| This article concentrates on the research of Mergers and Acquisitions (M & As) between enterprises. Theoretically based on the core competence, the motives of M & As that took place in China are analyzed and compared with that of M & As in western countries. The problems of M & As in China and their causes are also discussed in this article. Further on, the M & A mode based on core competence is put forward. Then, the mode is classified and discussed.M & A, which is took as a efficient way to expand quickly the scale of enterprise when the enterprise is on a certain stage of development, breaks through the limit of gradual development based on self-accumulation and makes the rapid development of enterprise possible. Nevertheless, from the historical data of M & As in China, we found that successful M & As were not as many as we had expected. And even, many enterprises were put in a poor situation just because of M & A. The present situation becomes a obstacle to the reform of SOEs, perfection of COS, establishment of CES, organization and development of huge group enterprise with international competitiveness. And some problems are put forward, such as what is the key to success of M & A, what is the internal mechanism of the key factors, how to perform M & A under the present special social background, and so on.This article is divided into four parts:The first part provides the theoretical basis of the whole article. Firstly, this part introduces the definition of core competence and its essence character briefly, it considers that core competence is the source of corporation competition advantages and core competence reserve determines management bound of corporation, especially the extent and depth of corporation diversified management. It has such characters as valuable, heterogeneous, cannot copied, beyond substituted etc. Then, it mainly introduces several theories on M & As based on the core competence: Poter's diversified growth theory, Markides and Williamson's theory, Bettis and Montgomery's points of view. And it explains the relationship of M & As and corporation's core competence through the introduction.Part two make an international compare of motives of M & As. Firstly, it expatiates the motives of M & As in European countries from 1990's, the main motives includes: acquire bigger market shares and more profitable chances, attain synthesis effect, achieve strategetic transfer of industry, etc. Secondly, it discusses motives of M & As inChina, as a whole, it appears as the government drive force is strong, M & As between enterprises is blindfold, the size of M & As is small, motives of M & As is single, M & As between different regions and departments is few, and M & As between different countries is even fewer. At last, it compares the motives of M & As in China and in European countries. It thinks in the motives of M & As, promotion of government is obvious, corporations are short of long-term strategetic advisement. Some enterprises implement M & As only for present policy favors and advantages of some kinds of produce factor.The third part mainly analyses the cause of M & As failure in China, in general, they are: firstly, the boundary of government behavior and enterprise behavior is unclear, and results in main body alternates, secondly, imperfection of policy and law restricts M & As, thirdly, enterprises lacks strategical insight, misunderstands economies of scale, fourthly, excess irrelative diversification management in order to evade risks, fifthly, lack M & As core competence oriented thoughts, sixthly, conformity implement after M & As does not attain recognition. On the base of analysis of cause of M & As failure, it expatiates the meanings of M & As based on core competence, bring forward M & As model base on core competence.Part four brings forward analytic framework of M & As strategic based on core competence generally. They are divided into six steps: step one, confirm core competence of Mergering and Acquiring enterprises, step two, analyse the effects...
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