优势互补、降低成本及注重兼并行为的战略意义是第五次兼并浪潮的三大特点。
Advantage complementary, saving cost and paying attention to merger's strategic nature are three traits of the fifth merger wave.
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.
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