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诺贝尔经济学奖获得者乔治·斯蒂格勒在论文《通向垄断和寡头之路——兼并》中说:“一个企业通过兼并其竞争对手的途径成为巨型企业是现代经济史上的一个突出现象。”从19世纪美国洛克菲勒标准石油公司、福特汽车公司、通用电器公司的发展,到20世纪微软公司和思科公司的快速崛起,再到本世纪初花旗旅行者集团、时代华纳集团等超巨型公司的出现,都和公司并购有着密不可分的关系。公司并购是资本扩张与运营的方式之一。通过并购其他公司的方式,可以快速获得其他公司的现有客户,市场占有率,人员,技术等有形和无形资产,进而通过业务整合而降低成本,增进效率,提高利润。但有一点不容忽视,在并购可能为企业带来巨额利润的同时,也可能导致
George Stigler, winner of the Nobel Prize in Economics, said in his essay “Road to Monopoly and Oligarchy - Merger”: “It is a modern economic history for a firm to become a giant enterprise by merging its competitors. Highlighting the phenomenon. ”" From the development of the American Rockefeller Standard Oil Company, Ford Motor Company and General Electric Company in the 19th century to the rapid rise of Microsoft and Cisco in the 20th century to the beginning of this century, the Citi Traveler Group and Time Warner Group The emergence of super-giant companies, mergers and acquisitions are closely linked with the company. Merger and acquisition is one of the ways of capital expansion and operation. By acquiring other companies, other companies’ existing customers, market share, personnel, technology and other tangible and intangible assets can be quickly obtained, thereby reducing costs, increasing efficiency and increasing profits through business integration. But one thing can not be ignored, while M & A may bring huge profits to the enterprise, it may also cause