研究表明大多数企业兼并效果不如人意

    研究报告发布之时正值并购交易显著放缓之际。数据提供商Dealogic的数据显示，今年年初，企业并购活动处于近年来的低点。2009年年初的情况更差一些，但也相差无几（2009年是7,770亿美元，今年是8,000亿美元），而且2009年正值信贷危机最严重的时期。因此，这是不是意味着首席执行官们终于认识到，并购冲动可能并不会带来什么好处？不太可能。

    “高管们总是认为，这次情况不一样。”《以退为进》的合著作者之一玛门迪尔称。“没错，过去其他人都失败了，但我能做得更漂亮。”因此，似乎真正的问题是过度自信。不幸的是，CEO们从来不欠缺自信。

    译者：老榆木

    All this comes at a time when M&A deals have slowed considerably. According to Dealogic, this year has had one of the slowest starts for corporate combinations in recent history. The first few months of 2009 were slightly worse, but only slightly ($777 billion then vs. $800 billion today) and that was during the height of the credit crunch. So is there a hope that CEOs have finally learn that the urge to merge doesn't pay? Not likely.

    "Executives always think this time will be different," says co-author Malmendier. "Yes, others have failed in the past, but I can do better." The real problem it seems is overconfidence. Unfortunately, that's a quality that is in high supply among CEOs.