国内外企业并购研究文献综述
国外并购文献综述
国外并购文献综述并购是企业的一项重要决策，对企业未来的成长和发展具有重要意义。
本文通过归纳和整理国外并购领域的重要研究成果，为了解企业的并购实际提供了指导意义，也为从我国的制度背景下研究企业并购提供了一定的借鉴。
标签：企业并购；公司治理；并购绩效一、引言并购是企业的重大决策。
来自Wind金融数据库的数据显示，我国企业的并购活动呈显著上升的趋势。
随着并购活动的飞速发展，并购领域的相关研究也得到国内外学者的重视。
本文整理了国外并购研究的几项重要成果，包括并购公司高管的壕沟行为，并购企业间的关联董事、并购定价问题、并购双方的谈判能力、跨国并购、并购活动中的资本结构等问题。
对这些问题的理解，有助于我们了解企业并购的实际，并有助于指导国内的并购研究。
二、文献综述Harford、Humphery-Jenner和Powell（2012）研究了从公司合并高管具有壕沟行为的视角来研究合并后价值降低的原因。
他们利用Gompers，Ishii and Metrick（2003）的GIM指数将公司划分为独裁公司（GIM≥10）和民主公司（GIM<10and CBRD=0）。
然后观察从1990年到2005年各年的收购情况。
总体而言，独裁公司的收购数目偏多，交易规模偏大，但是5天内CAR值反映较差。
并从合并者特征、被合并者特征以及交易特征三个方面比较了独公司和民主公司两者的差别，两者在公司规模、自由现金流、财务杠杆、成立时间、CEO两职合一、董事会规模、CEO持股等合并者特征方面存在显著差异；被合并者的规模也存在显著差异；此外，两者在交易特征方面也存在显著差异：独裁公司的交易类型更不可能是高科技型公司，更倾向于是多元化企业或企业集团。
独裁公司更可能成为连环收购者但是他们的收购溢价低于民主公司。
Harford等研究发现：（1）“壕沟”管理层会尽可能的合并公众公司，尽量避免合并私人企业之前的研究表明合并私人企业会导致价值上升而合并公众公司则很可能导致价值降低。
企业并购财务绩效研究文献综述
企业并购财务绩效研究文献综述邓雅馨国内外学者对于企业并购财务绩效的研究大致分为四个研究方向：一是并购企业和目标企业的财务绩效；二是企业并购财务绩效的评价方法；三是企业并购财务绩效的影响因素。
下面，笔者将分别对这三个研究方向的国内外研究现状进行归纳总结和评述。
一、并购企业和目标企业财务绩效（一）并购企业财务绩效1.正收益Satish Kumar,Lalit K.Bansal 的研究结果表明，并购活动在大多数情况下能够使并购企业产生长期的协同效应，获得更多的现金流，形成更多的、多元化的业务，获得正的超额收益。
肖晗对2012年8月康恩贝制药并购伊泰药业的案例中并购方公司的绩效进行了研究，结论显示：短期并购交易能为并购方公司带来超额收益,对公司业绩提升有利,但长期绩效有待观察。
冯瀚文研究了2004年至2013年我国上市公司的并购绩效和影响并购绩效的因素，通过对超额累计收益率的显著性检验,认为并购事件能给收购公司的股东带来显著为正的超额累计收益率。
2.负收益Qamar Abbas,Ahmed Imran Hunjra,Rauf I Azam,Muhammad Shahzad Ijaz,Maliha Zahid 研究了巴基斯坦银行并购后的财务绩效，发现巴基斯坦银行并购后的财务绩效变差了。
Ramesh,Deepti,Valk,Vincent 研究了富勒公司收购中国天山新材料技术公司这一并购案例，研究结果表明，富勒公司并购后的财务绩效有所下降。
苏小东选取2008年至2009年间发生的52起国内并购事件为研究对象，运用因子分析法对并购企业的财务指标进行实证分析，研究发现并购活动并未改善并购企业的财务绩效，至少从短期来看，大部分并购企业的财务绩效有所下降。
王婷选取了煤炭行业的4个上市企业的并购活动作为研究样本，运用DEA 模型对企业的并购财务绩效进行评价，得出并购公司的财务绩效下降的结论。
（二）目标企业财务绩效大部分研究学者认为目标企业的财务绩效在并购之后得到了提高，唯一的不同只是提高了多少而已。
企业并购文献综述及外文文献资料
本文档包括改专题的：外文文献、文献综述一、外文文献Financial synergy in mergers and acquisitions. Evidence from Saudi ArabiaAbstractBusinesses today consider mergers and acquisitions to be a new strategy for their company's growth. Companies aim to grow through increasing sales, purchasing assets, accumulating profits and gaining market share. Thus; the best way to achieve any of the above-mentioned targets is by getting into either a merger or an acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and acquisitions are an important factor in building up market capitalization. Based on three structured interviews with major Saudi Arabian banks it has been found that mergers motivated by economies of scale should be approached cautiously. Similarly, companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. Firms should seek out mergers that allow them to acquire specialized knowledge. It has also been found that firms should look for mergers that increase market power whilst avoiding unrelated mergers or conglomerate mergers.Keywords: Synergy, Mergers and Acquisitions, Saudi Arabia1. IntroductionThere is a major difference between mergers and acquisitions. Mergers occur between similarly sized companies and the collaboration is "friendly" between both companies. However, Acquisitions often occur between differently sized companies and the partnership is usually forced and hostile.Wheelen and Hunger (2009) define a merger as a transaction involving two or more corporations in which stock is exchanged but in which only one corporation survives. In other words, the two companies become one and the name for the corporation becomes composite and is derived from the two original names. Furthermore, an acquisition is the purchase of a company that is completely absorbedas an operating subsidiary or division of the acquiring corporation (Wheelen and Hunger, 2009). The authors also state that hostile acquisitions are called takeovers.The main reason for firms entering into mergers and acquisitions (M&A) is to grow, and companies grow to survive (Akinbuli, 201 