Study and Enlightenment of the First M&A Wave in U.S.A

The merge and acquisition(MA)is one of the important modes to optimize the configuration of resource and upgrade the industrial structure.The years between 1893 year and 1904 saw the first MA wave in U.S.A.Most of these MAs are horizontal MA.Then a passel of large companies come into being in this MA wave that are backbone of U.S.A.economy.Now the industrial structure of China is similar to that in U.S.A before the first MA wave.Studying the experience of the first MA wave can provides the primary factors for our nation.We should harmonize the government,corporations,agency organizations and capital markets to impulse the horizontal MAs of companies in the same industry.Horizontal MA can improve the industrial structure fleetly and improve the competitive power of the companies and industry.Then the MA can help forming large companies with strong competitive power in every industry.