摘要
并购财务困境企业的整合往往成功难度较大。已有文献支持并购可以帮助财务困境企业恢复,但尚未揭示其作用机理与实现路径。本文基于核心能力视角,分析国机和二重的整合过程,研究并购双方不同核心能力的状态、核心能力传递途径、重点整合内容,构建了动态匹配的整合路径。研究发现,为实现并购的价值创造,财务困境企业的并购整合围绕财务整合进行,在双方核心能力匹配的基础上,并购财务困境企业整合成功的关键是能力传递,通过财务硬资源和外部财务关系整合在并购双方间分享经营性资源以恢复财务困境企业的核心能力;通过财务软资源、业务整合和技术整合实现一般性管理能力的扩散和功能性知识的传递以重建双方企业的核心能力。
The current literature shows that mergers can help financial distress companies recover,but they do not explain the mechanism.Based on the perspective of enterprise core competence,this paper analyzes different states of the core competence,the way of core ability transmission and the integration content.This paper shows that the M&A of financial distress enterprises is carried out around financial integration and ability transfer is the key to the success of mergers on the basis of the core competence of both of the acquirer and the target.Share operating resources betweenthem by integration of financial hard resources and external financial relationships to restore the core competence of the financial distress enterprises.Diffuse general management capability and transfer functional knowledge between them by integration of financial soft resources,business and technology to rebuild the core competence of both two sides.
出处
《会计研究》
CSSCI
北大核心
2017年第7期69-74,共6页
Accounting Research
基金
国家社会科学基金后期资助项目(14FGL003)
北京哲学社会科学项目(14JGB044)的资助
