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驱动跨国并购的因素是什么?文章以一个新的视角——商业模式,采用中国上市公司2008年-2016年的跨国并购数据,对此问题进行解释。结论显示,对于一个成熟商业模式(或商业模式效力逐渐衰弱)的公司,仅仅通过跨国并购将目标方资源纳入自身商业模式,对于日渐下降的绩效往往于事无补,但通过并购一个成长型公司的商业模式,并使其独立,能获得一个新的转型增长平台;对于一个新生商业模式的公司,可以通过跨国并购相关公司有价值的资源,增强自身商业模式,以收获成长绩效,或者通过跨国并购相关公司的商业模式,获得商业模式协同效应,两条商业模式并行不悖,合并后将获得巨大的成长机会。
What are the driving factors of cross-border mergers and acquisitions? This article uses a new perspective - the business model, to take the cross-border M & A data of Chinese listed companies from 2008 to 2016 to explain the problem. The conclusion shows that for a company with a mature business model (or its business model becoming less effective), incorporating target-party resources into its own business model solely through cross-border M & As often does not contribute to declining performance, but by acquiring a growing company Business model, and make it independent, access to a new platform for transformation and growth; for a nascent business model of the company, you can cross-border mergers and acquisitions related companies valuable resources, enhance their business model to gain growth performance, or through cross-border M & A The business model of related companies, access to synergies of the business model, the two business models go hand in hand, the merger will be a huge growth opportunity.