2). Growth strategies expand the company's activities and add to its value since larger firm have more bargaining power than smaller ones. A firm sustaining growth will always have more opportunities for advancement, promotions and more jobs to offer people (Wheelen and Hunger, 2009). In general, mergers and different types of acquisitions are performed in the hope of realizing an economic gain. For such a business deal to take place, the two firms involved must be worth more together than each was apart.A few of the prospective advantages of M&A include achieving economies of scale, combining complementary resources, garnering tax advantages, and eliminating inefficiencies. Other reasons for considering growth through acquisitions contain obtaining proprietary rights to products or services, increasing market power by purchasing competitors, shoring up weaknesses in key business areas, penetrating new geographic regions, or providing managers with new opportunities for career growth and advancement (Brown, 2005).Many firms choose M&A as a tool to expand into a new market or new area of expertise since it is quicker and cheaper than taking the risk alone. Furthermore, M&A happen when senior executives feel enthusiastic and excited about a potential deal ; the idea of successfully pursuing and taking over another company before the company s competitors are able to do so. Competition in a growing industry drives firms to acquire others. In fact, a successful merger between companies increases benefits for the entire corporation.However, failures also occur in M&A as indicated by Haberbserg and Rieple (2001) and Akinbuli (2012). They showed that 50% of acquisitions are unsuccessful; they increase market power but do not necessarily increase profits. Brown (2005) explains the reasons for the high failure rate of M&A as follows:(a) Over-optimistic assessment of economies of scale. Economies of scale are usually achieved at certain business size. However, expansion beyond the optimumlevel results in disproportionate cost disadvantages that lead to various diseconomies of scale.(b) Inadequate preliminary investigation combined with an inability to implement the amalgamation efficiently. Resistance to change and the inability for the acquired company to manage change well is a main reason for failure due to the resistance of the employees and management of both companies involved.(c) Insufficient appreciation of the personnel problems, which will arise, is due mainly to the differing organizational cultures in each company.(d) Dominance of subjective factors such as the status of the respective boards of directors.Therefore, drafting careful plans before and after the merger is a necessity that should not be overlooked. Some companies find the solution in hiring a change manager who will add value and better manage the transition of the "marriage between both companies" (Brown, 2005).2. Synergy in M&A and financial synergyThis section discusses the literature review in order to identify the importance of acquiring financial synergy in the M&A.2.1 Synergy in M&ASynergy, as defined in the business dictionary, is the state in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater than the sum of their individual effects. Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings (Mergers and acquisitions: Definition, n.d.).Synergy is also expressed as an increase in the value of assets as a result of their combination. Expected synergy is the justification behind most business mergers. For example, the 2002 combination of Hewlett-Packard and Compaq was designed to reduce expenses and capitalize on combining Hewlett-Packard's reputation for quality with Compaq's impressive distribution system (Synergy Business Definition, n.d.).Through research it has been noted that synergy is the concept that twobusinesses will generate greater profits together than they could separately (Wheelen and Hunger, 2009). Synergy is said to exist for a divisional corporation if the return on investment of each division is greater than what the return would be if each division were an independent business (Wheelen and Hunger, 2009). In order to succeed cooperation between the partners is the basic ingredient for achieving growth through synergy (Rahatullah, 201 0). This requires partners to build trust, commitment, and secure consensus, to achieve their targets (Gronroos, 1997; Ring and Van-de-Ven, 1994).Synergy can take several forms. According to Goold and Campbell (1 998) synergy is demonstrated in six ways: benefiting from knowledge or skills, coordinated strategies, shared tangible resources, economies of scale, gaining bargaining power over suppliers and creating new products or services.M8<A result in the creation of synergies, the sharing of manufacturing facilities, software systems and distribution processes. This type of synergy is referred to as operational synergy and is seen mostly in manufacturing industries. Another motive for forming an acquisition is gaining greater financial strength by purchasing a competitor, which increases market share. The aim of mergers and acquisitions is to achieve improvement for both companies and produce efficiency in most of the company's operations. (Haberberg and Rieple, 2001).However, Brown (2005) summarizes the sources of synergy that result from M8<A under the following headlines:1. Operating economies which include:(a) Economies of scale: Horizontal mergers (acquisition of a company in a similar line of business) are often claimed to reduce costs and therefore increase profits due to economies of scale. These can occur in the production, marketing or finance divisions. Note that these gains are not expected automatically and diseconomies of scale may also be experienced. These benefits are sometimes also claimed for conglomerate mergers (acquisition of companies in unrelated areas of business) in financial and marketing costs.(b) Economies of vertical integration: Some acquisitions involve buying outother companies in the same production chain. For example, a manufacturer buys out a raw material supplier or a retailer. This can increase profits through eliminating the middleman in the supply chain.(c) Complementary resources: It is sometimes argued that by combining the strengths of two companies a synergistic result can be obtained. For example, combining a company specializing in research and development with a company strong in the marketing area could lead to gains. Combining the expertise of both firms would benefit each company through the gained knowledge and skills that individually they lack.(d) Elimination of inefficiency: If either of the two companies had been badly managed; its performance and hence its value can be improved by the elimination of inefficiencies through M&A. Improvements could be obtained in the areas of production, marketing and finance.2. Market power; Horizontal mergers may enable the firm to obtain a degree of monopoly power which could increase its profitability. Coordinated strategies between both companies will lead the entire organization in gaining competitive advantage. Gaining bargaining power over suppliers is realized since the company is larger in size after the merger.3. Financial gains; Companies with large amounts of surplus cash may see the acquisition of other companies as the best application for these funds. Shared tangible resources such as sharing a bigger building, more office supplies, equipment, manufacturing facilities and research and design labs will also lead to a reduction in costs translated into better financial