近年来,中国企业跨国并购明显增加,但多数从效果来看并不令人乐观。本文通过实例,结合竞争战略的理论阐述了现阶段中国企业并不适合对发达国家的公司进行并购,而应注重提高自身的核心竞争力,把并购的重点放在发展中国家,以此寻求获得持续的竞争优势。 In recent years, multinational mergers and acquisitions by Chinese enterprises have obviously increased, but most of them are not optimistic from the perspective of their effects. This article, through the example and the theory of competitive strategy, expounds that Chinese enterprises are not suitable for mergers and acquisitions of companies in developed countries at this stage, but should focus on improving their core competitiveness and focus on M & A in developing countries in order to seek for them Sustained competitive advantage.