When the enterprises in the different stages of the industry life cycle taking the different types of the merger, their performances are different too.
本文认为，处于行业生命周期不同阶段的企业采用不同并购类型的并购，其绩效也不相同。
Enterprises have a certain life cycle, which will be in various stages of life encountered a variety of crises, resulting in corporate life curve changes.
企业具有一定的生命周期，各个生命阶段当中会遭遇到各种不同的危机，从而导致企业生命曲线的变化。
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