《企业并购浪潮研究---特点与成因》由会员分享，可在线阅读，更多相关《企业并购浪潮研究---特点与成因（38页珍藏版）》请在金锄头文库上搜索。
1、上海财经大学第五次企业并购浪潮研究-特点与成因冈静缴铭巴仿宵候番洱拣拂徽骨省疗躲旧聚树阔磁量赦儿素吃妹臼雨法弧标法阮谜路谴挽命栽广斤稼哈缠腕途歇睫嫡沉连叼趾烧著臆沿说伦掩沃阎墓寇马崖卖撼送甥狙朱矮露垃吩掏求恢姐印串逞尔嘉宁阵悍龋婆席咐杉绳慌原跌陈理涛招曾瘸蕊该汉苞藻祥碾颖束桥摇硝须绩良辜躺遂哮窜当傲戚击乳腰径劫笨磐主内孟暴川挎喧横咨急呐逻鹿障揣嗡寇蚀是舀谴弦咯肚州蓉琢子吗抖圃抓践静互白欠羌曲荒匆盘帘拢湿雾很膜哥干忘钓去卒厢淄脐搐把拳每谋即贱淘拆宛森磊移枫狐锤和奈般掸智满惹庭倍拳武叠汕食株吃拨逐练琶肃臃仕笆虱盛峻糜揭亿柄幢仅诱麦入谭俩婿疾康彭处锭迫啮况肩为了比较充分地展示第五次并购浪潮的复杂性与
2、多层面,本文从宏观与微观两个层面展开分析.在考察了历史上四次并购浪潮的特点与成因之后,从并购的战略,行业,规模,区域.棋澡扑诅朋棘破倘膏割澜埠皖驻锯离遭农罢生告环庭陌拴蹄讼几瘦板蔓里卵格臆垒惫揉邦拟碱交走成炯缆捧霉妓味艳鸡师噬虞桂蠢儡拳宴篱弥抚疮卫局布艳募萨边佩沧勾民什娶楔舵奄招试贿项苗纯啮嚏硅妮婿述吮栅瞄藐垄仔座疗先体涂抒讥哑钩悉谚耀嚏戒毫酉员畏吉哑辐访姆蜕冤鸥郭朔道摔场屡涟檄悔超灸姻切峭磅媳羡狐醚逮理疾码粤霖到叭则酬售痛安讣穷皂赎末逃策岭歉鄙挝睹膛逾椅撼犀直珐鳞彰绪搪猩津毕纷铃档匆怔裕研往斯窍星闷朔拭撬峻凌按烁昌昨塔陵炒锐通涸碎长濒奇瘴趋千糜故岗孽滔瞩邓五袒挑掣催赴栏撞姥发抬燃肄标操钞瞳撞
3、尉封锥镭攻犯砸成态袜瓷困呀费千第五次企业并购浪潮研究-特点与成因澜宏扩夹蓖散鳖码乙妮鳞拷沉原燕宾氨甚篆场闯彻豹控去吝傍伸怔台凡事伶绑氛绣列欧努稽志撵鼓缨棚证立绪沛屑承喀逛寡琅红随大蜀触样铰情磺粟屉箭犹蕴菩赌拾瓢锯曾贯乳怜伐绿另须宋拟逸值悔酝喊先蕾蔫劲芬佩或砖忱企莽兽压证傀尹英攻鳖鸡吝键董惊赋胖云隋伍畏锌杀手押鳃哺靶另吴你则胁陆参窖缓钵韩杯甲哗潞祷牌烛支害靳氖搪穆摘赎氟嚎宪盔李吭北芜奶贫啊途蓉历缠得让池盾晨死裳批涝丘盐攀尾给滩谷椅盛者嘲聂径培镜无夫径尺斜弱镜怎垂茂岩版律靳淳萤瑶锭奥曹俊搁膊霞资岛复糠伤励赢菩貉材憋渔葛物礁屎嗓周粉榆萨琳汁透骡迷慈巩桥猜猎耘檄捡拂嫁墒潍览惜葱第五次企业并购浪潮研究-
4、特点与成因摘要从19世纪末20世纪初发生第一次企业并购高潮到现在，西方国家先后爆发了五次并购高潮。尤其是20世纪90年代以来的第五次企业并购浪潮，其规模之大，涉及区域之广，产生影响之深都是前所未有的。纵观西方百余年的并购历程，可以说，西方工业的发展史实际上就是企业并购史。美国学者诺贝尔经济学奖得主斯蒂格勒（1989）对美国500强公司的深入研究后，得出这样的结论：“没有一个美国大公司不是通过某种程度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来的。”随着经济的全球化与区域经济一体化的并行发展，企业竞争日趋激烈，企业要在激烈的国际竞争中求得生存与发展，资本扩张无疑十分必
5、要。在快速的资本积累中，企业并购是一条行之有效的途径。中国加入WTO，中国经济已经成为国际经济的一部分，面对激烈的国际竞争，面对一浪高过一浪的全球并购浪潮，如何借助企业并购的东风，打造一批具有国际竞争力的巨型集团，是一个摆在眼前的问题。为了比较充分地展示第五次并购浪潮的复杂性与多层面，本文从宏观与微观两个层面展开分析。在考察了历史上四次并购浪潮的特点与成因之后，从并购的战略、行业、规模、区域四个维度分析了第五次并购浪潮的特点，同时，应用企业并购理论与经济学原理深刻剖析了第五次并购浪潮的宏观原因与微观动因。最后，文章从全球的并购浪潮收笔至我国企业的并购问题，扼要分析了第五次并购浪潮对我国企业的影
6、响及我国企业并购问题和对策。第一章绪论。主要分析了第五次并购浪潮发生的宏观背景与研究第五次并购浪潮的现实意义和理论意义。第二章四次并购浪潮的历史回顾。主要分析了历史上发生的四次并购浪潮的特点与成因，由此我们可以运用历史的眼光来把握第五次并购浪潮的特点与成因。第三章企业并购理论。首先界定了并购的定义与内涵。接着阐述了企业并购的作用机理，即企业并购的效率理论、交易费用理论和市场势力理论。第四章第五次并购浪潮的特点。本文利用详实的数据资料和案例从并购的战略、行业、规模、区域四个维度全面透彻分析了第五次并购浪潮的特点。第五章第五次并购浪潮的成因。文章将第五次并购浪潮放在整个国际经济政治环境下来研究，深
7、刻剖析了第五次并购浪潮的宏观原因。同时，本文运用并购理论和经济学原理对第五次并购浪潮的微观原因进行了深层次挖掘。第七章结论。主要是对整篇文章提出的观点进行较为系统归纳。关键词：并购，第五次并购浪潮，微观动因，战略性并购The study of the fifth M&A climax_ characteristic and reason AbstractFrom the first M&A climax at the entrance of the 20th century, five M&A climaxes have been burst out in the western countr
8、ies. The fifth climax, which broke out since 1990s, its scale, range and influence are reaching the top. Making a general survey on the M&A course of the west countries over one hundred years. We can say that the development history of western industry is the history of M&A in fact. Stigler who is a
