vertical integration

horizontal integration

Relevant Diversity (Concentricity)

Unrelated diversification (centrifugal)

Mechanism change

Adjust financial strategy

cost cutting strategy

Reposition or adapt existing products and services

Adjust marketing strategy

Franchise, subcontracting, outright sale, management and leveraged buyout, divestiture into shares/spin-off, asset swap and strategic trade

The degree of specialization of fixed assets, exit costs, internal strategic connections, emotional barriers, government and social constraints

Classification by industry of both parties to the merger and acquisition

Classification by attitude of acquirer

Classified by the identity of the acquirer

Classification by source of acquisition funds

(1) Avoid entry barriers, enter quickly, strive for market opportunities, and avoid various risks

(2) Obtain synergy effects

(3) Overcome negative externalities of enterprises, reduce competition, and enhance control over the market

(1) M&A with improper decision-making

(2) Enterprise integration cannot be carried out well after mergers and acquisitions

(3) Paying excessive M&A fees

(4) Cross-border mergers and acquisitions face political risks

(1) Promote technological innovation. —— Share investment (2) Avoid business risks. ——Information communication (3) Avoid or reduce competition. ——Coopetition and avoid excessive competition (4) Realize resource complementarity. (5) Open up new markets. —— Product increase and market expansion (6) Reduce coordination costs. ——No integration (as opposed to mergers and acquisitions)

Equity participation

contractual bond

(1) Enter into an agreement.

(2) Establish an alliance of cooperation and trust.