Abstract: The article is devoted to an analysis of the development of the global Mergers &Acquisition (M&A), its trend and situation, and expounds the main economic and political environmental factors that influence the development of M&A. and the fundamental causes of the reorganization and M&A in enumerating a few significant cases of M&A in such represent ative industry as telecommunications, banks and automobiles trade. At the same time, through the comparing between M&A and decentralized operation, it proposes the proper timing and multidimension strategy of M&A, and enlightens the M&A operation of the Chinese enterprises.

Key words: enterprisemergers&, acquisitions, enterprisereorganization, decentralizedoperation, globalization