收购兼并是一种风险很大的经营活动,国内已不乏因兼并收购后救不活别人而把自己拖垮的案例。扩张成本的高低应全面度量,不能只看到零资产兼并收购,还要注意前期谈判、签订合同和执行合同的费用;被购并企业的显性和隐性支出,包括管理机构改革成本、协调组织成本、技术结构和产品结构的调整费 Mergers and acquisitions are a risky business activity. There is no shortage of cases in China that have caused them to drag themselves down because of mergers and acquisitions. The level of expansion costs should be measured in a comprehensive manner. We should not only see zero-merger acquisitions, but also pay attention to the costs of early negotiations, signing of contracts, and execution of contracts; explicit and implicit expenditures on acquired companies, including the cost of reform of management institutions, and coordination organizations. Cost, technical structure and product structure adjustment fees