本文選題：美國 + 企業(yè)并購��； 參考：《吉林大學(xué)》2016年博士論文

【摘要】：在企業(yè)的發(fā)展過程中,并購是非常重要的一種方式。企業(yè)通過并購活動,可以獲取規(guī)模經(jīng)濟(jì),降低交易成本,并進(jìn)入新的業(yè)務(wù)領(lǐng)域。通過并購,企業(yè)得以提升競爭力,進(jìn)而獲取更高的市場份額、更好的盈利能力,并且也能為參與到全球化競爭創(chuàng)造有利條件。改革開放以來,我國企業(yè)并購活動也取得了長足的發(fā)展,在并購規(guī)模、并購模式、并購區(qū)域上也都有了很大的突破。然而問題也很突出,企業(yè)開展并購時往往不能主要從行業(yè)及自身的情況出發(fā),選擇并購模式時不能遵循其中的客觀經(jīng)濟(jì)規(guī)律,行政體系對于并購的干預(yù)也比較多,尤其是地方政府出于種種目的導(dǎo)致行業(yè)內(nèi)并購重組難以展開,而圍繞并購的外圍環(huán)境方面,如監(jiān)管法規(guī)、資本市場的培育等等,都還不完善,這些都是我國企業(yè)并購活動目前亟待解決的問題。美國企業(yè)并購歷史長達(dá)百年,期間共發(fā)生了6次大規(guī)模的并購浪潮,同時企業(yè)并購經(jīng)歷了多種模式的演變,資本市場也得到了非常全面且深入的發(fā)展,對并購也起到了推動作用,圍繞并購活動的監(jiān)管體系也得以建立且逐步完善,并購活動對于行業(yè)的集中度、企業(yè)治理結(jié)構(gòu)、績效等多方面都有明顯的正面效應(yīng)。當(dāng)然,并購活動也有可能產(chǎn)生一定的負(fù)面影響,如單邊效應(yīng),但總體上美國企業(yè)并購的影響是積極的,值得我國企業(yè)學(xué)習(xí)和借鑒。本文主要采取歷史與邏輯相結(jié)合、定性研究與定量研究相結(jié)合的分析方法,在梳理國內(nèi)外研究現(xiàn)狀和相關(guān)理論的基礎(chǔ)上,重點(diǎn)分析美國企業(yè)并購的發(fā)展歷程、并購模式、并購效應(yīng)以及資本市場、監(jiān)管體系在并購中的作用,揭示美國企業(yè)并購新特點(diǎn)和新變化,總結(jié)美國企業(yè)并購更具普適性的成功經(jīng)驗(yàn),提出推進(jìn)我國企業(yè)并購健康發(fā)展的政策建議。本文共由8章構(gòu)成,各章主要內(nèi)容如下:第1章導(dǎo)論。主要是從中國開始活躍在國際并購舞臺上這一現(xiàn)象,以及暴露出來的一些問題,來介紹論文選題的背景及研究的理論意義和現(xiàn)實(shí)意義。同時介紹了國內(nèi)外有關(guān)美國企業(yè)并購的研究現(xiàn)狀,以及本文的結(jié)構(gòu)安排,主要的創(chuàng)新點(diǎn)和不足。第2章并購相關(guān)理論綜述。介紹了有關(guān)企業(yè)并購的主要理論,即規(guī)模經(jīng)濟(jì)、交易成本、范圍經(jīng)濟(jì),以及馬克思的資本集中理論,對這些理論的主要內(nèi)容、理論與并購的結(jié)合點(diǎn)等也做了闡述。第3章美國企業(yè)并購的發(fā)展歷程。主要是按照歷史的脈絡(luò),介紹了美國企業(yè)并購6次浪潮的基本情況,如背景、內(nèi)容、特點(diǎn)、效應(yīng)等,并從并購浪潮與宏觀經(jīng)濟(jì)周期、與貨幣金融領(lǐng)域變化、產(chǎn)業(yè)結(jié)構(gòu)變化、技術(shù)變遷等這幾方面的關(guān)系角度,對6次浪潮進(jìn)行了歸納梳理,為后續(xù)各章的展開提供支撐基礎(chǔ)。第4章美國企業(yè)并購模式分析。本章按照歷史順序,研究了從橫向并購,到縱向并購、多元化并購、分拆與敵意并購、戰(zhàn)略型并購、跨國并購這六種并購模式,分析每種并購模式背后的理論成因,不同模式之間的關(guān)系,最終總結(jié)出是規(guī)模經(jīng)濟(jì)在背后推動著并購模式的演變,并從企業(yè)競爭深化、企業(yè)組織能力進(jìn)化等多維度反映出并購活動的客觀經(jīng)濟(jì)規(guī)律。第5章美國資本市場在企業(yè)并購中作用分析。本章分析了資本市場的基本構(gòu)成及作用機(jī)理,之后對證券市場、資本市場的投資者、金融工具等這幾部分在美國企業(yè)并購歷史中的作用進(jìn)行了分析,最后對資本市場作為一個整體對美國并購活動所起到的作用做了客觀的評價。第6章美國企業(yè)并購監(jiān)管分析。首先介紹了美國企業(yè)并購監(jiān)管體系的構(gòu)成,之后重點(diǎn)分析了美國企業(yè)并購監(jiān)管的實(shí)踐,并針對其中的反壟斷實(shí)踐做了專門的剖析,尤其是通過第一次并購浪潮期間的反壟斷所涉及到的法規(guī)與實(shí)踐的沖突問題,詳細(xì)分析了美國并購監(jiān)管體系為何如此演進(jìn)的緣由,其所具有的特點(diǎn),以及對美國并購活動的總體影響。第7章美國企業(yè)并購的效應(yīng)分析。本章主要研究美國企業(yè)并購從中觀和微觀層面對經(jīng)濟(jì)所帶來的影響。中觀層面主要是對產(chǎn)業(yè)集中度、對行業(yè)資源配置的影響及作用機(jī)理;微觀層面主要是對并購如何影響了公司治理的逐步演變進(jìn)行了研究。最后本章還研究了并購所帶來的如單邊效應(yīng)這樣的負(fù)面影響。第8章美國企業(yè)并購對中國的啟示。先是總結(jié)了美國企業(yè)并購的經(jīng)驗(yàn)與教訓(xùn),之后簡要回顧了中國企業(yè)并購所走過的歷程,以及所取得成績、存在的問題。最后結(jié)合美國企業(yè)并購的經(jīng)驗(yàn)教訓(xùn),從企業(yè)所處發(fā)展階段、并購體現(xiàn)為市場化行為、法規(guī)體系的完善、如何發(fā)揮資本市場的積極作用等幾個方面對中國企業(yè)并購活動給出了啟示。最后簡單展望了全球及中國并購的一些新趨勢。
[Abstract]:In the process of enterprise development, merger and acquisition is a very important way. Through mergers and acquisitions, enterprises can obtain economies of scale, reduce transaction costs, and enter new business areas. Through mergers and acquisitions, enterprises can improve their competitiveness, gain higher market share, better profitability, and participate in global competition. To create favorable conditions. Since the reform and opening up, China's merger and acquisition activities have also made great progress. There have been great breakthroughs in the scale of merger and acquisition, merger and acquisition, and the area of merger and acquisition. However, the