中文摘要：

并购是企业创造价值、实现增长和发展目标的主要途径,同时也是实现快速扩张和提高竞争力的重要手段。谁能把握并购良机,谁将赢得市场竞争中的制高点和主动权。但实现并购活动的预期目标的企业并不如期望那么多。本文基于物理学视角,尝试为企业并购、整合、融合①研究和企业实践提供一个理论分析框架,对并购现象寻求一种解释,以期对并购实务有所启示。

英文摘要：

The merger and acquisition（MA） is not only the main way for enterprises to create business value and attain the goal of growth and development but also is an important method to achieve rapid expansion and to improve competitiveness.Those enterprises which can master the opportunity of MA win the commanding height and initiative in market competition though there are few enterprises which realize the expected objective of MA.Based on physics perspective,this paper tries to provide a theoretical analysis framework for the research and practice in MA,integration and fusion of the enterprises,and seeks a kind of explanation for MA phenomena,hoping to enlighten MA practice.