企业并购的经济影响:非洲背景

Frankline Chasha Sogomi, Monica Nkatha Thuranira, Charles Guandaru Kamau
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摘要

应对经济危机和消除COVID-19大流行的不利影响的深刻需求已经宣布并通过了并购。从事商业活动所涉及的不确定性和风险已迅速引起战略性和系统地执行削减成本措施和生存技术。通过创造协同效应和利用规模经济,并购是公司生存的最有效战略之一。这项研究的目的是确定企业世界中兼并和收购的经济影响。该研究特别试图分析和确定并购对构成市场份额、股东财富、投资组合多样化、就业和规模经济的选定变量的影响程度。分析显然指出,正如股价变动所表明的那样,并购在短期内对股东的财富没有重大影响,尽管拥有广泛的客户基础和市场份额,通过规模经济降低了运营成本,并通过投资组合多样化减轻了财务风险。企业员工总是阻碍任何形式的并购,因为与他们的工作和组织文化相关的不确定性和担忧使他们反对变革是不可避免的传统叙述。
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Economic Impact of Mergers and Acquisitions in Corporate World: An African context
Mergers and acquisitions have been pronounced and adopted with the profound need to combat the economic crisis and neutralize the detrimental effects of the COVID-19 pan-demic. The uncertainty and risks involved in undertaking business operations have rapidly given rise to the strategic and systematic execution of cost-cutting measures and survival techniques. Mergers and acquisitions are one of the most effective strategies for the survival of a company through the creation of synergies and leveraging on economies of scale. The aim of the study was to establish the economic impacts of mergers and acquisitions in the corporate world. The study specifically sought to analyze and determine the extent to which mergers and acquisitions affect the selected variables constituting market share, share-holders’ wealth, portfolio diversification, employment, and economies of scale. The analysis apparently observed that mergers and acquisitions have no significant impact on share-holders’ wealth in the short run, as indicated by stock price movements, despite commanding an extensive customer base and market share, reduction of operation costs based on economies of scale, and mitigation of financial risks through portfolio diversification. The corporate employees always impede any kind of mergers and acquisitions due to the un-certainties and apprehensions associated with their engagements and organizational culture pitting them against the conventional narrative that change is inevitable.    
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