problems are very prominent. The objective economic law and the interference of the administrative system to the merger and acquisition are more and more, especially the local government is difficult to carry out mergers and acquisitions in the industry for various purposes, and the external environment of the merger, such as regulatory regulations, the cultivation of capital market and so on, are still imperfect. These are all the enterprises' Merger and acquisition activities in China urgently to be solved at present. The history of mergers and acquisitions in the United States has lasted for a hundred years. During the period, 6 large-scale mergers and acquisitions have taken place. At the same time, mergers and acquisitions have undergone a variety of models, and the capital market has also been developed in a very comprehensive and in-depth way. The merger and acquisition has also been promoted, and the regulatory system around M & A has been established and gradually improved. Purchasing activities have obvious positive effects on the concentration of industry, corporate governance structure, performance and other aspects. Of course, M & A activities may also have some negative effects, such as unilateral effect, but in general, the impact of mergers and acquisitions in the United States is positive. It is worth learning and learning from the state-owned enterprises. This article mainly adopts history and logic. On the basis of combing the current research status and related theories at home and abroad, it focuses on the analysis of the development history, merger mode, merger effect and capital market, and the role of regulatory system in merger and acquisition in the merger and acquisition of American enterprises, and reveals the new characteristics and changes of American enterprise mergers and acquisitions, and summarizes the American enterprises. This article is composed of 8 chapters. The main contents of each chapter are as follows: the first chapter is the introduction. It is mainly from China to start active on the international stage of merger and acquisition, as well as some problems exposed, to introduce the background and research of the topic. The theoretical and practical significance of the study are also introduced. At the same time, it introduces the current research status of the merger and acquisition of American enterprises, and the structure arrangement of this article, the main innovation points and shortcomings. The second chapter is a summary of the theory of merger and acquisition. It also introduces the main theories about the merger and acquisition of enterprises, namely, scale economy, transaction cost, scope economy, and Marx's capital collection. The main content of the third chapter is to introduce the basic situation of the 6 wave of merger and acquisition in the United States, such as the background, the content, the characteristics, the effectiveness and so on, and from the wave of merger and acquisition, the macroeconomic cycle, and the monetary gold. The 6 waves are summed up to provide support basis for the development of the following chapters. The fourth chapter analyses the mode of merger and acquisition in the United States. In this chapter, the chapter studies the horizontal mergers and acquisitions, the vertical merger and acquisition, the diversification of