中文摘要：

在发展中国家经济快速崛起的条件下，越来越多的发展中国家新兴企业通过实施“蛇吞象”式并购即并购西方著名品牌来加快其国际化进程。虽然品牌是“蛇吞象”式并购中创造价值的关键要素，但它尚未引起国内外营销学者的足够关注。本文在对国内外最新的相关文献进行回顾和分析的基础上，首先对“蛇吞象”式并购的内涵及对并购后品牌的影响进行了系统的归纳，接着对并购后企业可以采取的品牌战略和品牌管理策略进行了梳理和总结，最后指出了未来的研究方向，以期为国内从事品牌研究的学者和进行并购实践的管理者提供参考。

英文摘要：

Nowadays, more and more newly emerging enterprises speed up their internationaliza- tion process through M＆As like a snake which tries to swallow an elephant, namely acquiring famous western brands, in the context of rapid economic development of developing countries. Although the brand is the most critical factor of value creation in M＆As like a snake which tries to swallow an ele- phant, it has not attracted enough concern from marketing scholars. Based on a review of the latest literature, this paper systematically summarizes the connotation of M＆As like a snake which tries to swallow an elephant and their effect on brands after M＆As. Then it sorts out brand strategy and brand management decision-making taken by enterprises after M＆As. Finally, it points out future re- search directions in order to provide reference for domestic brand scholars and managers in M＆A practice.