进入九十年代之后，企业兼并与收购伴随着股市的持续繁荣成了美国经济的两大景观，到1999年3月29 日道－琼斯指数已突破万点大关。对此，乐观主义者认定，企业并购和股价上升相互推动既是美国经济繁荣的标志，也是支撑美国经济持续增长的一种动力。悲观主义者则宣称，企业并购浪潮正在通过股市正在制造一个越来越大的泡沫。显然，问题的核心在于企业并购本身能否创造出价值，或者说企业并购所创造出的价值是否和由此所带来的股价上升幅度相一致。一般说来，企业的并购不仅会使被兼并企业的股价上升，而且还会使兼并企业的股价上升。例如，在道－琼斯指数这次成功地冲击万点大关时，其直接动力就源于几家大公司的合并消息。

一、九十年代美国企业并购的特征
二、美国股市持续繁荣的基础
三、企业并购是创造还是转移价值

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