摘要：本文主要介绍了现状和趋势中国海外并购的现状和趋势。根据宏观经济数据，我们可以找到一个成功的中国海外并购的规律。接着，我们对中国并购进行分类，通过分析海尔和TCL的案例，说明潜在的失败和成功的原因。最后，给出一些建议。
关键词：收购兼并 海尔集团 TCL 国际化
Abstract： This paper mainly introduces current situation and trend of Chinese overseas M&A.According to macroeconomic data ，we can find a law of successful Chinese overseas M&A and classify Chinese M&As.Then one successful and failing cases，Haier and TCL，are analysed to illustrate underlying reasons for failure and success.At last，some suggestions for successful M&A are given .
Key words： Merger and Acquisition Haier Group TCL Internationalization
1.Empirical Analysis
1.1 Era of Merger and Acquisition for Chinese Business
There are mainly three reasons for Chinese Businesses M&A.The first is Chinese businesses have accumulated a lot of capitals during the thirty-year reforming and opening development.
The second reason is that today global economy situation.Chinese corporations can learn advanced techniques and management from matured corporations
The last one is the support of Chinese government policy and the extremely rich Chinese foreign exchange reserves，effectively easing enterprises" financing and reducing the risk of enterprises" overseas M&A.
1.2 Classification and Trend of Chinese Overseas M&A
I define four kinds of Chinese M&As，including Resource M&A， Brand M&A，Manufacturing M&A ，and Service and Finance M&A.
The Resource M&A which enjoys a high rate of success primarily aims at secure access to supplies of critical raw materials.
Many manufacturing companies have acquired foreign businesses to gain new markets， to lower the cost and to consolidate large-scale manufacturing， benefiting from its lower capital and operating costs.
Nevertheless，the emerging third industry and service industry have no foundation and capability to expand globally by the way of acquisition .
1.3 Law of Successful Chinese Overseas M&A and Prediction
The probability of successful merger and acquisition depends on the current development degree of certain industries in China.Successful M&A requires our enterprises to pay great attention to the establishment of solid bases domestically.It is the time for our secondary industry to take full advantage to expand globally and lay a solid foundation for future Service and Finance M&A.
2.Case Analysis
In 2004，Chinese manufacturer TCL purchased Thomson company"s TV and DVD players sections and Alcatel mobile phone business.TCL"s failure factors are lack of investigation，wrong judgment about future trend and lack of integration process evaluation.
In 2001 ，Haier purchased an Italian factory， becoming the first Chinese home appliance manufacturer to takeover a manufacturing enterprise in Europe.Haier"s successful factors are having the market first， a base for M&A，setting brand goal with long-term vision and building good international reputation.
3.Suggestion for Chinese Business"s M&A
In order to be successful in M&As，Chinese corporations should not be too hasty but take right time，should pay attention to cultural integration，should be humble，should notice the influence of government policy and turn help to professional institutions.
REFERENCE：
[1]Thomas Luedi，China"s Track Record of M&A [M]. McKinsey
[2]Meagan C.Dietz， Gordon Orr， and Jane Xing，How Chinese company can succeed abroad[M].McKinsey
