From macroscopic view, enterprise merger and acquisition (M&A) is proceed reorganization of an industry, in reason of allocation resource. From microscopic view, enterprise merger and acquisition is the certainty path in condition of market economy,it is efficient path too to government facility property right system transitional. Our country is coming to market economy and is design ability transition, certainty result in nationwide integration of industry and enterprise recombine, form social resource' reposition of the whole countries. Through the medium of normative enterprise merger and acquisition market, definitude enterprise' main body status of merger and acquisition, according to the value of enterprise maximize or stockholder benefit maximize' principle, pushing enterprise merger and acquisition' health extend, in regard to promote enterprise reformation deepen and running mechanism translation, realization of complete social resource' optimize allocation, possess important function.The theoretical investigation include macro examination and microscopic analysis, whereas macro examination still require trace microscopic view of business behavior analytically,so the theses primarily research on enterprise merger and acquisition from microscopic view. According to commonly investigative logic, first of all enterprise merger and acquisition had to answer the reason why meeting occurs. It was by enterprise self determinative under conditions of market economy. The theses research on angles of enterprise evolutionary progression, business expansion and concentration of capital, wherewith account for enterprise evolutionary progression is namely enterprise size ever-expanding course, business expansion and concentration of capital is enterprise development and immanence demand for persisting of profit. Enterprise merger and acquisition is effective form of realizing business expansion and concentration of capital.Then what cause push enterprise proceeding merger and acquisition? Therefore all sorts of economics school attempt used their own theory frame to analyses the agent of merger and acquisition. However, owing to difference of the economic theory foundation, they have formed various hypotheses of agent, whereas these hypotheses most and least had no means of work out the comprehensive interpretation of merge and for example: theory of transaction cost do well in explaining vertical M&A, but lack of persuasion in horizontal M&A and conglomerate M&A. The theses believe, the agent of enterprise merger and acquisition is complicity and changeful, one theory could not work out perfect analyses to all sorts of types of merge and acquisition, but we could dug for a suite of research frame to look after immanence essence of merge and acquisition. As a matter of fact, as an economic behaviors of enterprise, the propose of one specific merge and acquisition is definite. In order to enlarge scale of operation, pursuing effect of economy of scale, In order to depress transaction cost, it can proceed vertical M&A;In order to disperse operating risk, ingress new industry field,enforce legalization management then adopt conglomerate M&A. In other words, the goal of enterprise merge and acquisition is to seek effeteness bringing by merge and acquisition. So the theses de merge and acquisition's effect construct research clue to vertical M&A, horizontal M&A and conglomerate M&A.In viewing from horizontal M&A, the main agent of merger and acquisition is pursuing scale economics effect. Scale economics coming from horizontal M&A lay in cost fell and market power enhance as well as monopoly. Empirical analysis listed company of our country's shows that, the effect of scale economics exist distinctness, especially in the prime of life of merger and acquisition, therefore proven size of business prevalence small, vocation degree of concentration on the low side, through M&A, it could improve scale economics level. But real evidence resulting that effect of scale economics coming from merger and acquisitio... |