中国的并购浪潮兼具美国5次并购浪潮的特点目前中国的并购还大量是横向并购,大量的民营企业远远没有成长到头,国企的“扎堆”运动也方兴未艾。然而纵向并购的数量也很多,因为中国存在很多“天然”垄断的行业,在这轮并购潮中,这些“天然”垄断的行业有着向上下游纵向扩张产业链的强烈需要,成了这一轮并购中的主力军。以财务为主导的混合并购也有市场,这是由于中国市场割裂的情况一定程度上仍然存在,企业成长的“天花板”很低,同时由于行政权力的存在,各行业之间的利润率差别很大,那些成长到“市场”极限的企业,往往会根据其所能取 The M & A Tide in China Both Features of the M & A Tide in the United States At present, a large number of mergers and acquisitions in China are horizontal mergers and acquisitions. A large number of private-owned enterprises are far from growing and the “get-together” campaign of state-owned enterprises is also in the ascendant. However, the number of vertical mergers and acquisitions is also very large because there are many “natural” monopoly industries in China. During this round of mergers and acquisitions, these “natural” monopoly industries have the strong need of vertically expanding the industrial chain upstream and downstream. M & A in the main force. There is also a market for financial-led M & As because the fragmentation in the Chinese market still exists to some extent. The “ceiling” of business growth is very low. Due to the existence of administrative power, the profit margins vary greatly among industries Businesses that have grown to the limit of “markets” tend to do what they can