performance. McNeil (2012) identifies that the shareholders of a business under M&A process may benefit from the sale of their stocks, this is especially true if the M&A is with a better, bigger and more reputable prospective partner.4. Others; such as surplus management talent, meaning that companies with highly skilled managers can make use of their qualified personnel only if they have problems to solve. The acquisition of inefficient companies allows for maximum utilization of skilled managers. Incorporating the efforts of both management teamswill drive the creation of innovative products or services.The synergy factor prevails in the M&A when the firms produce a greater return than the two individual firms owing to reasons such as improvements in efficiency and an increase in market power for the merged or acquired firms (Berkovitch and Narayana, 1993).2.2 Financial synergyAs defined by Knoll (2008), financial synergies are performance advantages gained by controlling financial resources across businesses of firms. There exist four types of financial synergies, which are:1. Reduction of corporate risk: Reduction of corporate risk is increasing the risk capacity of the overall firm, which means the ability of the firm to bear more risk. Meaning that by increasing the risk capacity the shareholders will invest more in the company and the firm will gain benefits such as coinsurance effects.2. Establishment of internal capital market: Establishing internal capital gains means that the firm will decrease its financing costs and will increase financial flexibility which results in the company having higher liquidity and the ability to pay its creditors easily.3. Tax advantages: Tax advantages by reducing the tax liabilities of the firm using the losses in one business to offset profits in the other business referred to as "profit accounting".4. Financial economies of scale: Financial economies of scale reducing transaction cost in issuing debt and equity securities (Knoll, 2008).3. Methodology and resultsFor this project, the method of interviews was used due to it being the most appropriate way to gather information about the interpretation of events, as to why some mergers produce synergy while others do not; and to understand the reasons why companies enter into mergers. In Saudi Arabia it is difficult to secure responses from senior executives. Approaching such a person is not only difficult protocol wise but there are bureaucratic hurdles. The quantitative analysis is more suitable for large scale data collection (Denzin and Lincoln, 1997). Whereas, qualitative researchprovides the researcher with the perspective of target audience members through captivation and direct interaction with the people under study (Glesne and Peshkin, 1992). These methods help to comprehend what others perceive of a certain phenomenon, postulates Creswell (1994).The planned interview method was to use a structured interview. In a structured interview, the researcher knows in advance what information is needed and asks a predetermined set of questions (Sekaran and Bougie, 2009). The same questions are asked of all interviewees, which allows for better comparison of the responses than unstructured interviews, where the interviewees are asked different questions. The structured interview process does allow the researcher to ask different follow up or probing questions based on the interviewee's response. This allows the interviewer to identify new factors and gain a deeper understanding of the topic (Sekaran and Bougie, 2009).Since the interviewees were located in different parts of Saudi Arabia the interviews were scheduled in advance and conducted face to face. The data was gathered by taking notes during the interviews, which were not recorded as that may have seemed too intrusive.When