Merger Movement of the United States(1882-1904); A fundamental process of the modernisation

1987年，我从合并案例中提炼出四种类型，分别是技术、市场、业务系统和战略。1988年，我将43家最大的合并公司分为四类，并编制了一个关于这些公司的信息的总表。我研究了导致合并的因素以及企业结构和所有权的变化过程。此外，我还调查了每一个案件中的其他重要事项，从这次调查中我得到了几个结论，但这些结论并不是最终结论。四种类型的企业合并过程存在很大差异。这一事实显示了美国工业史上的活力。有几个项目，我可以识别四种类型之间的差异。然而，合并的结果和合并后的演变是相似的。巨大的资本或经营资源集中于一个企业，企业的性质由个体所有转变为社会存在。所有者经理人消失了，职业经理人取而代之。他们形成了中层和高层管理结构。企业战略进入多元化增长阶段，多元化规模不大，但从四位数产业分类到三位数产业分类。产业结构由垄断型向寡头型转变。在上述变化过程中，出现了一种不同于19世纪的新型企业和产业结构。从19世纪到20世纪，兼并运动或合并运动在企业和产业结构的变革过程中发挥了重要作用。这一过程在19世纪后期是逐步推进的，但合并运动加速了这一过程，并在一夜之间改变了局面。这些都是历史现象，几乎在所有行业都发生过。

In 1987, I extracted four types from cases of consolidation in terms of technology, market, business system and strategy. In 1988, I divided 43 largest consolidation firms into four types and made up a general table of the information about these firms. I examined factors which led to consolidation and the process of change in the structure and ownership of business. Moreover, I investigated other important items in each case.I got several conclusions from this examination which are not final. There are great differences in the process to consolidation between four types. This fact shows the dynamism in the American industrial history. There are several items in which I can recognize differences between four types. However, the result of consolidations and the evolution after consolidations are similar to each other. Huge capital or business resources were concentrated in one firm, and the nature of firm changed from individual property to social existence. Owner-managers disappeared and professional managers took their places. They formed structures of middle and top management. The strategy of firms entered the phase of growth by diversification which was not so wide but from 4-digit industrial classification to 3-digit one. The structure of industries changed from monopolistic one to oligopolistic one. In the process of change above mentioned a new type of structure of firm and industry emerged, which differ from the type of 19 century's. Merger movement or consolidation movement played an important role in the process of innovation from 19 century's structure of firm and industry to 20 century's. This process was progressing gradually in late 19 century, but consolidation movement accelerated this process and changed a scene in one night. These things are historical phenomena that happened in almost all industries.