Merger as a Form of Investment
提出并购可视为企业购买组装好的资本品，与自行组装形成投资，并用供需框架解释并购强度与行业增长、研发、生产率的相关性，美德数据证实并购与投资正相关。
A firm can make investments in tangible and intangible capital by buying components in the market and assembling them itself, or it can buy assembled components, by purchasing another firm or a portion of its assets. This approach is consistent with the theory of the firm, especially the emphasis on monitoring and incentives, and it provides a framework of supply and demand. It explains empirical regularities, in particular the cross-section correlation of merger intensity with industry growth, R&D, and productivity increases. New evidence shows a positive relationship between mergers and investment in the United States and Germany, and between joint ventures and investment in Germany. Copyright 1996 by WWZ and Helbing & Lichtenhahn Verlag AG