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许多公司利用企业兼并或收购业务策略来完成各种目标。例如,企业并购进入新市场,分配资本或获得专业技术和知识。因此,组织经常利用战略并购，目的是为了生长或生存。然而大部分的管理不善的收购或合并导致了令人失望的业绩，50%的企业被认为是失败的。此外,据史密斯和赫什曼声称，在二十世纪八十年代，57%的收购失败,在二十世纪九十年代，成功的企业并购几乎为50%。迄今为止,合并或收购是使用最广泛的工具之一,目的是为了提高组织的生长。系统和复杂的企业研究帮助企业了解收购前后的性能，并实现其他的业务目标。然而,根据Sirower所说到的，实证学术文献没有提供任何明确的理解,因此,确定创造价值的源泉是至关重要的，这是企业合并或收购成功或失败的原因所在。

literature review

Many firms used corporate mergers or acquisitions as business strategy to accomplish various objectives. For instance, businesses used acquisitions to enter into new markets and regions, allocate capital or gain technical expertise and knowledge. Therefore, organizations often utilize strategic mergers and acquisitions in order to grow or survive. However most of the poorly managed acquisitions or merger resulted in disappointing performance and up to 50 percent are considered unsuccessful (see Louis, 1982). Furthermore, according to Smith and Hershman (1997), it was held by Mercer Management Consulting that in 1980s, 57 percent of acquisitions were failed and the successful corporate acquisitions in 1990s were hardly 50 percent (p.39, cited in Smith and Hershman, 1997).

To date, merger or acquisition is one of the most widely used instruments to enhance the growth of organizations. Systematic and sophisticated corporate research helps companies to understand the pre and post-acquisitions performance and achieving other business objectives (as discussed in Singh & Zollo, 2000). However, according to Sirower (1997), empirical academic literature does not provide any clear understanding, which facilitates the managers to maximise the success of acquisitions or merger programs. Therefore, understanding the source of value creation is critical to determine the causes of failure or success in corporate merger or acquisitions.

The literature review presented in this section critically evaluates and analyze the earlier studies in order to solve the paradigm of “Merger & Acquisitions and Value Creation”.

Corporate Acquisitions and Their Research Paradigms

Datta et al. (1992) suggested two distinct frameworks for acquisitions programmes to identify sources of shareholder's wealth i.e. strategic management and financial economics literature and both approaches follow different research directions.

The strategic management approach focused on factors that have been controlled by management. For instance, Datta et al (1992) suggested that in order to assess the post-acquisition performance, this approach attempts to differentiate between various diversification strategies and types of acquisitions or types of payment in acquisitions (i.e. stock vs. cash). In contrast, financial economic research attempted to prove the unique hypothesis of market for corporate control. This approach views the acquisition activities as a contest among different management teams in a competition to control corporate firms as argued by Datta et al (1992). Therefore, this view suggests that the value creation through merger or acquisitions is decided by capital market and its characteristics including its competitiveness such as regulatory modification affecting a particular market (see Datta et al, 1992). 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。