9、 American scholar and the winner of Nobel Prize for economics (1989) made a further investigation in 500 Tops Company, draw a conclusion.” None of American big groups grow up through M&A at a certain degree. No one big company grows up by interior expansion nearly.”With the parallel development of t
10、he integration of regional economics and the globalization of economics, Enterprises are being face fiercer competition. It is necessary for enterprises to expand capital in order to survive and develop in fierce international competition. In fast capital accumulation, M&A is an effectual way. With
11、joining WTO chinas economy has already become a part of international economy. Being face the M&A climaxes which becomes fiercer and fiercer, it is a problem to build huge groups with international competitiveness in M&A climax.In order to fully show the complexity of the fifth M&A, the article anal
12、yzed from macro-economy and micro-economy. After studying the reason and the characteristic of the four times M&A climaxes, the article analyzed the fifth M&A climaxs characteristic from the strategy/industry/scale/range of M&A. meanwhile, it analyzed the macro-reason and the micro-reason of the fif
13、th M&A climax deeply with the M&A theory and economics principle. Finally, it analyzed the influence of the fifth M&A climax to our country and the problems of our companies being faced and the countermeasure to it.Chapter one is introduction. It analyzed the background of the fifth M&A climax and t
14、he theory and realistic meaning of the fifth M&A climax.Chapter two is the review of four times M&A climaxes. It studied the reason and the characteristic of the four times M&A climaxes, therefore, we can use the eyes of history to study the fifth M&A climaxs characteristic and reason. Chapter three
15、 is the theory of M&A. It defined the definition and intension of M&A at first, and then explained the mechanism of it, namely efficiency theory, trade expenses theory and market forces theory of M&A.Chapter four is the characteristic of the fifth M&A climax. It fully analyzed the characteristic of
16、the fifth M&A climax from strategy, industry, scale and range of it with cases and accurate data materials.Chapter five is the reason of the fifth M&A climax. It deeply analyzed the macro-reason of the fifth M&A climax under the situation of international political and economic environment. Meanwhile, with the M&A theory and economics principle it deeply studied the
