The Study On The Behaviors Of M&A By Foreign Capital In Chinese Retail Markets

From the view of industry, the world economy is right in the times of service economy. Under the globalization background, service economy must be internationalized. And the retailers played major role in service economy and globalization process. To allow the entrance of retail enterprises is a significant content of opening-up policy. Today the trend is that, in M&A deals, the foreign capital always adopts joint venture, and individual proprietorship and newly building. With the implementation of the relevant laws, "the temporary provisions of utilizing the foreign capitals to reorganize state-owned enterprises" and "method of managing the foreign investments in commercial field " and the opening up of the retailing, the foreign capital will start a campaign of M&A in China. The situation of China's retailing, the development of capital market and the advantages of M&A will support and back the M&A deals. It is dynamic process of learning and creation of value that how to protect the M&A deals taken by foreign capital against local retailing. By and large, we should consider this question from the aspect of government and enterprises, from the aspect of the target and the one merging, from the aspect of ex-ante M&A and ex-post M&A. Therefore the government should insist to offer the foreign capital "national treatment", deal well with the managers motives ex-ante M&A, bring out the integration of national culture and corporate culture, pay tremendous attention to knowledge and coordination function and protect the staffs'interests and benefits. Because it is important theoretically and actually to build a regular retail market, to improve the effectiveness of M&A deals, and to strengthen the countermeasure of the domestic-investment retailers, we should strengthen research on retailing, especially the research on M&A deals taken by foreign capitals against local retailer.