| Ever since nineties of the 20th century, the amount and the scale of enterprise's merger and acquisition (henceforth M&A) have been increasing influenced by industrial improvement and economic globalization all over the world. Compared to the M&A trend world-wild, Chinese enterprise's M&A activities are so frequent that this kind of activities in some big companies begun to appeal to more and more people. However, in the complex economic environment, M&A is not a simple combination, alliance, or separation, rather, it is a complicated, scientific course which is come into being by means of much capital in many ways to improve the enterprise's competition. Every year, there are many M&A all over the world, but the rate of the success is not very high. In contrast to the strategic expectations, many enterprises do not meet their original goal. The root –reason of the failure is that the post-merger integration is not good enough which arouse many problems in strategy, organization, management, staff and culture between M&A companies and goal companies. Facing the problems of the integration elements after the post –merger, the paper aims at the improvement of the over-all competition in the new company which is annexed.Guided by Marxism theories, absorbing the beneficial factors in modern western Economic theories, combining history analyze with logic analyze, Standard analyze, and concrete evidence analyze, the paper analyzes the forms, features, causes and development of M&A; illustrates the effect of post-merger integration on M&A; draws the conclusion that the value of M&A lies in the integration in the later course; thus put forward the contents, framework and models of M&A; deep analyze and discussion are made in the following six respects ——strategy integration, structure and management integration, culture integration, human resource integration, financial integration, and capacity integration; and at last the author studies the environment and focuses of Chinese enterprise's post –merger integration.Altogether, there are 8 chapters, appendix besides introduction. The first chapter: The summary and origin of the enterprise's M&A. On the basis of defining M&A, the nature and forms of M&A are demonstrated. On the basis of Capital Concentration Theory which is put forward by Max, Trading fee theory, enterprise's growing theory, enterprise strategy theory, enterprise competition theory, enterprise capacity theory are used to explain post –merger integration; the real motivations are revealed from different perspectives such as efficiency theory, market power theory, acting theory, free cash flowing; enterprise development theory and value underestimating theory in western Economy. The different stages and features are analyzed, especially the features of the fifth "strategy M&A" are deeply discussed. The author points out the enlightening that china should obtain from it and puts forward the problems that are worth debating.The second chapter: Research on enterprise post-merger integration. From the success and failure examples, the author tries to find the reason of failure, advises the methods evaluate the validity, and suggests that the effect of post-merger integration is the key to success. The author exemplifies the function and principles of post-merger integration and consists of strategic capital integration, elements integration and function integration. On the basis of strategic dependency and organization independence, absorbing models, co-existence models, protection models and controlling models are under analysis. The enterprises, which have experienced post-merger integration, can make a choice according to the practical situations. Three factors should be paid great attention: integration should be applied for the whole course of post-merger, specific people and organizations should be appointed to realize integration and organization and staff should be integration as soon as possible and at the same time, the limits should be controlled to the proper extent.The th...
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