环境对企业购并的影响研究：一个分析框架的提出与应用

本文以美国的企业购并浪潮为研究对象，提出了一个不同以往的、综合性的环境影响框架。它包括直接的推动力量，主要是股票市场的景气和行业冲击、行业演进，还包括更宏观的推动因素，即发达的资本市场、产业创新能力、反垄断法以及企业观和购并理念。根据这个框架，本文解释了德国和日本在1990年代之前和之后的购并发展变化，以及中国企业购并的发展。并指出中国企业购并要实现真正的繁荣需要克服的主要障碍。

A Study on Environmental Influence on M & A:Proposal and Application of an Analytical Framework

Based on the American M & A cases, this paper proposes an overall framework of environmental influence which is quite different from the existing ones. It includes the direct impetus forces like bullish stock market, industry shock, evolution of industries, and also covers more macro impetus: advanced capital market, innovative capability of industry, anti-monopoly laws, perspective of the industry and the ideas of M & A. On the basis of this framework , the paper explains the change and development of M & A before and after 1990 in Germany and Japan and the development of M & A in China. It points out the obstacles needed to be overcome for China to realize real prosperity of M & A.