摘要
２０世纪美国企业并购浪潮涛起涛落，此起彼伏。文章从百年购并全景加以分析，并指出它主要受到宏观经济周期、先进技术的普及和政府管制措施三大因素的影响和制约。
Takeover waves rise and ebb in the 20th century. The essay analyzes the five main waves in 100 years from the panoramic perspectives, and points out the key factors are business cycle, sophisticated technology enhancement, and government regulation respectively.
