企业兼并理论的演进与研究现状

The Evolution and the Present State of the Theory of Mergers

在界定企业兼并概念的基础上,分别从马克思主义经济学、产业组织理论、博弈论等角度分析论述了企业兼并理论的研究现状,提出了企业兼并前沿研究问题,指出,企业兼并只有在行业中大部分的企业参与时才会有利可图,在企业兼并成垄断被排除的情况下,若兼并的企业在其内部实施两阶段错开竞争,并且兼并企业与未参与兼并的企业之间行竞争时,则一次先置兼并的行为会使未参与兼并的企业受损,而对于成为兼并企业领头部门虽然会有利可图,但是对于兼并后的整个企业则显得无利可图。并且这种兼并将不会引发进行作为局外人企业的系列兼并行为。

The paper elaborates the present state of the research on mergers from several perspectives such as Marxist economics, industrial organization theory, game theory, etc. Proposes the frontier research based on defining the concept of mergers. It points out that the enterprise only can make a profit when the majority of enterprises in the profession participate in the mergers. Under the situation of monopoly be excluded in mergers, if the annexation enterprise implements the two stages stagger competition in its internal, and the annexation enterprise compete with the enterprise which has not participated in the annexation, then the behavior of a preemptive merger will make the annexation enterprise damage. While the leading department of the annexation enterprise although can be profitable, the entire annexation enterprise has no benefits to be gained. Under this condition, it will not be able to cause the outsider enterprise to carry on a series of annexation behavior.