Research On Estimating The Marketization Of Merger Market

Since late 19th century, there were five global merger waves in history. Although the fifth wave of mergers and acquisitions rise since from 1992, being to slow down for the economic recession, the global volume of transactions still maintain the scale of nearly 1 trillion U.S. dollars every year. In this process , the development level of each country's merger market is different.Research on the development of merger market, has important significance to the merger market in China.Previous research has studied the history and development of merger market from different perspective but hasn't come to consensus. Starting from the four factors-Macroeconomic , Industry, Financial market ,law and Culture-this dissertation is attempted to research the evolution mechanisms of merger market through the perspective of evolution economics , analyze the process of evolution ,and construct an index system on estimating the marketization of merger market to bring implications to the development of the merger market.The paper first scans the Level structure of merger market in ways of evolution economics, on the basis of analyzing main players and environment, gives the explanation of these three mechanisms of merger market, which involves variety , selection and replication, then confirm the functions of these factors in the process of marketization.Secondly, under the background of evolutionary economics, this dissertation explores the meaning of the marketization index , which is used to describe the degree of marketization , focuses on macroeconomic, industry , financial market, institutional factor, the internal characteristics of the merger market. Then an index system on estimating the marketization of merger market has been established through referring the methods of estimating the marketization index of economy domestically and oversea. This method includes 5 first-factor, 11 second-order indicators (quantity indicators) . The marketization process of merger market can be evaluated through the quantitative method .We analysis the level of merger market in USA, UK, Japan, Germany through this estimating system in the end.