美国公司并购演变：特征、原因与启示

美国公司治理在二十世纪八十年代和九十年代发生了巨大变化。八十年代以来出现了以杠杆收购和敌意兼并为特征的大规模兼并、接管和重组浪潮。九十年代美国公司并购行动显示了完全不同于前十年的状况 ,杠杆收购和敌意兼并显著减少 ,同时其他公司治理机制发挥了更大作用 ,尤其是经理股票期权制和公司董事会与持股者的更多介入。文章分析了上述趋势演变的特征、原因及其启示

The Evolution of American Companies' Mergers and Acquisitions: Characteristics, Causes and Enlightenment

Great changes about American corporate governance in the 1980s and 1990s have taken place. In the 1980s, large-scale mergers, takeovers and restructuring in the characteristic of leverage buyouts and hostile takeovers were shown. In the 1990s, leverage buyouts and hostile takeovers were reduced significantly. Meanwhile, other corporate governance mechanism such as manager stock options and corporate board has taken more uses. The characteristics, causes and enlightenment of trends as above are analysed in this paper.