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公司购并模式与企业、产业发展的规律具有内在联系。我国上市公司购并从初始便以混合购并为主要形式 ,不仅购并后绩效不佳 ,也与企业、产业发展的规律相背离。文章综合竞争战略理论和核心能力理论 ,建立我国上市公司混合购并战略选择模型 ,以销售增长率代表企业外部市场能力 ,以创值率代表企业内部核心能力 ,描述企业在竞争优势和核心能力的不同情况下 ,企业混合购并战略的权变选择。
The pattern of mergers and acquisitions of companies and the laws of industrial development are intrinsically linked. Mergers and acquisitions of listed companies in China from the very beginning will be the main form of mergers and acquisitions, not only poor performance after the merger, but also with the laws of enterprises and industries deviate. Based on the theory of comprehensive competitive strategy and core competence, this paper establishes a model of the strategy of the merger and acquisition of listed companies in our country. It uses the growth rate of sales to represent the external market capability, represents the internal core competence of the enterprise by the value-added rate, and describes the difference between the enterprise's competitive advantage and core competence Case, the right mix of mergers and acquisitions strategy choice.