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1·Vertical merger is a way to gain market monopoly power. It was traditionally thought to reduce transaction cost risks.

纵向兼并是一种获得市场垄断力量的手段，传统的研究认为纵向兼并可以节约交易成本和降低交易风险。

2·The extending meaning of the case is that the horizontal merger and acquisition has better effects than the vertical merger and acquisition.

进而可以引申地认为，水平并购的效果要好于混合式并购。

3·This dissertation suggests that just about this kind of asymmetry information affected the inputs' prices and firms' motives of vertical merger.

研究发现正是这种非对称信息，影响到了中间产品价格以及企业的兼并动机。

4·The summary of innovations in this dissertation is as following:(1) This text considered dynamically the vertical merger action, namely the countermergering measure taken by rivals.

本论文创新性研究成果如下：（1）动态地考虑了企业纵向兼并行为，即竞争对手可能采取的跟随兼并措施。

5·According to the industries relationships of both sides, we can divide the merger into three types, such as the horizontal, vertical and conglomerate.

按照并购双方行业的相互关系，并购可以分为横向、纵向和混合三种类型。

6·Firstly, according to merger objectives' industry, mergers are often categorized as horizontal, vertical, mixed or conglomerate mergers;

第一、公司兼并收购，依被并购对象所在行业部门来划分，被分为横向并购、纵向并购，混合并购。

7·The merger and acquisition (M&A) fall into three main categories: horizontal M&A, vertical M&A and mixed M&A.

企业兼并可分为横向兼并、纵向兼并和混合兼并三种类型。