70年代后，随着日本对外直接投资的逐渐增长，海外生产已成为日本经济发展的重要支柱。从80年代开始，日本企业又进一步发展了完全所有权式的海外市场参与方式，即通过M＆A（MergerandAcquisition）的方式兼并和购买国外现有企业进入海外市场。这种最早盛行于美国的M＆A，已成 Since the 1970s, with the gradual growth of Japan’s direct foreign investment, overseas production has become an important pillar of Japan’s economic development. Since the 1980s, Japanese companies have further developed the wholly-owned overseas market participation method by merging and purchasing foreign existing enterprises through M & A (Merge and Acquisition) and entering overseas markets. This earliest popular in the United States M & A, has become