当并购更多基于资本扩张逻辑而非产业协同逻辑时，退出往往取决于宏观环境，而不是企业自身经营能力。
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（六）违反规定不及时退还保证金的；
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Easy difficulty hints, answers for Feb. 27 PipsEqual (6): Everything in this purple space must be equal to 6. The answer is 6-0, placed horizontally; 6-3, placed vertically.