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随着经济体制改革的不断深入,90年代席卷全球的购并狂潮同样在我国掀起波浪。有资料显示,1993年以来,沪、深两市已发生过资产重组上千次,重大股权转让几百次。严格地说,我国的企业购并尚处于试验阶段,购并的绩效是很低的。麦肯锡公司的“企业领导中心”研究了我国的116起购并案例,发现只有23％的企业购并获得了成功。企业购并“成活率”低,固然有国有资产管理体制改革滞后、社会保障体系不完善、中介服务体系不健全等宏观层面的问题,但一些微观层面的问题同样不容忽视。
With the continuous deepening of the economic reform, the wave of mergers and acquisitions sweeping the globe in the 1990s similarly set off waves in our country. Data shows that since 1993, there have been thousands of reorganizations in assets in Shanghai and Shenzhen and hundreds of major ones. Strictly speaking, our country's corporate mergers and acquisitions are still in the experimental stage, the performance of mergers and acquisitions is very low. McKinsey's Center for Corporate Leadership studied 116 cases of mergers and acquisitions in China and found that only 23% of companies succeeded in the acquisition. Although the survival rate of mergers and acquisitions is low, there are some macro-level problems, such as lagging state-owned assets management system reform, imperfect social security system and inadequate intermediary service system. However, some micro-level issues can not be ignored.