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企业往往靠自身资本积累、内部投资来获得有效竞争地位,但相比较而言,没有并购来得快速。随着国际分工的不断深化,全球经济一体化格局的不断推进,对境外企业实施并购,能谋求全球范围内的资源整合,并有效实现经营协同、管理协同、财务协同。然而,境外企业并购经营成功与否存在太多不确定性,当地的政治和法律环境因素的影响;经济环境因素的变化,社会与自然环境的变动,甚至技术环境都有可能在一夜之间推翻一个成熟的并购投资方案。因此寻找到一个合适的计量工具对经营决策具有深远的影响。以往决定一个并购方案是否可行以净现值法为核心来进行投资分析和决策。
Enterprises often rely on their own capital accumulation, internal investment to obtain an effective competitive position, but in comparison, no mergers and acquisitions to get fast. With the continuous deepening of the international division of labor and continuous promotion of the global economic integration pattern, M & A of overseas enterprises can seek resources integration worldwide and effectively realize business cooperation, management coordination and financial coordination. However, there are too many uncertainties in the success of mergers and acquisitions by overseas companies and the impact of local political and legal environmental factors. Changes in economic and environmental factors, changes in social and natural environments, and even technological environments are likely to overturn overnight A mature M & A investment program. Therefore finding a suitable measurement tool has a far-reaching impact on business decision-making. In the past, it was decided whether a M & A proposal was viable with NPV as the core for investment analysis and decision-making.