A Study Of Resources M&A In The Sixth M&A Surge

From the 19^th century to the 20^th century, world had experienced five significant M&A waves. In the beginning of the 21^st century, as global economy recovering steadily, the sixth M&A wave is gradually sweeping into. In this M&A surge, a great deal of M&A happened in resources field instead of the former heat sector, e.g. telecommunication or financial area. On the other hand, as emerging market growing up integrally, the M&A in emerging market has significantly increased.Having sorted out the M&A theory and reviewed former five M&A waves, the article carefully analysis the motivation, features and development trend in the sixth M&A wave, It uses Cournot model to study the relationship between resources M&A and the pricing power of resources-based commodity. It also takes Chinese M&A market as an emerging country represent, giving some policy proposals as a theoretical basis to help China take full advantage of the sixth M&A surge.The article concerns that the most important motivation of resources M&A is to obtain the pricing power of resources-based commodity. The model proves that, with M&A, the resources-imported state can increase its self-support rate, update technology, and finally obtain the pricing power. China, as the emerging market represent, has confronted many difficulties along the M&A progress, such as political obstacle, improper opportunity, lack of information and insufficient integration. The article suggests that we should create a favorable policy environment, constitute specific M&A strategy, perfect corresponding regulation system and attach importance to resources integration. Only in this way can we help the government and companies to obtain more interests.