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　　企业兼并的质疑

　　3、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.

　　我认为，推动这股巨大的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讯费用，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有益而无害的。随着生产力的提高，世界的财富也在增长。

　　4、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.

　　目前证明这股合并浪潮是带来利还是弊的实例并不多。但是很难想像当今的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。像世界通讯这样的通讯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。