外部并购是指企业通过对拥有构建某种核心竞争力所需的知识、能力和资源的企业进行收购或与其合并,从而建立起某种核心竞争力的策略。从理论上说,核心竞争力是不能移植的。但是,通过兼并收购机制,企业把外在的关键技术并人企业内部,经过资产重组和企业结构调整,使被兼并企业的技术专长变成企业的新能力,从而发展成为企业核心竞争力。外部并购是通过产权交易迅速增强和获得核心竞争力的有效途径,并且在实践已经得到充分验证。
并购是企业内外部资源融合的过程,是企业提升市场竞争力的重要途径,其竞争力的根源在于资源共享和整合所创造的协同效应。
It's the important approach of improving the market competitive power, which is rooted in the synergistic effect that created by resource share and integration.
在外部机制中,控制权市场发挥着重要作用,而控制权市场上的并购行为是解决委托代理问题最为有效的一种机制。
The market for corporate control plays an important role in the corporate governance as an external control mechanism, and M&A is the most efficient way to solve the agency problem.
理论分析认为当CEO和较多内部董事(与外部董事相比)拥有财务职能背景时,企业多元化水平更高,更倾向于采用并购的方式。
We concludes that the corporate, whose CEO and more internal board (compared to external board) have financial background, prefers higher level of diversification and diversifies through acquisition.
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