较低进入壁垒下企业的横向并购行为研究——基于民营快递CCES的案例分析

2012年6月，CCES快递成为继星晨急便、鑫飞鸿之后，第三家因盲目扩张导致资金链断裂的中小快递企业。本文以产业经济学中的进入壁垒、并购理论为基础，对民营快递CCES的案例进行研究后发现：在较低进入壁垒下，CCES虽然拥有横向并购动机但缺乏并购的能力，在此情况下的盲目扩张造成了企业的资金缺口并加速了衰亡。并据此将CCES快递的案例拓展到中小快递企业的发展上，得出：在较低进入壁垒下，中小企业快递如果期望获得更多的市场份额，就应该重点放在提升自身产品差异化程度上。

M&A Behavior of Enterprise under the Low Barriers to Entry:Based on the Study of CCES

In June 2012, CCES went bankrupt followed by XingChen and Xin feihong because of blind ex-pansion. This article regarded CCES as an object based on industry economic theory of barriers to entry and M＆A, finding that under the low barriers to entry, while CCES had the horizontal merger motive but it lacked the ability of M＆A. In this condition, such behavior caused financing gap of the enterprise and accelerated its decline. In the end, the CCES express case was extended to the development of small and medium - sized express enterprise and found that if they want to gain more market share, they should focus on improving the degree of differentiation in their products.