conducting interviews it is important to conduct them in a manner that is free of bias or inaccuracies. According to Sekaran and Bougie (2009), bias can be introduced by the interviewer, interviewee or the situation. Interviewers can introduce bias by distorting the information that they hear so it aligns with their expected responses to the question or through simple misunderstandings. To prevent this, the respondents' answers were summarized back to them before moving on to the next question. Interviewees can introduce bias if they do not like the interviewer or if they phrase the answers to be biased towards what they think the interviewer wants to hear. Since the interviewees were obtained through referrals, it is highly unlikely that they gave false responses. Also, the basic area of research was discussed with the interviewees, but no hypothesis was advance to them, such that they would skew their answers to what they though the interviewer wanted to hear.Three companies were interviewed and asked a specific set of questions (seeAppendix). There are numerous reasons to interview three companies in Saudi Arabia. These are the following:* The M&A in Saudi Arabia are normally carried out by large size companies.* It is difficult to reach out to the senior managers to discuss such issues.* The officers are also tied by company confidentiality rules to not divulge information.* The number of M&A is also significantly less in comparison with other countries.* The researchers, using diverse resources including personal contacts and formal requests, were able to reach out to three of the major companies of the Kingdom.An interview was conducted with National Commercial Bank (NCB) NCB is an international bank headquartered in Saudi Arabia and engaged in personal, business and private banking, and wealth management (NCB, 2011 ). Another interview was done with Samba Financial Group. Samba is also an international bank headquartered in Saudi Arabia that is engaged in personal and business banking (Samba, 2011). The third company that was interviewed was Savola Holding Company, which is headquartered in Jeddah, Saudi Arabia and is engaged in the food industry. Through subsidiary companies, Savola is engaged in the manufacturing of vegetable oils, dairy products and food retailing operations both in Saudi Arabia and other international markets. Due to strict confidentiality of the companies interviewed, the names of the people will not be mentioned or their titles. This was the most important condition in order to conduct these interviews.Each of the three companies has been involved in significant mergers. NCB's most significant merger was when it acquired a Turkish bank, Turkiye Finans Katilm Bank in 2008. Samba's most significant merger was its acquisition of Cairo Bank in 1 999. Savola's most significant acquisition was its acquisition of Al-Marai in 1 991.NCB has engaged in four mergers overall and three international mergers. In addition to its acquisition of the Turkish bank, it acquired Estate Capital Holdings, The Capital Partnership Group Limited and NCB Capital. The acquisitionoftheTurkish bank was considered its most successful acquisition because it allowed NCB to expand into a new international market with strong growth.While NCB does not consider any of its acquisitions to be a failure, it has recognized losses through goodwill impairment, even in the Turkish bank acquisition. Samba's most prominent M8<A has been with Cairo bank of Egypt.Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.All the companies tried to achieve company growth and synergy in their mergers.The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in theirrespective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue, increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.Samba noted that it usually takes until the second year after a merger to evaluate its success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio of investments.From the responses to the questions included in the structured interview, the following findings can be highlighted:A. Mergers to Expand to International Markets:One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.B. Mergers to Gain Economies of Scale:Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can alsobe achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.C. Eliminating Inefficiencies:Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.D. Gain More Market Power:Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be onthe supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.E. Gain Growth:Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, it is difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.F. Reducing RisksFirms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from。
并购理论国外研究报告
并购理论国外研究报告一、引言随着全球经济的发展，企业并购活动日益频繁，成为企业扩张和转型的重要手段。
然而，并购成功率并不高，许多企业在并购过程中遇到了种种问题。
为了提高并购成功率，国内外学者对并购理论进行了深入研究。
本报告以国外并购理论为研究对象，旨在分析国外并购理论的最新进展，探讨其在我国企业并购实践中的应用价值。
本研究的重要性体现在以下几个方面：首先，国外并购理论的发展对我国企业并购实践具有指导意义，有助于提高我国企业并购的成功率；其次，通过对国外并购理论的梳理，有助于我国学者在这一领域取得更多创新性成果；最后，本研究有助于推动我国并购理论的发展，为政策制定者和企业提供理论支持。
在此基础上，本研究提出以下研究问题：国外并购理论的主要观点有哪些？这些理论在我国企业并购实践中的应用效果如何？为解决这一问题，本研究假设国外并购理论在我国企业并购实践中具有一定的适用性，但需结合我国实际情况进行调整。
研究范围与限制方面，本报告主要关注国外并购理论的发展及其在我国企业中的应用，不涉及国内并购理论的探讨。
报告将从并购动机、并购估值、并购整合等方面对国外并购理论进行系统梳理，并结合实际案例分析其在我国企业并购中的应用。
本报告的简要概述如下：首先，介绍国外并购理论的发展历程及主要观点；其次，分析国外并购理论在我国企业并购实践中的应用现状；最后，提出针对我国企业并购实践的建议，以期为我国企业并购活动提供理论支持。
二、文献综述国外并购理论研究始于20世纪60年代，至今已形成多个理论框架。
M&A （Mergers and Acquisitions）理论主要包括效率理论、市场势力理论、管理主义理论和战略匹配理论等。
效率理论认为并购可提高企业效率，实现协同效应；市场势力理论强调并购是企业扩大市场份额、增强竞争力的手段；管理主义理论关注管理层利益在并购中的作用；战略匹配理论则强调并购双方在战略上的互补性。
前人研究成果显示，并购动机、估值方法、整合策略等方面取得了显著进展。
并购协同效应的研究现状和评价方法：文献综述
并购协同效应的研究现状和评价方法：文献综述并购协同效应是指两个或多个公司通过合并或收购达成协同效益的一种商业现象。
随着全球市场的竞争加剧，越来越多的公司选择通过并购来扩大规模、增加市场份额、降低成本、提升效率等，因此并购协同效应的研究也变得越来越重要。
本文将从文献综述的角度，对当前关于并购协同效应的研究现状和评价方法进行深入探讨。
一、并购协同效应的研究现状1.1 国内外研究概况自20世纪90年代以来，关于并购协同效应的研究逐渐增多。
国外学者主要关注并购对公司绩效的影响，如Datta等人（1992）首次提出了并购对公司价值的影响，Schweiger 和Lavik（1992）研究了并购对组织文化的影响等。
在国内，随着中国经济的快速发展，越来越多的公司开始通过并购来实现快速扩张，因此并购协同效应的研究也引起了广泛关注。
国内学者主要从企业整合、资源整合、组织变革等角度对并购协同效应进行探讨。
1.2 研究内容和方法当前关于并购协同效应的研究内容主要围绕并购对公司价值、绩效、市场表现、员工福利、股东权益等方面的影响展开。
研究方法主要包括定量分析、案例研究、财务分析、问卷调查等。
定量分析是最常用的方法，通过对大量数据进行统计和建模，揭示了并购对公司的影响。
1.3 研究发现与局限早期的研究主要关注并购是否能够创造价值，但随着研究的深入，人们开始意识到，并购并不总是能够带来协同效应，存在着很多失败的案例。
当前的研究更多关注并购成功的关键因素和并购失败的原因，以期指导未来的实践。
当前研究还存在着一些局限，如研究方法单一、样本局限、理论依据不足等问题，这些都需要在未来进行更深入的研究。
二、并购协同效应的评价方法2.1 财务指标评价法财务指标评价法是目前最常用的评价方法，主要通过分析并购后的财务数据，如收入增长率、利润率、资产回报率等来评估并购的效果。
这种方法简单直观，但也存在着忽略了非财务因素的缺点。
2.2 经济附加值评价法经济附加值评价法是从价值创造的角度对并购进行评价的方法，通过计算并购后公司的经济附加值来评估并购的效果。
企业并购动因文献综述
企业并购动因文献综述【摘要】本文对企业并购动因进行了文献综述。
在概述了企业并购的重要性和研究现状。
在介绍了企业并购的定义与特点、主要动因、经典理论以及不同学者研究动因的观点。
最后分析了企业并购的影响因素。
结论部分总结了文献综述的主要发现，探讨了未来研究方向和实践意义。
通过本文的研究，可以更好地理解企业并购的动因，为相关研究提供参考和借鉴。
【关键词】企业并购、动因、文献综述、定义、特点、动因、理论、影响因素、研究、总结、未来研究方向、实践意义1. 引言1.1 企业并购动因文献综述引言在过去的几十年里，关于企业并购动因的研究呈现出多样化和复杂化的趋势。
学者们通过从不同角度和方法论出发，对企业并购动因进行深入研究和讨论，取得了丰硕成果。
企业并购动因既包括内部因素，如经营绩效和资源配置，也涉及外部因素，如市场竞争和产业环境。
通过对企业并购动因的全面梳理和综合分析，可以更好地理解企业并购的逻辑和实质，为企业管理者和决策者提供决策支持和战略指导。
未来的研究方向将更加关注企业并购动因的多样性和复杂性，探讨不同类型企业并购的动因差异和影响机制。
结合实证分析和案例研究，深入挖掘企业并购动因的内在逻辑和外部影响，为企业并购实践和战略制定提供更加有效的建议和指导。
企业并购动因文献综述的意义和价值在于为企业并购研究和实践提供前沿信息和思路，促进学术和商业界的互动与交流，推动企业并购领域的进一步发展和深化。
2. 正文2.1 企业并购的定义与特点企业并购是指一家企业通过收购或合并其他企业来实现快速扩张或实现战略目标的行为。
在当今全球化和竞争激烈的市场环境下，企业并购已成为企业发展的重要战略选择之一。
企业并购具有以下几个特点：1.战略性：企业并购通常是为了实现企业的长期发展战略目标而进行的，可以帮助企业快速进入新的市场、获得核心技术、打造全球化布局等。
2.风险与回报共存：企业并购的过程中存在一定的风险，包括整合风险、文化冲突风险等，但成功的并购也可以为企业带来丰厚的回报。
并购阶段概况的文献综述
并购阶段概况的文献综述并购，即合并和收购，已成为企业扩张和增强竞争力的重要手段之一。
本文主要对并购阶段概况相关的文献进行综述。
据市场研究公司Statista发布的报告显示，2018年全球并购完成了4.6万宗交易，总金额达到了3.9万亿美元。
并购是公司实现扩张、增强市场竞争力、优化资源配置的有效途径。
按照交易规模的不同，可以把并购分为几个阶段。
