摘要
基于数字经济时代需要和投资价值评估理论,针对企业数字并购管理协同效应开展识别与度量研究,提出财务指标法、凯茨模型与价值链分析相结合的识别方法,以及改进后的度量思路;从管理能力扩散、人力资源整合、结构资本整合三个维度探讨管理协同效应的识别路径;从“加法”和“减法”两种技术路径构建了数字并购中管理协同效应的度量指标体系并构建管理协同效应的量化模型。研究认为,管理协同效应取决于并购类型和整合水平;准确识别管理协同效应有助于减少并购失败的风险;“加法”更适用于协同类型复杂的并购,“减法”更适用于协同类型单一的并购,在实践过程中相关参数需要具体考虑和修正。
The article is based on the needs of the digital economy era and the theory of investment value evaluation,and conducts identification and measurement research on the synergistic effects of enterprise digital M&A management.Firstly,a recognition method combining financial indicator method,Katz model,and value chain analysis is proposed,as well as an improved measurement approach;Furthermore,explore the identification path of management synergy effects from three dimensions:diffusion of management capabilities,integration of human resources,and integration of structural capital;A measurement index system for management synergy in digital mergers and acquisitions has been constructed based on two technical paths:“addition”and“subtraction”;A quantitative model of management synergy effect was constructed based on the mechanism of action from three perspectives.Research suggests that the management synergy effect depends on the type of merger and the level of integration;Accurately identifying management synergies can help reduce the risk of merger and acquisition failure;The“addition”is more suitable for mergers and acquisitions with complex collaborative types,while“subtraction”is more suitable for mergers and acquisitions with single collaborative types.In the practical process,relevant parameters need to be specifically considered and revised.
作者
陈蕾
周锴
董惠敏
李照瑜
Chen Lei;Zhou Kai;Dong Huimin;Li Zhaoyu
出处
《中国资产评估》
2025年第3期4-12,20,共10页
Appraisal Journal of China
基金
产学研合作项目“企业并购投资价值评估实务与案例研究”的阶段性研究成果。
关键词
数字并购
投资价值评估
管理协同效应
识别方法
量化模型
Digital mergers and acquisitions
Investment valuation
Management synergy
Identification method
Quantization model
