供应链剩余与并购协同效益

供应链协调机制是介于企业外部的市场交易机制和企业内部的行政权威机制之间的一种中间机制。具有完全独立自主权的单个企业以牺牲一定的独立性和控制权加入供应链并遵循供应链的协调。必然要求获得某种额外的补偿。超出供应链形成前的单个企业收益总和的供应链剩余的形成并在参与企业间的合理分配。是供应链合作关系形成的前提。收入上升、成本下降、税负减少和资本成本的降低是企业并购产生协同效益的四个主要来源。这四个来源同样是供应链剩余的主要来源。但并购协同效益与供应链剩余在四个来源的具体实现方式上存在不同。这种不同正好体现了一体化的内部协同与供应链成员企业之间的合作协同之间的差异。

Supply Chain Residue and Synergy from Mergers and Acquisitions

Supply chain collaboration is a middle mechanism between market trade outside and authority inside a firm.An individual firm with entire independence must claim any compensation,when it joins a supply chain and lost parts of independence and control for supply chain's collaboration.Supply chain residue can be defined as the difference of all members' total revenue between after and before forming supply chain's collaboration.The creation and reasonable distribution among supply chain members of supply chain residue is precondition of supply chain's collaboration.Revenue enhancement,cost reduction,lower taxes and lower cost of capital are four main resources of synergy.They are also four resources of supply chain residue.But there are big difference of creation model between supply chain residue and synergy.The creation model's difference indicates the difference of incorporate authority and supply chain members' collaboration.