第五次企业并购浪潮研究-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 countries. 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 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 the 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 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 analyzed 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 fifth 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 the 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 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 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 fifth M&A climaxs micro-reason.Chapter six is how our countrys companies to face the fifth M&A climax. It analyzed the negative and positive influence of the fifth M&A climax, the problems and countermeasures in M&A.Chapter seven is the conclusion. It mainly sum up the view of the whole article systematically.Keyword: M&A, the fifth M&A climax, micro-reason, strategic M&A目录一、绪论 7二、四次企业并购浪潮的历史回顾 7(一)第一次企业并购浪潮的特点与成因 7(二)第二次企业并购浪潮的特点与成因 8(三)第三次企业并购浪潮的特点与成因 10(四)第四次企业并购浪潮的特点与成因 12 三、企业并购理论 13 (一)并购的概念及内涵 13(二)效率理论 141、管理协同效应14 2、营运协同效应14 3、财务协同效应