It is the general designation that the enterprise M&A to the enterprise merger and acquisition. M&A has the bigness meaning to our country microeconomic and macroeconomic. But owing to our country M&A that opened time is shorter and M&A is short of necessary and corresponding theory,and ignoring to the western M&A theory,and western M&A theory exiting imperfect etc,the rate that M&A failed is very high in our country.This paper reviews,summaries,studies the western enterprise M&A theories . On this foundation,the theory that based organize capital,commodity exchange expenses,the trade right exchange expenses and industry characteristics is settled,and it riches and perfects west M&A theory and provide theory accordance and guidance for our country M&A to develop to standardizes,rationalizes,popularizes science and the efficiency direction.Constructing a series of the model,the pattern method on this theory is settled. It is used to guide our country enterprise and the practice operation M&A.
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