This paper draws on research methods that foreign scholars carry out cross-country comparisons to study the institutional environment and cross-border M&A, in a special institutional background for transfer economy in China to study correlation between institutional environment in various regions and M&A size.

On the Choices of M&A Modes of China s Travel Agency;

Taking the growth stage of hotel industry and the management capacity into consideration, the most feasible M&A mode for the domestic hotel enterprises is horizontal M&A mode.

The article makes an analysis and evaluation of the theoretical conclusion about the M&A mode of tourism enterprises in the second part.

From aspects of extending the purchasing scope, strengthening the purchasing management; and probing into the new purchasing models, etc.