并购战略与联盟战略适用边界的实证研究

并购与联盟是企业外部发展的主要战略,它们拥有相同特征,也存在不同点。据统计,两种战略的成功率低于企业的预期,企业通常会在两者之间选择时出现错误,这主要是因为企业缺乏决策参考。本文运用交易成本理论与资源基础理论比较这两种战略,并根据假设推出若干影响变量。最后通过逐步多元Logistic回归分析方法对从专业数据库提取的数据进行分析,得出有助于企业决策者的决策参考模型。

Empirical Study on Applicable Boundaries Between M&A and Alliance Strategies

Both M＆A and alliance are firm＇s external development strategies. They possess common characters, but they also have differences. According to statistics, success rate of them are lower than firm＇s expectation. A firm usually chooses strategic alliance while M＆A is the best choice, vice versa. The main reason is lack of decision reference. This paper compares M＆A activities with the strategic alliance activities based on the transaction cost theory and the resourcebased theory. And then finding out several influential variables according to hypotheses we concluded. Finally, according to the data settled from professional database, we conclude decision models by means of stepwise multivariate linear regression analysis methods. The model will be a decision reference for firm＇s decision maker.