企业并购是一个世界性的趋势,也是一个复杂的战略决策过程。当两家公司走上合并之路时,一定有坠入爱河的感觉,开始都充满了祝福和鲜花,但真正“相爱到永远”的却是屈指可数。在并购市场上,成功的案例有.但不多。20世纪90年代美国掀起并购浪潮并波及世界各地,10多年来的并购热潮,创造了好些并购的神话,比如:国外的安然、世通、时代华纳,国内的德隆、科龙等。遗憾的是,随着时间的流逝,时过境迁,这些神话如同一个个泡沫相继破灭,或因财务问题破产,或是不得不再次重组。 Mergers and acquisitions (M & A) are a worldwide trend and are also a complex strategic decision-making process. When the two companies embarked on the path of merging, they must have the feeling of falling in love, beginning with blessings and flowers. However, there are only a handful who really love each other forever. In the M & A market, successful cases have, but not much. In the 1990s, the United States set off a wave of mergers and acquisitions and spread to all over the world. Over the past 10 years, the M & A boom has created many myths of mergers and acquisitions, such as Enron, WorldCom, Time Warner in China, Delong and Kelon in China. Unfortunately, as time goes on, these myths burst like bubbles one after another, or bankrupt because of financial problems, or have to be restructured again.