并购是一项风险高、成功率低的企业投资行为。我国企业的并购成功率远低于西方企业,部分并购企业甚至陷入了“赢者的诅咒”:虽然完成了交易,但并购没有实现期望的商业价值。企业并购的成功率为什么不高?这与企业对交易风险的管控机制和体系建设相对不足有关。对于绝大多数并购双方企业而言,并购是一个涉及到交易双方的、动态的、不 M & A is a high risk, low success rate of corporate investment behavior. The success rate of mergers and acquisitions of Chinese enterprises is much lower than that of western enterprises, and some mergers and acquisitions enterprises even fall into the “winner’s curse”: Although the transaction was completed, the merger did not achieve the desired commercial value. Why the success rate of mergers and acquisitions business is not high? This is the business of the trading risk control mechanism and the relative lack of system construction. For the vast majority of mergers and acquisitions companies, mergers and acquisitions is a transaction involving both parties, dynamic, not