【正文】 例如，一旦出現(xiàn)問題，在某些共同享用同一個品牌的產(chǎn)品，它會產(chǎn)生鏈?zhǔn)椒磻?yīng)影響其他相關(guān)產(chǎn)品。 （2）面對復(fù)雜的市場需求和激烈的市場競爭，企業(yè)必須不斷地調(diào)整其產(chǎn)品或服務(wù)。 ，它不僅會增加內(nèi)部組織的溝通成本，還可能會降低企業(yè)的彈性。 （4）隨著規(guī)模的擴大，勞動分工更加精細(xì)。（2）經(jīng)濟規(guī)模效應(yīng)的產(chǎn)生有特定的范圍。這可以給為什么第一次大規(guī)模的合并浪潮以橫向為主，在西方歷史上主要的合并是在汽車制造業(yè)，鋼鐵，石油集中，化工等傳統(tǒng)產(chǎn)業(yè)以很好的解釋。為了追求個人利益最大化，企業(yè)經(jīng)理們傾向于通過并購迅速擴大企業(yè)規(guī)模。在實踐中，一些企業(yè)實施非相關(guān)的混合并只是為了分散風(fēng)險。范圍經(jīng)濟效應(yīng)是指由該企業(yè)在同一時間提供多方面的產(chǎn)品或服務(wù)（不包括垂直合并）誘發(fā)的有關(guān)費用比由該企業(yè)生產(chǎn)的每一個產(chǎn)品或服務(wù)引起的成本較低的情況。在交易活動或彼此的控制中，交易一方或雙方有一個高度相互依賴性，這樣的交易就有高度的資本特殊性。一個是人類有限的理性思考，也就是因為人們會受不完全信息和知識缺乏的影響，因此他們不能客觀，準(zhǔn)確地分析和判斷事物，使交易雙方不能事先簽署一個完整的合同終止以上兩種行為。一般的交易成本可分為兩類。然而，儲備所需的設(shè)備沒有改變企業(yè)在一定范圍內(nèi)的規(guī)模。其次，隨著產(chǎn)出規(guī)模的增加，勞動分工更加仔細(xì)，當(dāng)一個人反復(fù)做同一工作，他們必將積累經(jīng)驗和提高勞動技能，相應(yīng)地也會提高勞動生產(chǎn)率。在這里，根據(jù)西方企業(yè)并購的歷史，我們主要分析了企業(yè)并購的主要動因。美國的經(jīng)驗表明，至少有一半以上的兼并活動是不成功的。本文中，在企業(yè)兼并的動因分析的基礎(chǔ)上，我們進一步深入分析企業(yè)兼并的風(fēng)險以啟發(fā)盲目實施兼并的中國企業(yè)。A during the 1990s.We start our analysis by providing a short review of the extensive prior research on Mamp。Smith and Walter, 1998)). Individual real estate institutions have increasingly responded to these developments by climbing aboard the mergers and acquisitions 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