并购是中国企业“走出去”海外投资的必要策略。但不同的研究都一致指出,并购的失败率是很高的。并购的失败可以归因于很多因素,如目标企业选取有误、收购价格不当、交易时间不当、整合失败等。在诸多因素中,目标企业的选择是决定整个并购成功与否的前提。如果并购目标的选择不当甚至错误,则后续的一切 M & A is a necessary strategy for Chinese enterprises to “go global” overseas investment. However, different studies have consistently pointed out that the failure rate of mergers and acquisitions is very high. M & A failure can be attributed to many factors, such as the wrong choice of target companies, the purchase price is not appropriate, improper transaction time, the integration failure. Among many factors, the choice of the target company is the prerequisite for the success of the entire M & A. If the choice of M & A goals or even wrong, then the follow-up