企业购并的价值创造分析

若干企业购并的失败，源于对购并的收益认识不清，对购并的成本估计不足。根据收益源泉的创值机理将购并收益分为战略收益、公司治理收益、财务收益和机会收益四类，这有助于购并企业更好地认识不同类型购并持续创值能力和对购并企业价值的差异，更加准确地评价购并的价值创造能力。将购并成本按支出的阶段分为规划成本、交易成本、整合成本和管理成本四类，这有助于购并企业全面认识购并可能产生的成本，合理预计购并的负担。

The Study on the Mechanism of the Added Value Creation in M & A

Many corporations failed in M & A as a result of their superficial understanding of the revenues from M & A and mistaken estimate of the costs in M & A.In light of the value creation mechanism in the sources of the revenues,the paper classifies the revenues into four revenues: strategic revenues,corporate governance revenues,financial revenues and opportunity revenues.This classification helps enterprises to better understand different types of M & A and estimate the ability to create value in M & A more ac...