Enterprise reorganization is a process of reconfiguring the capital, assets, labor, technology, management and other elements of an enterprise, building a new production and operation model, and maintaining the competitive advantage of an enterprise in the process of change. Enterprise reorganization runs through every stage of enterprise development. Enterprise reorganization is a process of reorganization, reorganization and integration that aims at enterprise property rights and other debts, assets and management structure, improves enterprise management as a whole and strategically, enhances enterprise market competitiveness, and promotes enterprise innovation. The connotation of M&A is very extensive, generally referring to mergers and acquisitions. Merger-also called absorption merger-means that two different things merge into one for some reason. Refers to two or more independent enterprises, companies merge to form an enterprise, usually a leading company absorbs one or more companies. Acquisition-refers to the purchase of stocks or assets of another enterprise by an enterprise with cash or securities in order to obtain the ownership or control of all assets or an asset of the enterprise. Another concept related to the meaning of M&A is merger-refers to the merger of two or more enterprises into a new enterprise, and after the merger, multiple legal persons become one legal person. Bankruptcy means that when all the debtor's assets can't pay off the debts due, the creditor will compensate all the debtor's assets in equal amount through certain legal procedures, so that the debtor can be exempted from other debts that can't be paid off. Bankruptcy refers to a kind of enterprise behavior and economic behavior in most cases. However, people are sometimes used to saying that individuals or companies stop operating, which is also called bankruptcy.