| With the constant promotion of reform and opening-up of our country, Corporate Merges and Acquisitions (M&A), a customary economic phenomenon in west developed country, begin to appear in our vision too. As economists, the habit of thinking often can impel us to ask such question:I Why do Corporate Merges and Acquisitions (M&A) to happen?II What is the motive that the entrepreneur merges?III What does Corporate Merges and Acquisitions (M&A) mean to the whole society?The foundation to understand the nature of Corporate Merges and Acquisitions (M&A), lies in being understood" what is enterprises". Under the inspiration of theory founded by Coase and Stephen Chuang, this text applies the Contract Theory to analysis of Corporate Merges and Acquisitions (M&A). Starting from the concept of" Relational Contract", this text further amplify the concept of " firm is the nexus of contracts" to " firm is the nexus of relational contracts ", and concentrate study on the nexus- person of contracts, the center contractor.As the nexus- person of relational contracts, the center contractor is not only the common contractor to other factor owners, but also the solo controller of all the factors in the firm. The property right of firm, held by the center contractor, is the pool of right consists of the control right of factors came form other factor owners, and claim to residue which is the institution arrangements to the control right. The property right of firm was linked to the contract status of the center contractor, so the transfer of the property right of firm has the same means to the change of the center contractor's contract status. But the concept of "status change" can lead us, along the new direction of research about contractor's behavior such as concluding and revising, to get deeper thinking in Corporate Merges and Acquisitions (M&A), while the concept of "right transfer" can only induce us to the trap dug by neo-classical economy. Therefore, we are more iikely to interpret the Corporate Merges and Acquisitions (M&A) as the change of the center contractor's contract status.The concluding and coupling of contract is taking place in the special circumstance, with the change of which, the contractor will be compelled to make corresponding adjustment to the already existing contract. For the common contracts in the market, the contracts adjustment includes revising of contracts clause and alteration of contractor. But for the relational contract, the clause is very simple and elastic, and the action of factor owner is under the command of the center contractor, which can be revised according to the change of circumstance at any moment. Therefore the change of the clause of relational contract can be substituted by the order change of the center contractor. Corresponding, the adjustment of relational contract often shows as contractor alteration. As a main form of contractor alteration, the change of the center contractor's contract status is the voluntary adaptation of the center contractor to the circumstance variation.With so much alternatives, such as the reform of order system, the alteration of some other contractor, and the change of the center contractor's contract status, why the center contractor just choose the last one and give up others.Some researchers believe that, througn M&A instead of other choice, the center contractor can obtain some new means with which to promote his welfares. But even through these mains are available, they cannot answer, why most center contractor will not change their contract status until the circumstance variation happens.Our research has proved that the reason that most center contractor chose M&A, is not or not merely because they are attracted by these precious means provided by M&A, but because or mainly because they meet some obstacle in the implement of other choice.Under the asymmetry information, the center contractor' management reform may be opposed by other factor owner, which will greatly increase the cost of reform. Conseque...
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