我国目前进行的企业并购往往不具备经济合理性,因为企业之间一般并不存在共同的、可进一步加以利用的不可分要素,这样的合并不会带来规模经济和成本的降低。在目前的发展阶段,我国的比较优势是相对便宜的劳动力。倘若企业并购不能带来规模经济和成本降低的好处,就不但不会增加社会福利,反而会导致社会福利损失,因为这种并购只会加强企业的垄断地位,其帐面利润即使增加也是消费者剩余减少的结果,是已有的社会财富的 The mergers and acquisitions in our country do not always have economic rationality at present because there is no common and further indispensable element that can be further utilized between enterprises. Such a merger will not bring about a decrease in scale economy and cost. In the current stage of development, China's comparative advantage is a relatively cheap labor force. If mergers and acquisitions do not bring the benefits of economies of scale and costs, not only will they not increase their social welfare, they will actually result in the loss of social welfare because such mergers and acquisitions will only strengthen the monopoly position of enterprises and their book profits will increase even if they are consumers The result of the remaining reduction is the existing social wealth