随着企业并购理论和实践的发展,企业并购活动越来越受到人们的重视,尤其是对于处在传统计划体制向市场体制、传统市场体制向现代市场体制“双重过渡”时期的中国,企业并购不仅具有“规模经济效应”和“控制权效应”,而且具有“制度创新效应”。因此,并购不仅成为我国调整企业行 With the development of M&A theories and practices, M&A activity has attracted more and more attention, especially for China in the period of “double transition” from the traditional planning system to the market system and the traditional market system to the modern market system. It not only has “scale economy effect” and “control effect” but also “institutional innovation effect”. Therefore, mergers and acquisitions have not only become China’s adjustment of corporate