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在经济低迷时期,由于资产价格偏低,企业更愿意通过并购来创造突破性增长。但是,并购的模式和方法往往决定了并购成功的几率。声势浩大的大型并购尽管引人注目,却常常会因为其中所含的巨大风险而限制企业的价值实现,拖累企业的成长。而类似于“收购工厂”的小规模多次并购的方式,通过将注意力集中于收购类似或者相关领域中规模较小且更易管理的企业,以一种系统化的化整为零的方法,来搜索潜在目标、管理一系列交易及缓释整体风险,从而实现有机增长,成为大规模并购方案的有效补充。这样审慎扩张的模式,不失为当下既不希望错失投资机会又不愿过度冒险的企业的行动良策。
In times of economic downturn, companies are more willing to create groundbreaking growth through mergers and acquisitions due to lower asset prices. However, the patterns and methods of mergers and acquisitions often determine the probability of successful mergers and acquisitions. Despite the compelling acquisitions of the mighty M & A, they often limit the value of their businesses and drag down the growth of companies because of the huge risks they contain. And a small, multi-time M & A approach that resembles the ’takeover factory’ by focusing on acquiring smaller, more manageable businesses in similar or related fields, in a systematic, Method to search for potential targets, manage a series of transactions and mitigate the overall risk in order to achieve organic growth, an effective complement to large-scale mergers and acquisitions program. Such a model of prudent expansion can be regarded as a good solution for businesses that do not want to miss the opportunity to invest too much at the moment.