mergers and acquisitions, the split and hostile mergers and acquisitions, The six modes of merger and acquisition of strategic M & A and transnational merger and acquisition, analyze the theoretical causes behind each model and the relationship between different modes. Finally, it is concluded that the scale economy promotes the evolution of M & a pattern behind it, and reflects the objective economic law of M & A from the deepening of enterprise competition and the evolution of enterprise organization ability. The fifth chapter is the analysis of the role of the American capital market in merger and acquisition. This chapter analyzes the basic structure and mechanism of the capital market, and then analyzes the role of the securities market, the investors in the capital market, the financial instruments and so on in the history of the merger and acquisition of the American enterprises, and then the capital market as a whole for the United States merger and acquisition. In the sixth chapter, the analysis of the M & a supervision in the United States is analyzed. First, the structure of the M & a supervision system in the United States is introduced. After that, the practice of M & a supervision in the United States is analyzed, and the Antitrust Practice is analyzed in particular, especially during the first wave of merger and acquisition. The conflict between the regulation and practice involved in the monopoly, the reason why the US M & a regulatory system is so evolving, its characteristics, and the overall impact on the M & A activities in the United States. The seventh chapter analysis of the effect of the merger and acquisition in the United States. This chapter mainly studies the American enterprise merger and acquisition from the middle and the micro level to the economy. The middle level is mainly on the impact of industrial concentration, the impact on the allocation of industry resources and the mechanism of action; the micro level is mainly on how mergers and acquisitions affect the gradual evolution of corporate governance. Finally, this chapter also studies the negative effects of merger and acquisition, such as the unilateral effect. The eighth chapter of the merger and acquisition of American Enterprises First, it summarizes the experience and lessons of the merger and acquisition in the United States, and then briefly reviews the course of the merger and acquisition in China, and the achievements and problems. Finally, combining with the experience and lessons of the merger and acquisition in the United States, from the development stage of the enterprise, the merger and acquisition is embodied in the market behavior and the perfection of the regulatory system. Some aspects of the active role of the capital market are given to the Chinese enterprise merger and acquisition activities. Finally, some new trends in the global and China's mergers and acquisitions are briefly prospected.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F271;F279.712

【參考文獻(xiàn)】

相關(guān)期刊論文 前4條

1 陳輝萍;;美國外資并購國家安全審查制度對中國企業(yè)海外并購的影響以及中國的對策[J];國際經(jīng)濟(jì)法學(xué)刊;2013年03期

2 郭躍;美國反壟斷法價值取向的歷史演變[J];美國研究;2005年01期

3 徐兆銘,喬云霞;美國五次并購浪潮及其歷史背景[J];科技情報開發(fā)與經(jīng)濟(jì);2003年05期

4 何自力;家族資本主義、經(jīng)理資本主義與機(jī)構(gòu)資本主義──對股份公司所有權(quán)與控制權(quán)關(guān)系演進(jìn)和變化的分析[J];南開經(jīng)濟(jì)研究;2001年01期

，

本文編號：1893402