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兼并收购是一种高级的资本运营方式。通过并购,企业可以迅速扩大规模,增强实力,实现在生产能力、市场份额、业务领域等方面的扩张,最终带来企业价值的提高。一般认为,协同效应是并购创造价值的源泉所在。所谓协同效应,通常形象地表示为1+1>2,即通过并购,对两家企业的资源进行重新整合,提高合并后企业的整体效率,从而创造出比并购之前二者价值之和更大的价值。然而,现实中企业并购绩效却远非理论描述的这般理想。根据著名企业咨询公司凯尼公司的调查,在以往的并购中,约有70%没有达到预期目标,约有50%合并后利润甚至下降。美国著名管理学家迈克尔·波特在《哈佛商业评论》
Mergers and acquisitions is a high-level capital operation. Through M & A, enterprises can rapidly expand their scale, enhance their capabilities and expand their production capacity, market share and business areas, ultimately leading to the enhancement of corporate value. Generally believed that synergies are the source of M & A value creation. The so-called synergistic effect, usually vividly expressed as 1 + 1> 2, that is, through mergers and acquisitions, the two companies to re-integrate the resources to improve the overall efficiency of the merged enterprise, creating more than the value of the merger before the merger and greater the value of. However, the reality of corporate M & A performance is far from the ideal described in theory. According to a survey conducted by the well-known consulting firm Kenny, about 70% of the previous mergers did not meet the expected target, and about 50% of the merged profits even declined. The famous American management scientist Michael Porter in the “Harvard Business Review”