| Along with the acceleration of opening-up in China, the economy has increased stably and appreciation in RMB is expected, both of which attract investors'attention from abroad. Strategic M&A by foreign capital, as the primary pattern for cross border investment, is acting fiercely since the execution of share merger reform. Thus, a systemic study on it could act as a guide for China's economy development in the future. That's the starting point of this paper.This paper used several methods to study including model united theoretical explanation, integration research and comparative analysis. After analyzing China's share merger reform and the foreign capital's M&A market, this paper found that the share merger reform gave impetus to strategic M&A by foreign capital. This paper also put forward that the stress of strategy M&A will transit from the mature companies to start companies in mature industry, and then penetrate to the mature companies in junior industry under the condition of full circulation. For the pricing of the deal, the paper introduced the advanced international enterprise value of the EVA approach to design pricing schemes. As for the transaction pattern, this paper believed exchanging stocks will be a mainstream means of strategy M&A. These are the main conclusions and innovation points of this paper.This paper consists of five parts. Part one is the introduction part. Part two introduces the motive of foreign capital's M&A from the theory and practice layer. Part three tells that the share merge reform had promoting effect on strategy M&A by foreign capital. Part four is the core part of the paper. It analysis the foreign capital M&A behavior from the following three points of view: target choosing, pricing schemes and the transaction pattern. Part five is the last part of the paper which analysis referential experiences from USA, UK and EU. At last, this part gives suggestions of supervision policies against strategic M&A by foreign capital in China. |
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