国际企业并购的历史考察与现实选择

从历史的角度考察,20世纪全球共经历了5次国际企业并购浪潮,尤其是发生于20世纪末的国际企业并购,呈现出四大特点,即并购范围空前且规模巨大;跨国和国内兼并活动并行;并购中竞争激烈但友好并购唱主角;国际企业并购主要依赖于股票互换方式。本文在对第5次国际企业并购的成因进行分析的基础上,提出了21世纪初中国企业并购的若干对策和建议。

Historical Investigation and Realistic Choice about the Mergers and Acquisitions of International Businesses

Historically, there have been five tides of global business mergers and acquisitions during the 20th century. Particulary, for the one that emerged in the end of the century, four characteristics can be observed: the scope and scale of the mergers and acquistions are unprecedentedly large; international and domestic mergers and acquisitions occur in parallel; highly competitive but friendly mergers and acquistions play the major role; international mergers and acquisitions rely almost entirely on stock exchange. This paper provides some countermeasures and suggestions for Chinese venture mergers and aquisitions in the 21st century based on the in-depth analysis of the cause of the fifth international venture mergers and acquisitions.