旅游企业纵向并购的边界测量探析

旅游企业纵向并购的最根本的原因是资产专用性。以此为基点确定旅游企业并购的规模边界，交易成本的增加与组织成本增加达到均衡状态下的资产专用性程度决定着企业的纵向并购规模。目标企业的潜在价值是并购实现协同效益的根本原因，而据企业盈利能力的角度分析目标企业的潜在价值可确定企业并购的财务边界。

The Frontier Surveying Searches Analyzes of Traveling Enterprise Longitudinal Merger and Acquisition

This article carried on from two aspects to the traveling enterprise vertical merger and acquisition feasi- bility searched analyzes, on the one hand was the vertical merger and acquisition scale frontier surveying, caused the transaction cost from traveling enterprise vertical merger and acquisition most basic agent - - property special purpose to embark, establishes the use enterprise with to use the market the critical point, namely vertical merger and acquisition scale boundary; On the other hand is the vertical merger and acquisition finance frontier surveying, this was from embarks to the goal enterprise latent value appraisal, has played example and given the determination finance boundary inference process.