【摘要】The annexation of one enterprise into another is,in essence,to invest the assets of the annexing,including tangible assets,intangible assets and human resources,to the annexed,and to enliven the assets of the annexed by the new investment.On the basis of expounding the theories of the annexation investment mentioned above,the paper analyses the asset quality of the annexed enterprise,the trade characters of the annexed,and the influence of the national macro-economical environment on the annexation.