用行政手段,强制国有企业实施并购;同时对出于管理者效应动机推动的国有企业并购,因其偏离“股东财富最大化”的目标,应引起国有资产管理部门的密切关注。

Motives of M & As in State-Owned Enterprises

M & As,a normal investment action in an enterprise,is an important method to realizing expansion strategy.The developing strategy determines whether an enterprise adopts M & As and what kind of enterprises will be merged.In the meantime,the government shouldn't compel the state-owned enterprisese to merge with others by means of administration.In addition,national asset administrative depatrments should pay close attention to the M & As for the negative motive of management's effect and to the departure from thd goal of maximization of shareholders' benefits.