企业并购失败的原因分析

并购作为企业扩张的一种手段,最主要的理由是:与内部成长相比,它能使新的统一体在更短的时间内以更低的成本实现其战略目标.这种扩张方式自被企业广泛采用以来,已在世界范围内掀起了五次大规模的并购重组浪潮.然而,在方兴未艾的并购形势背后,并购失败却是司空见惯的现象.这些现象吸引了众多学者和研究机构去探究其具体成因.本文在对国内外相关文献进行扫描的基础上,将并购失败的原因归纳为:并购动机的情绪性和盲目性,并购能力自我评估的缺乏性,目标企业选择的不合理性和并购后整合不到位等四个方面,并总结出现有研究的不足和建议未来的研究方向,以为企业并购研究提供有价值的参考.

Studies on the Reasons of M&A Failure

Compared with the internal growth,M&A can achieve its strategic objectives in a shorter time and with lower cost.Since the M&A has been widely used by enterprise,the world has experienced five large-scale M&A waves.However,M&A failure is a common phenomenon in these waves.Based on scanning relevant literature,this paper analyzes the reasons of M&A failure from emotional M&A motives,scant M&A capabilities self-assessment,irrational target enterprise choice and incomplete post-merger integration.Furthermore,we advance the deficiencies of the current studies and suggestions of the future study.