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  3. The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive Amer

The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive Amer

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问题 The world is going through the biggest wave of mergers and acquisitions ever witnessed. The process sweeps from hyperactive America to Europe and reaches the emerging countries with unsurpassed might. Many in these countries are looking at this process and worrying: "Won’t the wave of business concentration turn into an uncontrollable anti-competitive force?"
There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 20% of international trade in 1982. Today the: figure is more than 25% and growing rapidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. This phenomenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimate stability of the world economy.
I believe that the most important forces behind the massive M&A wave are the same that underlie the globalization process; falling transportation and communication costs, lower trade and investment barriers and enlarged markets that require enlarged operations capable of meeting customers’ demands. All these are beneficial, not detrimental, to consumers. As productivity grows, the world’s wealth increases.
Examples of benefits or costs of the current concentration wave are scanty. Yet it is hard to imagine that the merger of a few oil firms today could re-create the same threats to competition that were feared nearly a century ago in the US, when the Standard Oil trust was broken up. The mergers of telecom companies , such as World Com, hardly seem to bring higher prices for consumers or a reduction in the pace of technical progress. On the contrary, the price of communications is coming down fast. In cars, too, concentration is increasing — witness Daimler and Chrysler, Renault and Nissan — but it does not appear that consumers are being hurt.
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答案 全球正在经历一场前所未有的巨大并购浪潮。这个浪潮从异常活跃的美国席卷到整个欧洲，并以不可比拟的威力影响到正在崛起的国家。面对这一浪潮，这些国家的许多人开始忧虑：企业合并的浪潮会不会变成一股不可遏制的反竞争的力量? 无疑，大企业正在变得更大、更强。1982年，跨国公司在国际贸易中只占有不到20％的份额。而现在，这个数字上升到了25％以上，并且还在迅速上升。在那些对外开放并鼓励外资经济的国家中，国际分公司在国民生产中成为一个快速增长的部门。这一现象造成人们对小型企业和民族资本的作用以及世界经济的最终稳定产生严重忧虑。 我认为，推动这股巨大并购浪潮的最主要的力量，也是推动全球化进程的力量，包括日趋下降的运输与通信费用，较低的贸易与投资壁垒，以及市场的扩大和为满足市场需求而进行的扩大生产。所有这些对消费者来说都是有益而无害的。随着生产力的提高，世界的财富也在增长。 目前证明这股合并浪潮是带来利还是弊的实例并不多。但是很难想象当今几个石油公司的合并是否会重新造成约100年前美国标准石油公司对竞争造成的同样的威胁，那时由于人们对该公司的这种担心而导致了它最终的解散。像世界通信这样的通信公司合并似乎没有给消费者带来更高的价格，或者降低技术进步的速度。相反，通信的价格在迅速下降。在汽车行业，合并也同样在增加——比如戴姆勒与克莱斯勒，雷诺与尼桑的合并——但消费者看起来并未受到伤害。
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