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Merger motivation theories could be divided into traditional merger motivation theories and merger wave theories in accordance with prevalent segmentation After review merger wave theories literatures delicately, we found that financial market is an extraordinary important driver of aggregate merger activities.According to this new perspective, there are six viewpoints in this research fields: (1)stock market price drives mergers;(2)Tobins Q drives mergers;(3)capital liquidity drives mergers;(4)multi-financial factors drive mergers;(5)valuation deviation drives mergers;(6)reference point effect drives mergers.This paper reviewed these six viewpoints in details, meanwhile, proposed a new theoretical analysis framework of merger wave motivation theories.