Strategic M&A (merger & acquisition) is an important way in which enterprises get their core competitive advantages, surviving and developing in intense competitive markets. Study on strategic M&A, motives and "arousing" (triggering) mechanism of strategic M&A is not only having a direct relationship with preceding decision of strategic M&A, but also one of the frontiers in the theoretical research field of M&A. Study on core meanings and motives of strategic M&A in view of theory and practice, and forming "arousing" decision model of strategic M&A are invaluable for understanding the fifth global M&A wave and implementing our M&A. Preceding decision of Strategic M&A is studied in the framework of "defining strategic M&A, researching motives of strategic M&A, establishing "arousing" decision model, and practical study".Major accomplishment of this paper is concluded in the following. First, core meanings of strategic M&A are studied from the point of its form. Strategic M&A is defined and characteristics of strategic M&A are concluded. Second, motives of strategic M&A are studied in a new way, based on motive theory of M&A and three-level theory of strategy content. System of strategic M&A is established. Third, "arousing" decision characteristics, process, information framework of strategic M&A are studied, and also "arousing" decision model of strategic M&A is established. Forth, Pfizer "arousing" decision of strategic M&A is studied by means of "arousing" decision model of strategic M&A in a practical way. It is confirmed that the "arousing" decision model of strategic M&A in this paper is an effective study model for preceding decision of strategic M&A. |