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从19世纪末到21世纪初,西方国家金融业曾三次掀起并购浪潮。从并购的形成原因看,最根本的动因来自参与并购的金融机构拓展经营范围或扩大经营边界的愿望。而这种愿望的得以实现,则应主要归因于相关法律制度的变革。考察金融并购的历史可以发现,每一次并购浪潮的兴起,都与法律制度变革相伴随,并购的实践为金融体制和法律制度的改革提供了依据,法律制度创新又为并购活动提供了有效的支持和保障。可以说,一百多年的国际金融并购历史,实际上就是金融法律制度的变革历史。一、美国的法律制度变革与金融业并购美国既是以金融立法推进金融改革的最早实践者,从而也是这方面最大的受益者。19世纪后期,
From the late 19th century to the beginning of the 21st century, the western financial industry set off a wave of mergers and acquisitions three times. From the reasons for the formation of mergers and acquisitions, the most fundamental reason for the financial institutions involved in mergers and acquisitions to expand their business scope or to expand the desire to operate the border. The realization of this wish should be mainly due to the change of the relevant legal system. A review of the history of financial mergers and acquisitions shows that the rise of each wave of M & A is accompanied by changes in the legal system. The practice of M & A provides a basis for the reform of the financial system and legal system, and legal system innovation provides effective support for M & A activities And security. It can be said that a hundred years of history of international financial mergers and acquisitions, in fact, is the history of the financial legal system reform. I. The Legal System in the United States and the M & A of the Financial Industry The United States is both the earliest practitioner of financial reform through financial legislation and thus the largest beneficiary in this regard. The late 19th century,