第一次并购浪潮发生在1898年到1903年之间。它以横向并购为特征,使资本主义迅速从自由竞争向垄断过渡,形成了一大批垄断企业。这次浪潮终止的原因有二:第一,美国在1903年出现经济衰退,股市低迷,股价大跌,并购资金来源不足;第二,以《谢尔曼法》的制定为标志,美国国内掀起了反垄断运动的高潮,政府开始抑制导致垄断的并购行为。 The first wave of mergers and acquisitions occurred between 1898 and 1903. It is characterized by horizontal mergers and acquisitions, so that capitalism quickly transitions from free competition to monopoly, forming a large number of monopoly enterprises. There are two reasons for the termination of this wave: First, the United States experienced economic recession in 1903, the stock market was sluggish, share prices fell sharply, and the source of M&A funds was insufficient; secondly, it was marked by the formulation of the “Sherman Law”. The climax of the anti-monopoly campaign, the government began to curb the monopoly of mergers and acquisitions.