交易费用理论和企业理论是以科斯为代表的新制度学派理论体系的两个重要组成部分。伴随着企业兼并实践的不断发展 ,著名新制度学派代表人物科斯、威廉姆森以及其他经济学家分别运用这两个理论 (尤其是交易费用理论 )对企业兼并进行了深入的研究 ,形成了独具特色的传统交易费用兼并理论。该兼并理论无论从理论还是实践角度都存在较大的局限性。 Transaction cost theory and enterprise theory are two important parts of the theoretical system of the New Institutional School represented by Coase. Along with the constant development of the practice of mergers and acquisitions, Coase, Williamson and other economists, famous representatives of the new institutional school, have made in-depth studies on mergers and acquisitions by using these two theories (especially the transaction cost theory) Characteristic of the traditional transaction cost annexation theory. The theory of merger in terms of both theory and practice there is a big limitation.