Based on the case study of Tsingtao Brewery and Yanjing Brewery, this paper analyzes the overall performance and the detail factors influencing M&A results of target firm size.

• 摘要本文以青岛啤酒和燕京啤酒为典型案例，分析了产业整合背景中“大吃小”和“强强联合”并购模式各自的整体绩效及具体的绩效影响因素。