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打通阻碍或影响并购重组的微循环系统,是推动资本市场并购重组的现实需要;而这些微循环系统究竟能不能打开,关键在于创新鼓励并购就是鼓励企业自由市场竞争从产业主体的微观角度来看,并购交易的实质是企业作为微观主体在利益的驱动下对既存资源要素进行配置调整的过程,是企业根据行业竞争格局而衍生出的自发选择和个体行为,是商业利益自然博弈的结果。因此,只有企业自
To break through the microcirculation system that hinder or influence the M & A and restructuring is the realistic need to promote mergers and acquisitions in the capital market. Whether these micro-circulation systems can be opened or not is the key to encourage M & A by encouraging innovation in the free market competition. From the microscopic point of view of industrial entities , The essence of M & A transactions is the process that the enterprises, as the micro-entities, adjust the existing resource elements under the drive of interests and the spontaneous choices and individual behaviors that enterprises derive from the competition pattern of the industry, as a result of the natural gambling of commercial interests. Therefore, only the business itself