论文部分内容阅读
互联网革命、3D打印技术和“大数据”处理等新技术革命从技术层面引发了全球第六次并购浪潮,中国企业逐渐成为了全球并购市场的重要角色。企业能否通过并购交易取得良好的并购绩效进而做强、做大,关键在于企业决策层能否系统地分析自身的主观、客观因素进行理性的并购决策,如果决策的非理性成分增多,则会增加企业发展中的不确定因素。本文认为,个体决策行为中的“自大效应”、“禀赋效应”和“处置效应”会在一定程度上体现在董事会集体决策过程中,文章分析了董事会的结构对这种转化的影响。此外,通过分析多数决定原则的合理性,确定了董事会决策行为的六个变量,即并购主体的主动性、交易方式、产业相关性、溢价比、时间跨度、主体的并购决策经验,刻画企业并购决策行为,并通过这些变量来确定企业并购行为的特征,最后以三一重工并购德国工程机械巨头普茨迈斯特为案例进行分析。
New technological revolutions such as the Internet revolution, 3D printing technology and Big Data processing have triggered the sixth wave of global mergers and acquisitions in the technical field. As a result, Chinese enterprises have gradually become an important player in the global M & A market. Whether a firm can make good merger and acquisition (M & A) performance through M & A, and then become stronger and bigger, the key lies in whether a firm’s decision-maker can systematically analyze its own subjective and objective factors to make rational M & A decisions. If the irrational component of decision-making increases Increase business development in the uncertainties. This paper argues that the “self-esteem”, “endowment effect” and “disposal effect” in individual decision-making behavior will be reflected in the collective decision-making process of the board of directors in some extent. The paper analyzes the structure of the board of directors The impact of transformation. In addition, by analyzing the rationality of the majority decision, the six variables of the decision-making behavior of the board of directors were determined, that is, the motivation of the M & A entities, the transaction mode, the industry correlation, the premium ratio, the time span, the main experience of the merger and acquisition decision, Decision-making behavior, and through these variables to determine the characteristics of corporate M & A behavior, and finally Sany Heavy Industry mergers and acquisitions German engineering machinery giant Putzmeister case analysis.