Research on M & A Direction on the Basis of Firm Resources

摘要：

The majority of empirical studies have suggested that most mergers fail to create value for shareholders of the acquiring firms. The paper points out that blindness in strategy is one of the main causes. Therefore, decision-making on M&A direction, which is the key to establish M&A strategy and is helpful to enhance the efficiency of the overall decision-making process, should be paid close attention by both theoretical and practical field, M&A direction decision-making is to find out the optimal route within the limited territory determined by a firms capability and resources, and to locate candidate targets in a more concrete scope. Thus, it can be concluded that decision on M&A direction is the antecedent phase of target selection. The paper focuses on analyzing the attribute and preference of each type of firm resource in the context of mergers, and discusses M&A direction from two crucial dimensions including geographical span and industrial relatedness.

关键词： Industrial Relatedness M&A Direction Region Resource Resource Excess Resource Gap

作者: LIU Yan ZHANG Qiu-sheng

作者单位: School of Economics and Management, Beijing Jiaotong University, P.R.Chiaa, 100044

会议类型: 国际会议

会议名称: 2007 International Conference on Dtrategic Management（2007年战略管理国际会议）

会议地点: 成都

会议语种:英文

页码: 414-420

在线出版日期: 2007-04-19（万方平台首次上网日期，不代表论文的发表时间）