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( 1 ) The first wave occurred in the free competition capitalism to monopoly capitalism over stages in the 1850s to the 1980s , and a large horizontal merger is characterized by inter-company .

第二次浪潮发生在加世纪加年代，以大集团纵向组合为主导进行产业重组。

( 2 ) The second wave occurred in the Canadian century plus years , and a large vertically integrated group led by the industrial restructuring .

第三次浪潮发生在第二次世界大战后的50年代至60年代，以混合兼并为特点。主要特征是：著名跨国公司通过多元化发展和多角化并购，进行全方位的品牌市场扩张，混合并购成为企业兼并的主流，产品全球化发展靠品牌效应。

( 3 ) The third wave occurred in the 1950s after World War II to the 1960s, characterized by a mixed merger . Main features are : the famous multinational diversified development and diversification through acquisitions, a full range of brand market expansion, mergers and acquisitions as mergers mixed mainstream products by brand effect of globalization .

第四次浪潮始于70年代中期，延续了整个80年代，其中在1984一1985年达到高潮，具有杠杆收购特色，以金融运作为主进行资本重组。其特点是大公司内部的结构调整，并购对象主要是多元化产业发展的大公司，并购后进行非主导产业转让，在企业内部进行大规模的优化重组，以提高主导产业的资产质量。

( 4 ) The fourth wave began in the mid-1970s , and continued throughout the 1980s , which in 1984 reached a climax in 1985 , with the characteristics of leveraged buyouts , mainly to recapitalize financial operations . It features a large internal company restructuring , mergers and acquisitions mainly targeted at the development of a large diversified industrial companies , mergers and acquisitions after the transfer of the non-dominant industries , large-scale in-house optimization and reorganization , in order to improve the asset quality of leading industries . At the same time there has been leveraged acquisitions , the resulting "big fish eat little fish " phenomenon. In the 1980s, mergers and leveraged financing total value of 235 billion yuan the company , related to the company 2800 .

( 5 ) The fifth wave began in 1994, continues to this day , with " powerful combination" based. In 100 years time , five large companies through global mergers and acquisitions climax, mergers and acquisitions activity continuously from within the industry to develop cross-industry , cross-border mergers from domestic mergers to development, from developed countries to expand globally , from the initial horizontal merger vertical mergers and conglomerate mergers to develop , and finally merged into an unstoppable tide .

China from the 1980s have begun to step up the pace of asset restructuring . The late 1980s, in major cities , the rapid development of business acquisitions , in 1982 an 1996 , 15 years , China has about 42,000 companies being acquired . Reorganization of assets in China could rise , continue to explore the theory of practice , gradually break results. Also the establishment of the socialist market economy , state-owned enterprises to solve the problem the inevitable result. 15th CPC National Congress proposed to support enterprises and enterprise groups reorganization of assets, to encourage large enterprises powerful combination , " encounter" a strategic decision . This article also is standing on the basis of this reality , combined with macro and micro aspects to elaborate the issue of asset restructuring . From 1993 ' Po Yan event ' , creating a precedent for the acquisition of listed companies in China , as o