一般而言，最形式化的一般为五个阶段：准备阶段、目标寻找阶段、尽职调查阶段、谈判和交易结构阶段和后并购整合阶段。
二、并购阶段的具体内容1. 准备阶段并购前的准备工作是进行并购之前必须完成的阶段。
在这个阶段，企业需要认真评估自己的经营状况和未来成长的潜力，制定可行的并购计划。
在制定计划的过程中，需要考虑组织架构、人才、技术和其他方面的需求或者问题。
准备阶段还包括确定并购目标的标准和标准，以及对公司的定位和策略的调整等。
2. 目标寻找阶段在寻找合适的并购目标时，企业需要从多个方面进行考虑，如竞争环境、市场趋势等。
对于并购目标的筛选，需要考虑以下因素：（1）目标公司是否符合企业的扩张要求；（2）目标公司是否有可持续的盈利模式；（3）目标公司是否有卓越的管理团队和专业人才；（4）目标公司是否有完整的产品或服务线。
3. 尽职调查阶段尽职调查阶段是并购中最重要的步骤之一。
这个阶段主要是了解目标公司的真实情况和风险因素，以便在交易中减少不确定性并规避风险。
尽职调查的内容包括财务、法律、税务、人力资源等方面的审核。
4. 谈判和交易结构阶段在谈判和交易结构阶段，企业需要考虑如何使并购交易达到最佳效果。
交易结构应该合理，并且前期的工作应该充分考虑。
在这个阶段，尤其需要考虑交易的价格问题，并且还需要注意协议表述和保密等事项。
5. 后并购整合阶段后并购整合阶段是实际操作的步骤，企业需要在这个阶段进行组织和平衡。
这包括整合资产和人员、处理有关的贷款、审计和法律问题、合并制度、服务和保留顾客等方面的问题。
跨国并购文献综述
海外并购文献综述1、彭琳、王春雷.成长性视角下的中国企业海外并购风险研究[J].吉林工商学院学报，2011（2）:36-39.海外并购“风险链”的防范和控制则是完善海外并购方式，实现企业成长效应最核心的问题。
彭林提出海外并购的风险包括并购决策阶段、交易执行阶段和完成后整合发展阶段的风险。
决策阶段包括双方环境风险和对象选择与估值风险，执行阶段包括市场风险跟财务风险，整合发展阶段包括经营风险与整合风险。
降低风险的对策包括完善政治法律体系，并购对象选择与风险的规避，可持续发展目标下的双方资源整合。
2、袁天荣、杨宝.海外并购整合风险控制框架研究[J].中南财经政法大学学报，2013（2）：129-135.文章构建了我国企业海外并购整合风险的全面控制框架，具体包括确定海外并购整合风险控制的目标与原则，进行整合风险要素体系细分及诱因识别研究，提出整合风险评价指标体系与测度方法以及整合风险控制的“全要素观”、“全过程观”。
作者将企业海外并购整合风险划分为战略整合风险、经营业务整合风险、财务整合风险、人力资源整合风险、文化整合风险、组织结构与管理整合风险六个方面，称之为“六分法”。
3、李湘玲.浅析中国企业海外并购的风险[J].企业导报，2012（7）：35-36.李湘玲在文章中提出，目前我国企业海外并购的现状是并购规模逐步扩大，数量不断增长；并购目的呈现多元化，也更为明确；并购手段与方式趋于多样化。
企业在海外并购中的风险有准备阶段的战略选择风险、政治风险和法律风险，实施阶段的估价风险、融资风险和经济技术风险，整合阶段的经营整合风险、管理整:11策包括提高风险估价的能力，人力资源整合与文化整合。
4、李哲.我国企业海外并购中的风险与对策[J].黑龙江对外经贸，2011(7)：34-35. 李哲在文章中指出我国企业海外并购的现状主要是：从行业来看，资源类相关行业是我国企业海外并购的主要目标；从地区来看，我国企业海外并购的目标范围遍布全球，美国、欧盟、澳大利亚、亚洲、非洲是重点地区；从主题来看，国有企业是海外并购的主力军，金额上占有直接优势。
企业并购的协同效应研究文献综述
企业并购的协同效应研究文献综述关键词企业协同效应并购战略联盟文献综述一、协同效应的内涵最早提出“协同”理念的是美国战略理论研究专家安索夫(H•IgorAnoff),这位“战略管理之父”在1965年出版的《公司战略》一书中阐述了基本协同理念的战略如何像纽带一样把企业多元化业务连接起来。
他认为,公司战略的四种要素包括:产品市场范围、发展方向、竞争优势和协同。
其中的“协同”用来说明和强调企业如何通过识别自身能力与机遇的匹配关系来成功地拓展新事业。
企业通过寻求合理的销售、运营、投资与管理战略安排,可以有效配置投入要素、业务单元与环境条件,从而实现一种类似报酬递增的协同效应,即企业的整体价值大于企业各独立组成部分价值的简单总和。
安索夫将协同效应描述为2+2=5。
但是,这里所指的协同效应仅仅是在公司内部,并没有突破本企业的范围,因此其产生的协同效应相当有限,这也是安索夫协同理念的局限性所在。
20世纪70年代,赫尔曼•哈肯(H•Haken)把“协同”理念加以明确并建立了一门新的学科――协同学。
他在研究激光系统时发现,系统发展演化中存在一个普遍原理,即在任何系统中,各子系统之间均依靠有调节的、有目的的“自组织”过程,使千差万别的子系统协同作用,并产生新的稳定有序的结构。
Hake发现,无论是平衡相变还是非平衡相变,系统在相变前之所以处于无序状态,是由于组成系统的大量子系统没有形成合作关系,各行其是,杂乱无章,不可能产生整体的性质;而一旦系统达到或处于临界状态,此时某种偶然的因素,就会导致临界涨落,其中一个或几个参数会产生临界慢化,出现临界无阻尼现象,它们的变化情况支配了其他子系统迅速建立起合作关系,以很有组织性的方式协同行动,从而导致系统宏观性质的突变。
因此,哈肯把“协同”定义为:系统的各部分之间相互协作,使整个系统形成微观个体层次所不存在的性质的结构和特征。
哈肯是从自然科学的角度对协同进行了研究,可是并未将其应用在管理学和经济学领域,但为以后的协同效应研究奠定了一定的基础,对企业间协同效应的研究具有一定的指导和借鉴意义。
《企业并购的动因和绩效的相关研究文献综述2800字》
企业并购的动因和绩效的相关研究文献综述目录企业并购的动因和绩效的相关研究文献综述 (1)（1）基于经典动因理论 (1)（2）短期并购绩效 (1)（3）长期并购绩效 (2)企业创新绩效的衡量标准的相关研究 (2)（1）创新绩效的内涵 (2)（2）创新绩效的影响因素 (3)（1）基于经典动因理论如Hagedoorn J等（2003）认为对协同效应的追求驱动了大多数并购案例的发生，其他驱动因素包括以及代理问题和管理者自大倾向。
Hirshleifer D等（2012）在对银行业数据的进行研究后，得出并购有利于规模经济的形成。
Hobson J A等（1902）的实证研究也支持以Roll为代表人物的自大假说，研究认为媒体对高管的评价情况，以及高管对高薪的追求，都会影响并购中企业支付的对价。
ensen M C等（1976）研究得到，企业之所以进行并购，是因为规模大的企业更容易充分利用资源，从而通过实现协同效应，因此并购有利于成本降低以及协同效应的实现。
Kaplan S N 等（1997）认为，企业进行并购是为了减少与竞争对手的竞争，获得更大的话语权。
Kotz D M（2009）的研究结论认为企业进行并购是为了实现多元化，从而通过企业的业务扩张优化资源配置，最终实现企业绩效的提高。
Krippner G R（2005）研究认为企业进行并购是为了降低交易成本。
Li D 等（2011）等认为，横向并购有利于公司提升整体价值。
Liqun Z, 等（2020）通过研究认为，公司选择进行横向以及纵向整合的一个非常重要的原因是降低企业间的交易成本，以及快速进入新市场。
Lin C等（2009）的研究认为初创公司通过并购实现多元化有助于其快速找到主要发展领域。
（2）短期并购绩效Mario D A等(2013)引入的事件研究方法，这种研究方法的基本思路是分析比较并购事件发生前后相关公司的股票收益情况，判断超额收益是否为正，并购是否创造了累计超额收益，从而通过累计超额收益的情况来衡量并购的短期绩效。
