Re-discussion of enterprise value maximation concept based on interests of those concerned 基于相关者利益的企业价值最大化观点再探
Firstly, this dissertation analyses the current principal theory about m & a existing in the west countries . those who agree with m & a think that it can improve enterprise's efficiency, produce synergy effect, reduce operating risk and enlarge market share . while those who suspect m & a think that may be the representation of manager self-conceit and utility maximation, and it could enhance agent costs 本文首先从正反两方面分析了西方学者关于企业并购的主要理论,对于赞成并购的学者来说,并购可以提高企业效率、产生协同效应、降低经营风险、扩大市场份额;而对并购持怀疑态度的学者则认为,并购很可能是管理者盲目自大、追求自身效用最大化的表现,并购活动会提高企业的代理成本。