美国企业并购浪潮评述

Comments on US M & A Waves

在并购浪潮假设的基础上,提出并购浪潮的经验性量化定义。从技术、社会和经济等背景分析了美国五次企业并购浪潮的起因,在介绍每次并购浪潮的强度后,分析了它们的各自特点。认为通过五次并购浪潮,在并购形式上完成了一次循环,产业组织趋于合理和成熟。指出科学技术进步、政府通过法律手段的干预和证券市场的发展对企业并购有重要影响。

Based on the merger wave hypothesis, the Mergers and Acquisitions Wave is defined. The reasons of the waves were analyzed from the backdrops of technology, society and economy. We believe that the five waves form a cycle in the expanding of M＆As, and industry structure is more perfect. We point out that the progress of technology, intervention of judicature and securities market have important impact on M＆A.