并购重组系列报告（一）：中美产业并购驱动逻辑及启示

Group 1 - The report emphasizes that industrial mergers and acquisitions (M&A) are driven by a solid theoretical foundation and various driving factors, which together form the intrinsic motivation for M&A activities [2][13][30] - The theoretical basis includes several economic theories such as economies of scale, transaction cost theory, innovation development theory, and others, which provide a framework for understanding M&A [14][15][16][18] - The report identifies four main forms of industrial M&A: horizontal mergers, vertical mergers, diversification mergers, and globalization mergers, each driven by different underlying theories [19][20] Group 2 - The historical review of M&A waves in the United States shows five distinct waves, each characterized by specific driving factors and economic conditions [33][34][35][36][38] - The first wave (1897-1904) was primarily horizontal mergers driven by the second industrial revolution and a favorable economic environment [33] - The second wave (1916-1929) focused on vertical mergers, largely influenced by the growth of new industries and economic prosperity following World War I [34] - The third wave (1965-1969) was marked by diversification mergers, driven by technological advancements and a booming economy [35] - The fourth wave (1984-1989) featured alternative mergers aimed at divesting underperforming assets, influenced by economic recovery and regulatory changes [36] - The fifth wave (1992-2000) was characterized by strategic and global mergers, driven by the end of the Cold War and the rise of the internet [38] Group 3 - The report outlines the evolution of M&A in China since the reform and opening-up policy, highlighting a rapid development characterized by horizontal, vertical, and cross-border mergers [44][45] - The first phase of M&A in China (1980s) was government-led, focusing on state-owned enterprise restructuring [46] - The second phase (1992-2000) saw significant privatization and market-oriented reforms, leading to increased M&A activity [47] - The third phase (2002-2012) was marked by globalization and the need for industrial upgrading, resulting in notable cross-border acquisitions [48] - The fourth phase (2013-2016) experienced a surge in M&A activity due to favorable market conditions and liquidity in the domestic capital market [49]