Merger motives and merger prescriptions
综述了七类并购动机理论，发现基于私人信息、管理层帝国构建或过程影响的理论证据更充分，而效率理论主导了并购策略建议，但可能误导参与者。
Abstract The article surveys theories of merger motives and relates them to prescriptions for merger strategies. The theories of merger motives can be classified into seven groups. Those theories arguing with private information, managerial empire‐building or process influences are better supported by evidence than those tracing mergers back to efficiency gains or monopoly power. The explanations of mergers in terms of raider activity or macroeconomic disturbances carry the least plausibility. Strategy authors have discussed mergers with respect to the choice of acquisition mode, entry mode, and integration mode. The prescriptions on all three topics are dominated by the efficiency theory of mergers. For this reason they are dangerous guides for participants in merger processes. On the other hand they provide an efficient language for communicating one's position. The research in merger motives should be redirected from the efficiency theory to explanations that build on decision processes, conflicting goals, and ambiguous private information.