The theory of M&A emphasizes the way to maximize the value of enterprises when crises are definite, but neglects the management of financial crises in M&A.
企业并购理论强调了风险一定条件下的企业价值最大化途径而忽视了并购的财务风险管理；
The article makes an analysis and evaluation of the theoretical conclusion about the M&A mode of tourism enterprises in the second part.
本文在第二部分介绍了旅游企业并购模式研究的理论成果，并评价了其贡献和不足。
The cultural differences and conflicts of M&A enterprises, either directly or indirectly, depend on whether the M&A of assets is a success.
并购重组企业的文化差异和冲突直接或间接影响着资产并购重组的成败。
For large enterprises, there are 4 to 5 M&A cases each year; while, for small enterprises, 1 or 2 M&A cases each year.
光电子行业也因此并购频繁，大企业差不多每年都有4-5起并购，小企业也有1-2次并购。
M&A and strategic alliance are the most effective short-cuts to expand the scale of the enterprises, though they have different strengths and weaknesses, and have a high failure rate.
并购和战略联盟是实现企业规模扩张最有效的捷径，但是联盟与并购具有不同优缺点，且失败率都很高。
It will attract many Chinese enterprises to practice their Cross-Border M&A. These suggestions will be helpful for those enterprises who want to have Cross-Border M&A.
许多中国企业将会在联想案例的鼓励下进行跨国并购，但并购之路绝非一帆风顺，本文的建议将会对他们有很大的帮助。
The last part is the vision and inspiration about Chinese enterprises practicing cross-border M&A in the future. I hope these inspirations can offer some advices for Chinese enterprises.
第五部分是在前面分析的基础上，对我国跨国并购未来的展望和启示，希望能对我国企业今后的跨国并购有所裨益。
THE darkest character in Joseph Heller's dark novel, "Catch-22", is Milo Minderbinder, a lowly mess officer who runs a huge business empire, M&M Enterprises, on the side.
约瑟夫•海勒的黑色幽默小说《第二十二条军规》里最黑暗的人物是米洛•明德宾德，他是一个职务卑微的司务长，另一面他却经营者一个庞大的商业帝国，M&M企业集团。
THE darkest character in Joseph Heller's dark novel, "Catch-22", is Milo Minderbinder, a lowly mess officer who runs a huge business empire, M&M Enterprises, on the side.
约瑟夫•海勒的黑色幽默小说《第二十二条军规》里最黑暗的人物是米洛•明德宾德，他是一个职务卑微的司务长，另一面他却经营者一个庞大的商业帝国，M&M企业集团。
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