| Recent years saw a global upward surge of the merger, which resulted from the necessity of capital expansion of the enterprises for surviving the severe international, competition along with the integration of international economy. In capital aggregation, merger is an alternative approach. The coming of Internet era lowers the cost of management and information transmission and enlarges the boundary of enterprises. Nothing could be better than the aircraft carrier made from the conjunction of big enterprises such as the merger of Boeing and McDonalds, Citibank of U.S and the Traveler's which amounts to tens of billions dollars, In such an environment of inter national merger, small enterprises in our country seem inferior in size. With the approach of our country's entry into WTO, we are bound to reform and open up to the world. So it is certainly an important topic of research department and enterprises to study how to enable Chinese enterprises to get a firm foothold in the severe international competition and to locate themselves in international division of labor. Therefore, it's very important to build the aircraft carriers of our own by riding on the wind of merger. This has great significance for establishing a clear ownership right and perfecting corporate governance.However, present studies on the theory of merger are still rather weak. most published authors concentrate their study on strategy, procedure, method and operation of merger but seldom touch upon such questions as efficiency and welfare as well as the role that government should play in the merger of enterprises. Although studies from abroad are resultful, most of the researches are in the form of articles scattered and unsystematic. Without the guidance of theory, domestic enterprises have some misconception in trial-and-error procedure of the merger. For instance, the government coerces enterprises into merging which does not produce enlarged system effect like 1+1>2 but worsened the condition of enterprises. Moreover, some enterprises obsessively seek after big scale andneglect the principle of efficiency in the process of merger while others are in hot pursuit of diversified operation without emphasis on leading business which land themselves in a tight spot.《study and Exploration on the Theories of merger of contemporary enterprises》tries to make some contribution to the theory of merger. Its main contents are as follows:Chapter One comments on the statements about the economic nature of enterprises by famous economists in different times and use the statements as basis to define the boundary and function of enterprises. The chapter gives a clear definition of merger at the angle of economics and law and classify the types of enterprises merger from different aspects.Chapter Two looks back at the history of merger at home and abroad by summarizing various characteristics of five surges of merger in western industrialized countries as well as the characters of three surges in china. This part puts more emphasis on the comparison of merger of domestic and foreign enterprises in motivation, behavior, types, methods and supervision in order to find out gaps and reasons and draw experience from the history of merger in the west with a view to operate domestic merger well.Chapter Three discusses the microeconomic basis of the merger and mainly analyses the efficiency of merger. It concludes that the purpose of vertical merger, horizontal merger and mixed merger is respectively to lower the transaction cost, to obtain economy of scale and to achieve coordination effect. The three goals might appear simultaneously but weighs differently in different merger. In the elaboration of vertical merger, the thesis weighs and considers the importance of technical efficiency and agent efficiency according to willamson's definition of economizing and deduces the marginal point of vertical merger. In the elaboration of horizontal merger, the thesis stresses that non-economics of scale should be taken care of. When discussing mixed...
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