一、引言为了形成良好的竞争市场环境,扩大社会福利,各国政府对企业间的兼并问题格外敏感。尤其,像零售行业集中发展趋势下,沃尔玛等零售商的发展更是引起了各界的关注。兼并对于企业而言,是应对竞争、扩大市场份额,得到更高利润的途径。其外部效应却有可能是负的,所以需要政府的干预,督促形成企业间的良性竞争。 I. Introduction In order to form a favorable competitive market environment and expand social welfare, governments of all countries are particularly sensitive to the issue of mergers and acquisitions among enterprises. In particular, as the retail industry focused its development trend, the development of retailers such as Wal-Mart has aroused the public’s attention. Merger for the enterprise, is to deal with competition, expand market share, get higher profits way. Its external effect may be negative, so the need for government intervention, urging the formation of healthy competition among enterprises.