| Nowadays, Cross-Border Mergers and Acquisitions (CBM&As) has become a global trend, which steps up the development of economic globalization as well as the development of itself. The mutual promotion between them contributes to the liberalization and openness of global economy. And any country that shows indifference to this trend essentially means remaining backward. As a developing big power, China is in the important period of transferring to market economy, and the entry to WTO provides China not only with a good opportunity of realizing rapid development, but also with severe challenges. Therefore, in the current tide of CBM&As, the present important issue that needs solving is how to establish the enterprises' development strategy and how will the government to deal with it, hence to grasp the opportunity, to combat the challenges face to face and to realize open. Under the guidance of the Market Comprehensive Competition Advantages Theory (MCCAT), the thesis researches into the enterprises' development strategy and the government's action orientation in the current tide of CBM&As, with how to strength the competitive advantages of Chinese enterprises as the main thread. Altogether it is divided into seven sections.Introduction: The theoretical and practical significance of the thesis on the basis of expounding the background of the topic selection and the status quo of the study on CBM&As home and abroad. At the same time, briefly explains the structure, frame and studying method, showing the creative parts of this thesis. Chapter One: Practice and Theory of CBM&As: Under the background of the economic globalization, this chapter points out the new trend of the flow of international capital, that is, CBM&As is the main form of the international investment. At the same time, by summarizing the practices of CBM&As, it defines the connotation of open economy and the concept of CBM&As, analyzes the intrinsic quality of CBM&As, sums up the microscopic and macroscopic theories on the motivation of CBM&As (on the basis of the theory of the enterprises' CBM&As and FDI investment), and also makes a comprehensive judgment on these findings, aiming at assimilating the essence and hence making some innovations. Through comparison between the two different FDI ways ----CBM&As and Greenfield Investment, this chapter illustrates that CBM&As have become the main channel of international investment due to its advantages over the latter. Chapter Two: The Market Comprehensive Competition Advantages Theory. After reviewing all kinds of existed theories on CBM&As, this chapter sets up MCCAT in order to establish a relatively universal theory which can explain the motivation of CBM&As. The core of this chapter lies in the belief that the enterprises try to gain more strengths in the competitive market making use of their own advantages through national M&As or CBM&As and to guarantee itself a long-term development and permanent profits. At the premise of the enterprises' competition advantages in market economy, this theory innovates the concept of MCCA and MCCA Function, analyzes the working mechanism of MCCA, digs up the main elements, effects and selecting-ways of an enterprise's fundamental competition advantage; Connecting with the practices in China, the chapter puts forward the enterprises 'development strategy in CBM&As-era: the strategy's target is at raising the enterprises' competitiveness; the strategy's emphasis is on consolidating the business enterprises' fundamental competition advantage ;the strategy's way is about a cooperation strategy, a progressive strategy, a defensive strategy, and a balance strategy of macro-environment and micro-environment. The next four chapters are designed to expound according to the enterprises' development strategy in CBM&As-era.Chapter Three: M&As of foreign capital to Chinese enterprises. This chapter, based on the cooperation strategy, contributes to the analysis of the motivation and situation of M&As of foreign capital to Chinese ones a...
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