After a company merges and acquires another company, it may form three types of relationships with the acquired company: First, the legal status of the acquired company is lost, becoming a subordinate branch company of the acquiring company. Its operations, management, finance, and technology are all unified under the acquiring company. This type of merger integration is relatively easier, and traditional management models already practiced by the acquiring company can be adopted; Second, through the acquisition activity, the acquiring company obtains all or most of the equity or assets of the acquired company, thereby controlling the acquired company, forming a parent-subsidiary relationship with the acquired company. The control and management of the subsidiary by the parent company in this parent-subsidiary relationship is a key factor for the success of the integration because, legally speaking, the parent company and the subsidiary are completely independent legal entities. Legally, they are independently and equally separate entities, and the parent company is only connected to the subsidiary through capital or administrative control, which is entirely different from the organizational management system of an enterprise; Third, the acquiring party only gains partial control, not enough to sway the acquired company. A representative of the acquiring party enters the decision-making level of the acquired company. The acquiring party expresses its intentions through this agent, influencing the business direction of the target company. In this case, the management and operation integration of the acquired company by the acquiring party is mainly expressed and influenced through the board of directors, and the strength of the management and operation integration is relatively weak.