The working efficiency of merger and acquisition includes micro-efficiency and macro-efficiency.
并购机制的运行效率包括微观效率和宏观效率两方面。
Most of the conglomerate merger in early stage are proved to be defeated and unreasonable, which didn't improve the expected profit but reducing the operation efficiency of the company.
但早期大多数的多元化并购已被实践证明是失败的、不合理的，它不仅没有带来预期的收益提高，反而降低了企业的运行效率。
Similarly, the lack of an efficiency defense does not seem to explain any of the weaknesses of European merger policy.
同样，缺乏效率的防守似乎并没有解释任何欧洲并购政策的弱点。
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