本文认为，就企业达到规避风险、追求获利性增长的双重目的而言，资本投资与兼并可视为等价的行为，但由于兼并行为自身的特殊性，资本投资与兼并之间又存在不可替代性。作为兼并种类中一种较为特殊的兼并行为——混合兼并，有其特殊的动机。文章指出，资本市场上投资的多样化，并不能完全替代兼并过程中企业的多样化，而兼并过程中企业的多样化，往往又会为投资者提供潜在的获利机会 This paper argues that for the dual purposes of avoiding risks and pursuing profitable growth, capital investment and merger can be regarded as equivalent behaviors. However, due to the particularity of the merger itself, there is a gap between capital investment and mergers Alternative. As a special kind of merger, the special motivation of mergers and acquisitions. The article points out that the diversification of investment in capital markets can not completely replace the diversification of enterprises in the process of mergers, and the diversification of enterprises in the process of mergers often provides investors with potential profit opportunities