美国第一次兼并浪潮及其对我国的启示

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。

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

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.