并购的本质,不是为了买那些看起来很庞大的资产,而是买一个企业的经营模式、行业前景和核心团队。分众并购框架,本质是买框架在高档公寓电梯广告的经营模式。而买模式的背后,是对管理团队和行业前景的看好。盛大并购韩国Actoz公司招致亏损,核心原因是没有买到高科技创业型公司最重要的资产——核心创业团队。凯雷等财务投资者,投资逻辑是低买高卖,他们成功,首先不是基于对公司的成长性分析,而是基于对购买成本的控制。这就是凯雷手握长线资本,逢低吸纳徐工时,被质疑低估徐工价值的原因。 The nature of the mergers and acquisitions, not to buy those seemingly huge assets, but to buy a business model, industry prospects and core team. Focus acquisition framework, the essence is to buy a framework in the high-end apartment elevator advertising business model. Behind the buy pattern is the optimism of the management team and industry outlook. Shanda’s acquisition of South Korea Actoz incur losses, the core reason is not to buy the most important asset of high-tech start-up companies - the core business team. Carlyle and other financial investors, the investment logic is to buy low and sell high, their success, first of all not based on the company’s growth analysis, but based on the purchase cost control. This is Carlyle holding long-term capital, bargain-hunting to absorb XCMG, was questioned the reasons for underestimation of the value of XCMG.