第三章，是针对纵向兼并进行分析的。
纵向兼并是否促进上游合谋？
企业兼并可分为横向兼并、纵向兼并和混合兼并三种类型。
The merger and acquisition (M&A) fall into three main categories: horizontal M&A, vertical M&A and mixed M&A.
纵向兼并是一种获得市场垄断力量的手段，传统的研究认为纵向兼并可以节约交易成本和降低交易风险。
Vertical merger is a way to gain market monopoly power. It was traditionally thought to reduce transaction cost risks.
本论文创新性研究成果如下：（1）动态地考虑了企业纵向兼并行为，即竞争对手可能采取的跟随兼并措施。
The summary of innovations in this dissertation is as following:(1) This text considered dynamically the vertical merger action, namely the countermergering measure taken by rivals.
本文研究有纵向关系的产业中企业间的兼并模式抉择。
The article studies the annex mode between the enterprise in the industry that has fore-and-aft relation is chosen.
第一、公司兼并收购，依被并购对象所在行业部门来划分，被分为横向并购、纵向并购，混合并购。
Firstly, according to merger objectives' industry, mergers are often categorized as horizontal, vertical, mixed or conglomerate mergers;
第一、公司兼并收购，依被并购对象所在行业部门来划分，被分为横向并购、纵向并购，混合并购。
Firstly, according to merger objectives' industry, mergers are often categorized as horizontal, vertical, mixed or conglomerate mergers;
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