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本文介绍了1980年以来美国的公司治理和兼并行动的变革情况,并对其成因进行了研究剖析。在美国20世纪80年代的公司治理中,频繁的公司兼并行动始终占主导地位,其中又以杠杆收购(LBO)和敌意收购的盛行为显著特征。继90年代初期的短暂沉寂后,在90年代中后期,大规模的公司兼并行动再度抬头,但此时却未出现LBO和敌意收购。与以前不同的是,公司内部治理机制在90年代大行其道。最后文章还探讨了这些变革及股东中心主义的发展方向是否会延续下去。
This article describes the changes in corporate governance and mergers operations in the United States since 1980, and studies the causes of the changes. In the corporate governance of the United States in the 1980s, frequent corporate mergers and acquisitions have always dominated, with the salient features of leveraged buyouts (LBOs) and hostile takeovers. Following the brief silence of the early 1990s, large-scale corporate mergers regained momentum in the mid to late 1990s, but LBOs and hostile takeovers did not occur. What is different from before is that the company’s internal governance mechanism became popular in the 1990s. The last article also explores whether these changes and the direction of development of shareholder centrism will continue.