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I摘要本文以经济学和管理学为理论基础，以我国企业并购实践为基点，以企业并购效应为主线，把企业并购区别为横向并购、纵向并购和混合并购三种方式，采用规范分析和实证分析相结合的方法，从企业和社会两个层面对这三种并购方式的并购效应分别进行了论述，并进一步对三种并购方式的综合效应进行了分析。最后在对我国企业并购效应现状及其成因进行分析的基础上，从企业自身经营方法和国家宏观经济制度安排两个层面提出了改善我国企业并购效应的可行的政策建议，期望通过本文的理论分析，能给我国企业并购提供切实可行的理论指导，提高我国企业并购整合的成功率，最大限度的发挥企业并购的经济效应，规避企业并购的负面效应。横向并购效应主要表现为规模经济效应、反竞争效应以及福利效应三个方面。在对横向并购的规模经济效应进行分析之时，笔者突破国内外一贯采用的前提限制，分析了企业技术和生产要素价格可变的情况下企业并购的规模经济情况，得出了更加符合企业实际情况的结论。此外，笔者从我国产业集中度的实际情况出发，分析了企业并购的反竞争效应情况，从分析中可以看出我国绝大部分产业的产业集中度都偏低，因而在这些产业内实施横向并购不但不会形成垄断，产生反竞争效应，反而可以改善我国企业规模经济状况，提升产业集中度，最终提高我国企业的国际竞争力。因此，当前我国企业并购横向并购仍是主流。笔者以横向并购为例对企业并购的福利效应进行分析，从而得出并购的福利影响是正的还是负的判断主要取决于并购导致的资源节约与并购导致的价格上升引起的消费者剩余减少而产生的福利损失之间的比较关系。企业纵向并购效应主要体现在企业交易费用的节省上和消除不完备契约的不利影响两个方面，企业混合并购的效应主要体现在产业效应、风险降低、学习曲线效应、资产有效利用、范围经济效应等几个方面，笔者在对企业产业效应进行分析的时候将企业学习曲线运用到企业并购效应的分析之中。企业并购的综合效应主要体现在社会资源的有效配置效应、财务协同以及组织成本的增加等方面，笔者从企业并购引起企业组织结构变化的角度分析了企业并购如何II带来组织成本的增加。关键词：企业并购，并购效应，规模经济，学习曲线，产业集中度IABSTRACTInthisthesis,theauthordividestheM＆AintohorizontalM＆A，VerticalM＆AandconglomerateM＆A,andthenanalysestherespectiveeffectsofthesethreek-indsfromtwoaspects,i.e.enterpriseandsociety,withtheapplicationofnormana-lysisandpositiveanalysis.Thearticlebasesonthetheoriesofeconomicsandmana-gement,andthepracticeofChina’sM＆A.Inthearticle,theeffectsofM＆Aasamainlinegetthroughfromthebeginningtotheend.Furthermore,theauthoranaly-zesthecomprehensiveeffectsofthethreekindsofM＆A.Finally,byanalyzingthepresentsituationandthecausesofdomesticM＆A，theauthorputsforwardthefeasiblepoliciesandadvicesaboutimprovingtheeffectsofdomesticM＆Aintheviewoftheenterprises’managementandthenationalmacroscopiceconomicsystem.TheauthorwishesthisthesiscangivesomesuggestionsfortheM＆AofChineseenterprise,andraisethesuccessfulratioofChineseenterprise,maximizingtheactiveeffectofM＆Aandavoidingthenegativeeffectaswell.TheeffectofhorizontalM＆Aincludesscaleeconomiceffect,Anticompetit-ioneffectandwelfareeffect.AstothescaleeconomiceffectofhorizontalM＆A,theauthortakesthetechniqueandfactorpricesasvariablestodrawaconclusionthatmatchtheactualsituationoftheenterprisemore,bychangingtheusedpremise.Inaddition,theauthoranalyzesanti-competitioneffectofhorizontalM＆AwiththerealityofChineseindustrialconcentration.Fromtheanalysis，wecanseethattheindustrialconcentrationofmajorityindustryinourcountryistoolowtoformmonopolyandhastheanti-competitioneffect.Onthecontrary,itcanimprovethescaleeconomicofourcountryenterprise,promotetheindustrialconcentrationdegrees,andstrengthentheinternationalcompetitivenessofourenterprise.Therefore,horizontalM＆Aisstillthemaintrendatpresent.Onthispremise,theauthortakestheanalysisofthewelfareeffectofhorizontalM＆Aforexample,anddeduceaconclusionthatthecomparisonbetweensavingofresourcesandthedecreaseoftheconsumersurplusbecauseofthepricerisingdeterminesthepositiveIIornegativewelfareeffectofM＆A.TheeffectofverticalM＆Amainlyincludesthedecreaseoftransactioncostandeliminatingtheeffectofimperfectcontract.TheeffectofconglomerateM＆Aincludesthefollowingaspects:theindustrialeffect,thereductionofrisk,learningcurveeffect,validexploitationofpropertyandscopeeconomyeffecteetc.TheauthorusesthelearningcurveasatooltoanalyzetheindustrialeffectofconglomerateM＆A.ThecomprehensiveeffectsofM＆Aincludetheeffectivedistributionofsocialresources,theincrementoforganizationalcostandfinancialsynergyeffectetc.TheauthoranalyzestheincrementoftheorganizationalcostfromthepointofviewthatM＆Acausestheorganizationstructurevariety.KeyWords:MergerandAcquisitionofenterprise,TheeffectofM＆A,Scaleeconomy,Learningcurve,IndustryconcentrationI目录第1章导言·································································11.1本文的选题背景、意义和目标··················································11.2本文的研究方法与理论创新·····················································21.2.1本文的研究方法··························································21.2.2本文的创新之处··························································21.3企业并购的内涵····································································31.3.1兼并··········································································31.3.2联合··········································································41.3.3收购··········································································41.4企业并购效应理论述评···························································41.4.1并购效应理论综述·······················································41.4.2西方企业并购效应理论的新发展·····································61.4.3国内有关企业并购效应理论研究成果概述·························8第2章横向并购效应······················································102.1实证分析：横向并购——我国企业并购的主流····························102.1.1当前中国企业并购应当选择以横向并购为主·····················102.1.2我国企业并购方式实证分析··········································112.2横向并购实现规模经济效应····················································132.2.1新古典经济学派的规模经济理论····································132.2.2技术条件和生产要素价格可变条件下横向并购规模经济效应的实现···································································142.2.3企业横向并购实现规模经济效应的条件和成因··················152.3横向并购与市场集中度及横向并购的反竞争效应·························162.3.1横向并购与市场集中度····················