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并购行为是资本市场永恒的主题,企业通过并购可以实现规模经济,或是进入一个新的市场。并购本应发挥协同效应,改善公司绩效,但实际上却并非如此,本文分析了企业并购的动机,并从企业并购前后的绩效变化已有的研究结果中发现并购未给企业带来多少收益,甚至有些并购行为给企业带来了损害,从而得出企业并购的实质是控股股东获取控制权收益的手段的结论。
M & A is the eternal theme of the capital market. Enterprises can achieve economies of scale through mergers and acquisitions or enter a new market. Mergers and acquisitions should play a synergistic effect to improve corporate performance, but in fact it is not. This paper analyzes the motivation of mergers and acquisitions, and from the results of previous studies on mergers and acquisitions before and after the mergers and acquisitions found that mergers and acquisitions did not bring much benefit to the enterprise, Even some mergers and acquisitions have brought damage to the enterprise, and thus draw the conclusion that the essence of the merger is the means by which controlling shareholders gain the benefits of control.