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百度文库 - 好好学习，天天向上 -1 国内外企业并购研究文献综述 TimesFinance2011年第6期中旬刊总第447期时代金融企业并购这一经济现象由来已久在西方发达国家这种经济现象随着新技术的出现、产业的更新和结构调整以及经济制度的变革掀起一次又一次的并购高潮。在世界经济日趋一体化的形势下企业并购已成为各国资本运营的有效方式。我国现已加入WTO这种经济现象势必对我国企业产生深刻的影响。我国企业同发达国家相比无论在规模上还是质量上都相差很远。面对世界经济一体化的发展趋势如何运用并购的手段来增强我国企业的经营实力增强我国企业的国际竞争力已成为目前相当迫切的问题。一、国内外研究现状一传统并购理论研究1.效率理论。目标企业并购理论的发展和并购实践一样随着时代环境的变化而变化.传统的效率理论认为并购可以提高企业的整体效率即225。协同效应包括规模经济效应和范围经济效应又可以分为经营协同效应、管理协同效应、财务协同效应和多元化协同效应。并狗实际上是寻求一种优势互补。横向、纵向、混合并购都能产生协同效应。2.交易费用理论。科斯1937提出了企业存在的原因是可以替代市场节约交易成本企业的最佳规模存在于企业内部的边际组织成本与企业外部的边际交易成本相等时并购实际上是企业意识到通过并购可以将企业间的外部交易转变为企业内部行为从而能节约交易费用时自然而然发生的。交易费用理百度文库 - 好好学习，天天向上 -2 论可较好地解释纵向并购发生的原因。3.代理成本理论。现代企业最重要的特点是所有权和经营权的分离所有者和经营者之间存在委托———代理关系企业不再是单独追求利润最大化。代理成本是詹森和麦克林1976提出的。二企业并购动因研究1.规模经济动机论。企业并购的规模经济通常表现在两个方面一是技术方面的规模经济。即由生产技术所决定的最佳产量规模。二是管理经营上的规模经济。主要表现在企业并购可以降低交易成本和销售成本、增强研究开发实力等。很多规模较小的企业通过并购实现了规模经济。2..战略动机论。战略驱动并购的原动力是企业利润的最大化或者是股东价值的最大化及企业盈利能力的持续稳定上升。新古典经济学从利润最大化的传统假设出发将并购看成是企业追求利润最大化或成本最小化的行为在现实并购中管理层的并购决策应该符合股东利益最大化。具体战略动机表现在一是能力转移动机。威斯通等认为兼并是为了转移或获得行业专署管理能力横向兼并或相关兼并转移或获得一般管理能力及财务协同混合兼并。二是战略重组动机。通过兼并实现分散经营同时扩充管理技能。等1998认为在并购的战略动因中包括提高竞争力、追求市场力量和获取稳定的利润增长率等。3.协同动机论。一些经济学家Arrow1975AlchainCrawfordandKlein1978Williamson1975通过对第二次并购浪潮的研究后认为企业的纵向联合通过百度文库 - 好好学习，天天向上 -3 避免相关的联络费用和交易成本使得不同发展水平间的企业实现了经营的协同同时利用并购企业向被并购企业管理的溢出使双方企业的管理水平也得到提高实现了管理上的协同。此外对市场协同、财务协同、技术协同和采购协同的寻求也是促使企业并购的重要动因。4.金融创新推动和潜在价值低估论。金融创新对并购的推动是与潜在价值低估相联系的Tobin1977q理论和Jensen1986的自由现金流假说为这种动因做出了很好的解释。三目标企业评价标准的研究Palepu1986较早采用平均超额收益率、净资产收益率、规模大小、净资产、P/E值等7个指标以利用Logistic模型来预测目标企业被并购的可能性。SrinivasanRagothaman使用了8个指标来预测收购目标流动比率、现金流、固定资产、厂房设备对总资产的比率、总资产、资产汇报率、市价对账面价值比率、PE值、债务权益比等。AnthonyBreitzman在“UsingPatentCitationAnalysistoTarget/ValueMACandidates”中使用专利引用信息来分析目标企业的价值。在“DealProtectionorDealPreclusion”中分析了并购目标的锁定问题。LuannJLynch在“AnExaminationofPre-MergerExecutiveCompensationStructureinMergingFirms”中通过实证分析指出了目标企业大小、成长性、绩效、产业等互补结构在并购中的作用。公司在“MiningHigherAggregateCompanyValues”中提出看好目百度文库 - 好好学习，天天向上 -4 标企业主要表现在以下几个方面很强的市场需求、市场领导者、生产效率高、运输能力、可通过进一步整合获利、服务名声好、优秀的管理团队、掌握实质性资源、社区关系、区域成功企业等。只要并购企业在当时达到了自己的满意预期符合天时、地利、人和的并购就是成功并购这显然考虑了并购参与方的双赢或多赢的要求。四并购整合研究拉杰科斯2001将并购后的整合分为资源整合包括保留和整合人力资源、整合金融资源及有形资源和整合商誉及其他无形资源、流程整合包括整合管理系统、报酬计划、技术与创新、公司责任的整合包括履行对顾客和供应商的承诺、履行对股为、债券持有者和贷款者的承诺、履行对雇员和社区的承诺等主要方面。P.普里切特D.鲁滨逊1997将整合过程分为五个阶段1设计阶段2评价阶段3展开阶段4管理阶段5收尾阶段。对于并购后的文化整合也有不少研究。王爱林2002认为文化整合的三种常见模式是:1完全整合两种文化以创造新的文化2掠夺式整合模式3独立性模式。罗海涛2000认为文化整合有四种模式:文化替代式、文化促进式、文化融合式和文化隔离式。二、目前研究存在的问题目前关于并购目标企业选择的研究中基本上都是从目标企业被并购的可能性、目标企业价值、资本结构、并购策略等几个方面来分析可能的目标企业这些研究形成了目标企业选择的主要依据。国内外企业并购研究文献综述李梅泉无锡职业技术学院江苏无百度文库 - 好好学习，天天向上 -5 锡214121【摘要】企业并购逐渐成为企业管理中的热点问题。本文就国内外企业并购的研究现状包括传统并购理论研究、企业并购动因研究、目标企业评价标准的研究、并购整合研究等几个方面的研究进展进行了归纳和梳理并提出了目前研究所需要解决的问题。【关键字】企业并购文献综述下转第45页28TimesFinance2011年第6期中旬刊总第447期时代金融很少有关于关于目标企业优化本企业价值链的研究即从双方企业价值链整合角度分析将其作为选择依据。目前的研究主要存在的问题有一是较多关注目标企业本身的状况而很少关注目标企业与本企业的融合。一个企业本身的状况很重要但如果目标企业价值链上某一活动的优势在并购后新的价值链上不能充分发挥体现出来发挥作用这必将影响到并购的效果。价值链上任何活动的优势都不是独立存在它必然要受到外部环境和价值链上其他活动的影响。企业的竞争优势不仅来源于价值链上的活动还来源于各价值活动之间的联系。所以并购之前仅关注目标企业本身的状况而忽略双方价值链整合的效果必将不利于做出正确的并购决策。二是目前文献大多研究应该如何进行并购后的整合而很少进行并购前的整合预测分析。如果在并购之前对并购后整合效果分析不够的话那么即使并购后花很大的力气进行整合也是事倍功半。TCL并购汤姆逊失败就是一例。而对整合的研究中关于人力资源整合和企业文化整合的文献较多而对百度文库 - 好好学习，天天向上 -6 于价值链整合研究较少。而价值链的整合是并购后整合一个很重要的方面直接决定并购后企业的效率。三是目前文献多从并购后企业本身价值链优化角度评价而很少关注企业并购后在整个产业中地位的变化。作者简介李梅泉1981-女汉族安徽芜湖人毕业于江南大学硕士学位现任教于无锡职业技术学院经济管理学院研究方向企业管理。上接第28页会的风险一旦投机者的资金链出现问题很可能同时牵连到几个甚至十几个标会。二标会的规模在农村中标会规模主要为200元、300元两种。在城镇中多数标会也为600元以下的百元会也有少数千元会和万元会。一般而言百元会因参加的会脚人数相对较多能更好地形成会脚间的相互制约监督。综上小金额百元会的风险相对中等大金额百元会及千元会万元会的风险较大。本小组调查范围内的标会规模风险为中等。三个人风险意识因素这个层面我们主要从两方面对会脚的风险意识进行了调查统计。其一关于会脚入会前是否对标会的风险评估情况的调查显示仅10左右的会脚表示他们加入标会之前从来没有对标会的倒会风险进行评估其余受访者均表示会经过考虑了解所加入标会的基本情况后再确定是否加入标会。这一项中城市和农村的会脚情况相近。其二在关于会脚自身遇到资金周转困难的问题后首选的解决方法这一项的调查中农村和城市会脚的调查结果相差较明显调查中大部分会脚在遇到资金困难时不会选择逃跑等消极百度文库 - 好好学习，天天向上 -7 的解决方法其中值得一提的是在农村的调查结果中没有受访者选择直接逃跑或者向银行借款这主要与农村标会的内在制约机制以及农村正规金融的不发达有关。综上加入标会的会脚均具有一定程度的风险意识对比于农村标会城镇标会的逃会风险相对较大。四经济环境Condition因素经济环境对企业发展前途具有一定影响也是影响企业信用的一项重要的外部因素。信用分析必须对标会展开时间段内的经济环境包括宏观经济状况、资金流动趋势、市场需求变化等进行分析预测其对标会的经营效益的影响。宏观经济状况由于今年标会到会现象较多目前国家政策对标会的态度偏向不积极宏观经济状况视为不佳。资金流动趋势在农村由于会金主要用于农业生产家庭生活教育等正规渠道标会的资金流动较为顺畅。而城市的标会则良莠不齐有的标会会金用于政策不鼓励的行业的投资有的只是会套会来获取利息差故城市标会的现金流动不够顺畅健康。市场需求变化由于正规金融体系不能满足所有的资金需求民间融资形式一直存在并流传至今其中标会属于比较能够满足民间的资信度不够从而不能在正规金融体系获得贷款的人的需求具有利息高筹款易的优点。故标会的市场需求仍然存在。故标会的经济环境对其风险的影响是复杂的总体来讲风险处于中上水平。综合对以上影响标会风险的各个因素的处理和分析借鉴信用评级方法我们得出所调查的闽东地区标会的风险水平处于