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9856企业为何追求并购战略是并购领域的重要议题。大量研究支持了基于企业价值增加的理性预期动因解释，但也面临并购结果与目标导向不相符的挑战。本文的目的在于梳理并购动因的实证研究，从决策形成的视角重新整合这些动因，并补充行为研究成果，从而发展并购决策动因的分析框架。在企业一般性决策框架的基础上，本文基于企业价值目标、管理层价值目标、董事会治理机制的理性预期动因，和有限理性条件下管理层特征以及决策框架塑造的行为动因，整合了并购决策形成动因的成果。研究展示了理性预期的目标导向动因在面对不确定的实际结果时逐步修正的趋势和行为动因的解释贡献。本文从并购决策形成的视角回顾和整合动因的组成，并寻找整合中的缺口和前景，为理解并购决策的形成和发展提供了一个更为广泛的框架。
企业并购战略的决策动因述评：从理性预期到行为研究
摘要
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引用本文
张双鹏, 周建. 企业并购战略的决策动因述评：从理性预期到行为研究[J]. 外国经济与管理, 2018, 40(10): 107-121.
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