On the other side , through the multi - aspects of research and the experience both from china and abroad on m & a , the article also clarifies its view on the efficiency theory , agency theory , transaction charges theory , value understatement theory , marketing influence theory and wealth reallocation theory . it also gives an explanation on the primitive motive on m & a , i . e . pursuing maximum profit and minimum competitive pressure , which , at the same time , generates the relevant effects : finance synergy , management synergy , market share effect , enterprise development effect , and strategy transit effect . the detail planning of a m & a strategy according to the relevant m & a motive is of critical importance to the success of a m & a operation 企业并购从横向并购、纵向并购、发展到混合并购，反映了企业并购的发展过程；从多种角度对企业并购加以研究，并结合国内外企业并购的实际，阐述了企业并购的效率理论、代理理论、交易费用理论、价值低估理论、市场势力理论、财富再分配理论；分析了企业并购的原始动因? ?追求高额利润与减少竞争压力，并由此产生的效应? ?财务协同效应、管理协同效应、市场份额效应、企业发展效应、战略转移效应；根据企业并购的动机，谨慎规划企业并购战略，对企业并购成功至关重要，可以采用中心多角化战略、复合多角化战略、垂直式整合战略、水平式整合战略来规划企业并购；采用一个合适的方法对目标企业进行价值评估是企业并购中一个重要环节，正确评估目标企业的价值，使交易价格相对公正合理，并能提高交易成功率，避免决策失误；确定企业并购价值后，采用一个合理的支付方式，就完成了企业并购的最后工作。
In order to enlarge scale of operation , pursuing ef fect of economy of scale , in order to depress transaction cost , it can proceed vertical m & a ; in order to disperse operating risk , ingress new industry field , enforce legalization management then adopt conglomerate m & a 如为了扩大经营规模，追求规模经济效应，就进行横向并购；为了降低交易费用，可进行纵向并购；为了分散经营风险、进入新的产业领域、实施多元化经营的目的则采取混合并购。换言之，企业之所以进行并购，就是为了寻求并购所带来的效应。
Because of these , the major theme in our acedemic field is to find the path of optimizing industrial organization . the majority of scholars hold that , we should enlarge the scale of enterprise rapidly by means of merger and acquisition among enterprises to get scale economy and to improve the industrial centralization , then we can get to the target of optimizing industrial organization 有鉴于此，我国产业理论界对产业组织优化的途径作了不少探讨，其中不少学者认为，应通过竞争促使企业间横向或纵向并购的方式，迅速扩大企业规模，形成规模经济，从而提高产业集中度，以达到优化产业组织的目的。
However , owing to difference of the economic theory foundation , they have formed various hypotheses of agent , whereas these hypotheses most and least had no means of work out the comprehensive interpretation of merge and for example : theory of transaction cost do well in explaining vertical m & a , but lack of persuasion in horizontal m & a and conglomerate m & a 然而，由于不同学派所依托的经济理论基础不同，由此形成了各种各样的动因假说，而这些假说都无法单独对并购作出全面的解释。譬如说，交易成本理论对纵向并购具有较强的解释力，但对横向并购和混合并购则缺乏说服力。
The research results show : most chinese listed companies , to some extent , improve operating performance after m & a , but the results are not significant . different type of m & a lead to different results . in short - term , the performance of horizontal m & a is obviously . in a longer time , the performance of vertical m & a and conglomerate m & a are superior to horizontal m & a . the performance of the relating m & a is superior to the irrelating m & a . m & a industry tendency is obviously . and the performance of manufacturing industry is remarkable . the results partially explain the reasons why m & a activities frequently occur . it also shows that the majority of listed companies m & a is efficient . m & a can improve operating benefit and optimize resource allocation . regarding this , it is should be created conditions mainly from two aspects that including the system environment and m & a main restraint so as to promote the healthy development of chinese m & a market 研究结果表明:我国大多数上市公司通过并购在一定程度上改善了公司的经营业绩,但是统计结果并不显著;不同类型的并购绩效呈现出差异性,短期内横向并购效应明显,较长时间内,纵向并购和混合并购的绩效优于横向并购;关联并购优于非关联并购的绩效;并购的行业倾向明显,制造业并购绩效显著。这一研究结果部分解释了并购活动频繁发生的原因,同时也表明大多数上市公司并购是有效率的,能够起到提高企业经济效益和优化资源配置的作用。对此,应从制度环境和并购主体约束两个方面创造条件,推动我国并购市场的健康发展。
