【摘要】 并购作为一种投资方式应该可以为企业创造价值,但并购的复杂性决定了这种投资方式高风险、高收益的特征,既有可能为企业创造巨大的价值,也有可能毁损企业价值甚至使企业面临灭顶之灾。并购能否创造价值受企业并购能力的影响,是企业信息收集与处理能力、并购支付能力、并购资源识别能力、并购资源整合能力等综合作用的结果。创造价值的并购产生于并购企业对外部环境的准确判断、对自身资源和能力的正确认识、对目标企业资源和能力的正确评估以及双方资源的有效整合,从而最终实现企业价值创造能力增强的结果。毁损价值的企业并购产生于资源识取的不恰当和能力构建的不成功。企业是一个能力集合体,只有通过努力不断提升自身能力尤其是并购能力,更加有效地识别并组合资源,不断增强原有的能力并构建新的能力,才能不断提高从并购中获取更大价值的可能性。更多还原

【Abstract】 As a pattern of investment,M&A can create value for the enterprises.But the complexity of M&A determines that this pattern of investment has the characteristics of high risk and high profit margin.While bringing the enterprises with huge value,M&A can also bring the enterprises with huge risk.If it can create value will be determined by the enterprises’ capability for M&A;it is also the result of the enterprises’ capability for information collection and dealing,for payment of M&A,for identifying resources for M&A and for resources integration.M&A that can create value is on the basis of the enterprises’ capability for judging the external environment,recognizing its own resources and capability,evaluating the target enterprises’ resources and capability and effectively integrating resources of both of the counterparties.M&A that will ruin the enterprises is the result of unsuitable resources and capability.The enterprises are the integration of capabilities;only with the help of improving the capabilities,especially the capability for M&A,effectively identifying and organizing the resources,enhancing the existing capabilities and constructing new capabilities will the enterprises gain more value from M&A.更多还原