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一.引言:我国企业并购真正开始于1978年,追随西方资本发展的脚步,从试点起步,经历了初步发展阶段,到如今的高速发展阶段,尤其是今年的“供给侧改革”引发了新一波的并购与重组浪潮。相较于西方国家,我国企业并购起步较晚,由于经验不足会有诸多缺陷,因此学术界对于企业并购的探索也一直从未停歇,试图解决并购中的问题,并形成一套完整并适应我国发展的并购方案。但过去对于企业并购的研究多集中于企业并购中的动因、绩效、风险分担等问题,对于并购中的利
I. Introduction: China’s M & A really began in 1978, following the footsteps of western capital development, starting from the pilot, has undergone a preliminary stage of development, to the present stage of rapid development, especially this year “supply-side reform ” triggered A new wave of mergers and acquisitions and restructuring. Compared with the western countries, the merger and acquisition of our country started relatively late, due to lack of experience there will be many shortcomings, so the academic community for the exploration of mergers and acquisitions has never stopped, trying to solve the problems in mergers and acquisitions, and form a complete and adapted to our country Development of the merger program. However, the past research on M & A mainly focuses on the motivation, performance and risk sharing in M & A,