并购一词已越来越成为报章的宠儿。伴随着经济全球化、技术创新的浪潮,并购已成为国际性的现象。我国上市公司的兼并、收购甚至是恶意收购也时常见诸于报端。然而,对并购效果的各种实证研究表明并购的成功率不超过50%。例如根据毕马威公司(KPMG)对1996至1998年全球最大的700项并购的调查表明,只有17%的并 The word merger has increasingly become the darling of the newspaper. With the tide of economic globalization and technological innovation, M & A has become an international phenomenon. Mergers, acquisitions and even malicious acquisitions of listed companies in our country are often reported in newspapers. However, various empirical studies on the effect of mergers and acquisitions show that the success rate of mergers and acquisitions does not exceed 50%. For example, according to KPMG's survey of the world's largest 700 mergers and acquisitions from 1996 to 1998, only 17%