美国第一次兼并浪潮及其对我国的启示

Study and Enlightenment of the First M&A Wave in U.S.A

企业兼并是实现资源优化配置和产业结构升级的重要途径之一。美国约在1893￣1904年发生以横向兼并为主的第一次企业兼并浪潮,并以此建立起一批蓝筹股公司,成为美国经济的支柱。我国目前的产业结构与美国第一次兼并浪潮前类似,借鉴美国第一次兼并浪潮的成功经验,在我国的企业、政府、中介机构、资本市场等各方面进行协调努力推动企业进行横向兼并,可以快速改善产业结构,提高企业及产业的竞争力,并造就在各个产业具有竞争力的大型企业。

The merge and acquisition （M＆A）is one of the important modes to optimize the configuration of resource and upgrade the industrial structure. The years between 1893 year and 1904 saw the first M＆A wave in U.S.A. Most of these M＆As are horizontal M＆A. Then a passel of large companies come into being in this M＆A wave that are backbone of U.S.A. economy. Now the industrial structure of China is similar to that in U.S.A before the first M＆A wave. Studying the experience of the first M＆A wave can provides the primary factors for our nation. We should harmonize the government, corporations, agency organizations and capital markets to impulse the horizontal M＆As of companies in the same industry. Horizontal M＆A can improve the industrial structure fleetly and improve the competitive power of the companies and industry. Then the M＆A can help forming large companies with strong competitive power in every industry.